Fannie Mae HomePath owner occupied
I’m considering purchasing a house for my son that is graduating from high school in couple of months. Currently, he is 17 years old and will not turn 18 until November of this year. There is a multi family that just came on the market but it’s a Fannie Mae HomePath deal. The first 20 days it is owner occupied only offers that are being accepted. I want to pay cash and have him live there once he graduates from HS and goes to college. Since he is not 18 I would also have to be on the deed. Does anyone know if that’s acceptable? My agent is saying him and my self have to live in the residence. Any thoughts? Thanks
Most Popular Reply
As long as your son is also on the deed and he is living in one of the units, the property will be considered as Owner Occupied by Fannie Mae. Reach out to 1-800-7FANNIE and have them confirm it with the folks that work in REO for you because it's an area where often agents are confused.