Fannie Mae Occupancy Affidavit Form
Description
How to fill out Occupancy Affidavit And Financial Status?
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FAQ
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.
When a construction-to-permanent mortgage loan provides funds for acquisition or refinancing of an unimproved lot and the construction of a residence on the lot, the lender must retain a certificate of occupancy or an equivalent form from the applicable government authority.
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.
For any Property. with construction or rehabilitation work completed within the last 12 months, you must: ensure that all units have a certificate of occupancy; obtain copies of all certificates of occupancy from the BorrowerBorrowerPerson who is the obligor per the Note. ; and.
A person buying a primary single-family home with Fannie Mae's owner occupancy requirement must agree to move into the home within 60 days of closing the loan, and to live there for at least an entire year. Buyers who fail to comply can face a penalty of $10,000 and lose any earnest money paid.
