Fannie Mae - owner occupier rules

[Satha Palani]

Hi,

Last summer i purchased a duplex from Fannie Mae during the owner occupier period. I fixed the place up and moved in June. The other unit i rented out. I checked the owner occupier addendum and it says that i agreed to move in within 60 days of purchase and occupy for at least 12 months. Recently saw another Fannie Mae property in a neighborhood that I like. This is a SFH, needs a bit of work but can potentially become a very nice place for me and the wife. Does anyone foresee any issues if I stay in my current place until the end of May and move into the new place after that.

I plan to take out a 203K loan and fix the place up so it's unlikely i will be done by  June anyway.

My agent seems to think that the owner occupier requirement also implies that you need the place; i,e don't already own a house but i can't find any such stipulation anywhere on the FM website.

Any thoughts?  

thanks,