The Selling Guide has been updated to waive project eligibility reviews on Fannie Mae to Fannie Mae limited cash-out refinances for condos and PUDS.
Watch Jude describe the November Selling Guide Update.
See information and resources related to project eligibility and requirements, including review types and insurance requirements.
The first course provides a beginner-level overview of condo projects and eligibility, while the second provides step-by-step guidance for using Condo Project Manager.
The GSEs have developed standardized Condo Project Questionnaire forms (1076/1077). Although optional, these forms are encouraged as they provide lenders a clear and consistent approach to collecting information from HOAs regarding condo projects.
Condo Project Manager™ (CPM™) a web-based tool that enables lenders to quickly and easily certify a condo project (or a legal phase of a project) through the CPM review process. The project must meet the minimum requirements for CPM review. CPM’s built-in rules apply the best and most streamlined guidelines to a project.
The Project Eligibility Review Service (PERS) is a review method available to lenders to submit project information to Fannie Mae for eligibility review. The use of PERS is required for the review of certain projects.
The Special Approval designation applies to certain established projects located in Florida. Lenders must use Special Feature Code 156 for delivery of loans secured by units in condo projects with a Special Approval designation. In addition, lenders must deliver project review code Type T - Fannie Mae Review.