To enable lenders to serve condo markets more efficiently, Fannie Mae is increasing the LTV, CLTV, and HCLTV ratio requirements for attached condo units in established projects under the Limited Review process to 90% for a principal residence.
See information and resources related to project eligibility and requirements, including review types and insurance requirements.
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.