Owner Occupied Time Limit on Moving In?

[Hayley K.]

I will be going to college in a different city at the end of August, and instead of living on campus (I have already had the experience at another school) I would like to purchase a multi-family property. My question is, to get an owner-occupied loan with a better rate, what is the time limit during which I must move in? I see a couple of properties now that I'm interested in, but wouldn't move until August.

Also, if the property is fully rented, will I have to wait until their current lease is up to occupy a unit myself? Or can I give them enough notice for them to leave before the contract is up?

Thank you.