Owner occupants are given preferential consideration in the purchase of a Fannie Mae owned property. But the buyer or buyers must be individuals. Corporations, LLCs, and Trusts need not apply. Fannie Mae's policy is that entities are always considered investors. As such, they must wait until after the FirstLook period expires and are not given owner occupant status.
Buyers who are owner occupants are asked to sign a statement, the Owner Occupancy Certification. Buyer's agent and listing agent must 
also sign the document. An owner occupant is a person who plans to occupy a property as their primary residence and will move in within 90 days of closing. Misrepresentation on the form is subject to up to $10,000 fine. Below is one of the most frequently asked questions. The answer, below, is taken verbatim from the Homepath.com FAQs:
I am buying a Fannie Mae property for a (son, daughter, mother, relative). They will occupy the property as their primary residence. Are they considered an owner occupant?
A person is considered an Owner Occupant if they will occupy the property as their principal residence and are listed on the contract, deed, mortgage (if applicable). A corporation, LLC, or trust that purchases Fannie Mae property is considered an investor even if the intent is to occupy. If the house is purchased jointly, at least one of the co-purchasers on the contract, mortgage, and deed must be an owner occupant.
What happens if a buyer goes under contract as an individual and then decides to change the name to that of an entity (Corporation, Trust, or LLC)? Fannie Mae will, most likely, insist on cancellation of the prior contract and will not usually agree to amend the name. If the contract was ratified during FirstLook, the property will then be returned to market in a FirstLook status--locking out investor buyers until that has expired.
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