Fannie Mae Owner Occupant Sales Enforcement

With the creation of the First Look program, and the extension of the Home Path incentive, Fannie has decided to really crack down on ensuring owner-occupant, primary users of these homes are getting all of the benefits.  Fannie is now requiring all proposed buyers and their agents to execute this certification attesting to the buyer not owning another property that they actually occupy.  The First Look program and the Home Path incentives do not include second home buyers. 

This certification will cause most buyers or their agents who are trying to scam the system, second thoughts when faced with a $5000 penalty and additional costs including loss of earnest money.  If you are a Realtor be aware if you are working with a buyer.   As a buyer agent you are being asked to also execute this document, you need to make sure your buyer is not scamming you as to their intents or you will also be legally obligated to pay Fannie $5,000.   Like it or not, the burden is being shifted to the buyers agents.  I also am aware of systems being implemented to test these certifications against public records. 

Please be aware of the seriousness of this matter when asked to execute this certificate.

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2 Responses to “Fannie Mae Owner Occupant Sales Enforcement”

  1. David Eaton says:

    Who do I contact at Fannie Mae if I believe offers are being made on First Look Properties by speculators? My wife and I are trying to buy our home in Las Vegas and one of the properties we made an offer on last month is now empty and for rent.

  2. Joel Wilmoth says:

    Remember that the First Look period is 30 days in Nevada (15 days everywhere else in US). After 30 days an investor can make offers and purchase a Fannie Mae home.

    From the website:

    If you are concerned that the First Look marketing period is not being handled appropriately on a particular property, please contact the Fannie Mae Resource Center immediately at 1-800-732-6643.

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