Legal Question in Real Estate Law in Illinois

I'm trying to buy a condo in florida for winter residence, maybe 4 months a year. I've been told that it's a Fannie Mae (Gov) owned property and they are only taking buyers that are going to occupy the home as their primary residence. If I buy it and it's not my primary residence I can be fined $10,000. Can this be real?


Asked on 11/08/11, 8:11 am

1 Answer from Attorneys
Stephen Messutta

Without seeing the entire offering, it's hard to say what the basis is for this, but it has always been the case that for any "government backed" loan you must identify whether or not the property is intended as a primary residence or as a vacation/investment/other kind of home, and if you did not do so it was subject to a fine and potentially other legal action.

Read more
Answered on 11/08/11, 9:26 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois