Comments on: Owner occupants get first shot at Fannie Mae foreclosures under ‘First Look’ initiative

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By: Dennis Norman

Dennis Norman — Sat, 17 Apr 2010 08:18:17 +0000

Diana,
I’m an not an attorney and this is not legal advice, but from a practical standpoint, I would think that whatever home you and your family spend 50% or more of your time at, have your cars registered at, use as a mailing address, etc, would be your primary residence….From what you described it doesn’t sound like this would qualify…I would suggest to describe your living situation in writing to the seller (Fannie Mae) and let them decide if you meet their requirement or not….Dennis

By: Diana

Diana — Sat, 17 Apr 2010 07:39:11 +0000

We made an offer on a homepath first look property with 10% down on the advice of our broker because I live in the state with the property, but my husband telecommutes, and his company is in another state. He lives there some of the time, and here some of the time, so we were told this must be our second home. The Fannie Mae website says “owner occupied” for eligibility, but our counter offer that we must answer today says it must be our “primary residence.” Are we eligible? How should we answer?