Introduction
This topic contains information on projects with special considerations and project eligibility waivers, including:
Projects with Special Considerations
Lenders may identify projects that merit special consideration even though the project characteristics do not meet all of the Fannie Mae eligibility requirements. In these instances, lenders can contact the Fannie Mae Project Standards team (see E-1-03, List of Contacts) to discuss the possibility of accepting such projects. Exceptions to Fannie Mae eligibility and underwriting requirements are considered on a project-by-project basis.
Project Eligibility Waivers
If the lender believes that a specific eligibility requirement should be waived for a particular project with respect to a single loan, then the lender must
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first enter the project into CPM before requesting a waiver through the Credit Variance Administration System (CVAS), and
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request a waiver from Fannie Mae through CVAS.
Fannie Mae’s Project Standards team (see E-1-03, List of Contacts) will determine if a single loan project eligibility waiver is warranted. Fannie Mae charges a nonrefundable $200 review fee for each waiver request. A higher review fee may be charged based on the complexity of the waiver review.