FannieMae/HomePath Question on holding period

[Ed Long]

Hello,

I'm reviewing the new contract from homepath.com / Fannie Mae around home purchases and holding period.  There is a $10K penalty if you sell the property before 1 year (e.g. must be owner occupied for 1 year).

Would like to chat with someone that may have had experience with this.

Thanks!

[Wayne Brooks]

The First Look won't apply then.  So, your deed restriction will be; no sale within the first 30 days, no sale or mortgage for more than 120% of purchase price for 90 days.  That's all.