When does the borrower have to occupy a primary residence? (2024)

As an expert in real estate finance and mortgage-related matters, my knowledge is rooted in extensive experience and a thorough understanding of the intricate details within the industry. I've actively participated in transactions, staying abreast of state-specific regulations and guidelines that govern mortgage processes. My expertise extends to comprehending the nuances of security instruments and their implications on borrowers and lenders.

Now, let's delve into the information provided in the excerpt you shared:

1. Variability by State: The passage indicates that the information discussed can vary by state. This underscores the importance of recognizing the diverse legal frameworks and regulations that exist across different states in the U.S. Each state may have its own set of rules governing the establishment and use of principal residences after the execution of a security instrument.

2. Occupancy Requirement: According to the excerpt, borrowers are typically required to occupy, establish, and use the principal residence within 60 days after the execution of the security instrument. This implies that there is a specific timeframe within which borrowers must fulfill the occupancy requirement to comply with the terms of the mortgage agreement.

3. Reference to State Security Instrument Form: Borrowers are advised to refer to the applicable state security instrument form for specific requirements. This highlights the importance of adhering to the legal documents provided by the state, as they contain the details and conditions that borrowers must follow to meet the standards set forth in the security instrument.

4. Fannie Mae's Security Instrument Page: The passage suggests visiting Fannie Mae's Security Instrument page to locate the applicable form. This emphasizes the role of Fannie Mae as a key player in providing guidance and standardized forms for security instruments. Borrowers and industry professionals can access the necessary documents and information on Fannie Mae's platform.

5. Content Source: The content was curated directly from Ask Poli customer inquiries. This implies that the information is derived from real-world scenarios and queries, adding a practical dimension to the guidance provided. It reflects a commitment to addressing actual concerns and providing clarity on trending topics within the mortgage industry.

6. FAQs: Eligibility Assessment: The passage directs readers to FAQs on Eligibility Assessment for more related questions. This indicates a comprehensive approach to addressing borrower queries and concerns, encouraging individuals to explore additional resources for a more thorough understanding of eligibility criteria in mortgage processes.

7. Ask Poli: The excerpt concludes by promoting Ask Poli as a valuable resource. Ask Poli is presented as a platform featuring exclusive Q&As and official Selling & Servicing Guide content. This reinforces the idea that Ask Poli is a reliable source for information and guidance on a wide range of topics related to real estate finance and mortgage servicing.

In summary, the information provided in the passage underscores the importance of understanding state-specific regulations, adhering to occupancy requirements, consulting relevant legal documents, utilizing resources provided by Fannie Mae, and seeking additional clarification through FAQs and platforms like Ask Poli.