"Second home" as first home and Fannie Mae

[Dia Bennett]

Need advice! My husband and I are apartment dwellers in Los Angeles and do not own any property, but are looking to purchase a rural foreclosure as our own "vacation" home - we found a place we like, just listed, subject to Fannie Mae's "First Look" program, which stipulates owner-occupier only. We can't figure out if we qualify (it wouldn't be our real primary residence - our rented apartment would.) Also clarification on the "no rental for 12 months" rule; if we rented it out as a vacation home (for two or three days at a time, like on VRBO.com) does that count the same as a full on leasee-landlord situation, or could that still be an option for us? Need council - have a feeling this house will sell very fast in the First Look period, as have others we've had our sights set on. FYI we'd be paying in cash - the home is under 50k. Thank you!