Restrictions on resale or new mortgages with Fannie Mae (anti-flip clauses)

[Paul Choate]

I am purchasing my first property with Fannie Mae and after we had negotiated the price they stuck the anti-flip clause in the addendum. I am a little annoyed, this house is not a short sale and has been sitting for at least 2 years after the foreclosure. I am not paying a lot and the rehab will probably take most of the 90 days so it doesn't really hurt me. I signed the addendum.

It is a bit of a pain as I usually secure my "lender" (read: nice family member) with a mortgage to cover the costs of the rehab and the purchase price at the same time. This is to protect them in case something happens. They will work with me but I don't like leaving them hanging for no good reason.

I am just annoyed because I would have stuck to a lower offer if I knew about this. It was not worth reopening this up but I will not be paying as much in the future.

My question is, can this be negotiated out when you are dealing with Fannie Mae or other lenders (in your experience- I know in theory it can)? I don't want to waste time by trying if it is not happening but I will be offering a lot less in the future because the risk and limitations if I didn't have the ready cash to do the job.