Flipping a Fannie Mae

[Jeremy Sparrow]

I was about to put an offer in today on a Fannie Mae property that has been on the market for 3 days now... I didn't realize the strict guidelines for owner occupancy. I was sent an Owner Occupant Certification in which I was supposed to sign off on, saying I have 60 days after closing to make this property my primary residence, and I am not able to sell the property within a year. If I violate those, I will be subject to a $10,000 fine.

Now, I know that there are ways around this... saying you "intended" to live there, but extenuating circumstances arose and you had to sell it and move. Does this really happen? I can't imagine mortgage fraud is taken so lightly.

Could I just purchase it and plan on paying the $10k fine?  Or will there be more headache than just the $10k fine?