Project Review Methods
Fannie Mae purchases or securitizes mortgage loans secured by units in condo, co-op, and PUD projects that meet Fannie Mae's eligibility requirements. To determine whether the project meets these requirements, a number of project review methods are available. Whether a project review method is allowable or required depends on
- the number of units in the project (two- to -four or more than four);
- the unit type (attached or detached);
- the project type (condo, co-op, or PUD);
- the project status (new or established); and
- the mortgage transaction.
The characteristics that dictate which method to use are shown in the following table.
|Unit and Project Type||Project Review Methods|
|Attached condo unit in a new or newly converted project||
|Attached condo unit in an established project||Based on the LTV, CLTV, and HCLTV ratios, occupancy, and location (projects in Florida), these projects may be reviewed using a Limited Review.
Projects not meeting the Limited Review criteria must be reviewed using a
|Unit in a new or established two- to four-unit condo project||
Project review is waived, with the exception of some basic requirements that apply.
|Detached unit in a new or established condo project||Project review is waived, with the exception of some basic requirements that may apply.|
|Unit in a co-op project||Full Review|
|Multi-width manufactured homes in an established condo project||Full Review|
||Fannie Mae Review through the standard PERS process|
|Established condo or PUD projects consisting of multi-width manufactured homes that are subject to a community land trust, deed restriction, leasehold estate, or shared equity arrangement||Fannie Mae Review through the streamlined PERS process|
|Unit in a PUD project||Project review is waived, with the exception of some basic requirements that apply|
|Unit in a condo project approved by the FHA||FHA Project Approval (see B4-2.2-05, FHA-Approved Condo Review Eligibility for additional details)|
For additional information, see B4-2.1-01, General Information on Project Standards.