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Lending companies cannot force a homeowner to live in a home when they have legitimate reasons or even desires to move. However, to get out of the owner-occupancy clause on a primary residence home loan, the owner should be able to prove that they had every intention of occupying the home at the time of purchase.
Fannie Mae has owner occupancy requirements in place for some of the homes it sells to encourage homeowners to buy the properties before investors. Occupancy rules usually apply to homes during at least the first two weeks of the initial listing, before non-occupant investors can have their bids considered.
An owner-occupied property is a piece of real estate in which the person who holds the title (or owns the property) also uses the home as their primary residence. The term owner-occupied is commonly associated with real estate investors who live in a property and rent out separate spaces to tenants.
Lenders usually stipulate that homeowners have 30 days after closing to occupy a primary residence. To verify the person moving in is actually the owner, the lender may call the house and ask to speak to the homeowner. A tenant is likely to respond that the owner lives elsewhere.
Fannie Mae's HomePath program includes guidelines and special offers for owner occupants. Owner-occupant buyers must sign an affidavit that certifies they will occupy the home as their principal residence within 60 days of closing and for a minimum one year after purchase.