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Guidelines for Condominium/Cooperative (Co-op) Loans
The purpose of this job aid is to provide additional information on data fields required in Loan Delivery when the property legal structure is a condominium or cooperative.
For detailed instructions on how to perform other tasks, see the Loan Delivery User Guide, eLearning tutorials, or other job aids. If you do not have access to Loan Delivery and require it, please contact your Technology Manager administrator.
Use of Condo Project Manager™ (CPM™) can reduce the number of project fields required for condominium loans. CPM is a web-based system that centralizes and documents condominium project reviews and supports Fannie Mae condo project acceptance guidelines. For more information, visit the Condo, Co-op, and PUD Eligibility page on fanniemae.com.
Project Type Codes for Delivery
When delivering a loan for a unit located in a project, the lender must provide the Project Type Code and any applicable special feature codes as shown in the following table. The lender must also report all other applicable special feature code(s), including those specified in the lender’s Master Agreement and in the Special Feature Codes document. For additional details, reference the Selling Guide.
Project Type Code
|E||Established PUD project|
|F||New PUD project|
|P||Limited Review—New condo project|
|Q||Limited Review—Established condo project|
|R||Full Review (with or without CPM)—New condo project|
|S||Full Review (with or without CPM)—Established condo project|
|T||Fannie Mae Review—Condo project that received a Final Project Approval through PERS using the standard or streamlined process (including projects consisting of manufactured housing submitted under the standard process)|
|U||FHA-approved condo project (applicable to FHA loans only)|
|V||- DU Refi Plus and Refi Plus loans
secured by a property in a condo project
- Site condo loans delivered without a condo project review
- Fannie Mae to Fannie Mae limited cash-out refinances without a condo project review
|1||Full Review—Co-op project|
|2||Fannie Mae Review through PERS—Co-op project|
|Special Feature Code (SFC)||Description|
|588||Detached Condominium – Used to identify detached units in a condo project|
|296||Project Eligibility Waiver – Used to identify loans for which Fannie Mae has provided a project eligibility waiver|
|235||Manufactured Home – Used to identify loans secured by a manufactured home|
|917||Site Condominium – Used to identify a unit in a condo project that meets Fannie Mae's definition of a site condo|
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