Fannie Mae - owner occupier rules

[Satha Palani]

Hi,

Last summer i purchased a duplex from Fannie Mae during the owner occupier period. I fixed the place up and moved in June. The other unit i rented out. I checked the owner occupier addendum and it says that i agreed to move in within 60 days of purchase and occupy for at least 12 months. Recently saw another Fannie Mae property in a neighborhood that I like. This is a SFH, needs a bit of work but can potentially become a very nice place for me and the wife. Does anyone foresee any issues if I stay in my current place until the end of May and move into the new place after that.

I plan to take out a 203K loan and fix the place up so it's unlikely i will be done by  June anyway.

My agent seems to think that the owner occupier requirement also implies that you need the place; i,e don't already own a house but i can't find any such stipulation anywhere on the FM website.

Any thoughts?  

thanks,

[Mindy Jensen]

@Satha Palaniit sounds like you are trying to abide by the rules of the law. But you moved in in June, so 12 months would be the end of June. 

Make sure your ducks are in a row and you have a solid plan that allows you to move in within 60 days of purchase, while fulfilling your obligations to the first purchase requirements of 1 year of residency. You don't want to get caught for just a few days... I believe the Fannie Mae fines are $10,000.