Fannie Mae Giving me the Run-Around

[Siye Baker]

Fannie Mae has a

3/2 1282sf house in college area. Asing 60k

will require 25-30k to rehab

arv ~120k

owner occupant only bids until 4-16-14

my plan was to go in as owner occ, spend 1st 2 mos rehabbing, then take on 2 roomates until the full year is complete. Then I will either:

sell house to parents of upcoming students or an investor

or

move out and rent 3rd room and keep as investment property

1st offer 44,800 (denied)

2nd offer 52,800 *Denied under assumption that I would not be able to get property habitable within 60 day move-in period. Told me to resubmit after the 16th*

I understand that the lender is under no obligation to sell to me, and that it is running a business, so I have no problem with them not accepting my price. I do find it curious that they currently have it listed for owner occupant, but will not allow owner occupants to purchase. Anyway wondering if this has happened to anyone else, and what options do I have (other than to simply wait and resubmit). My whole strategy was to get in as owner occ to avoid having to compete with investors, as they really drive the price up in my area once the bidding begins.

Sebastian