Owner Occupant Clause on Fannie Mae

[Ed L.]

A great listing just came on the market that I'm interested in purchasing as a primary residence...

I've got enough equity in my current home to pay cash for the property once my current home sells... In the mean time I would get either a 1yr interest only or a 5yr fixed 20yr balloon note from my local bank.

Can I submit an offer as a Owner occupant even though I already own a home??

I plan to live in my current home while I make the necessary repairs and remodeling..... I probably wouldn't start moving into the home until I managed to get a contract on my current home.

I'm really looking forward to NO MORE MORTGAGE...