Selling Guide

Published December 16, 2020

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When does a project review expire?

Expiration for Project Reviews

Project reviews must meet the following timeline requirements.

Project Review Process Employed Expiration of Project Review
  • Limited Review
  • Full Review (with or without CPM) for Established Projects
Must have been completed within one year prior to the note date
  • Full Review for New Projects
Must have been completed within 180 days prior to the note date
  • Approved by Fannie Mae through PERS
PERS approval must be valid (unexpired) as of the note date
  • Approved by FHA
FHA approval must be valid (unexpired) as of the note date

Loans must be delivered to Fannie Mae within 120 days following the note date. When the elapsed time between note date and delivery date exceeds this limit, the lender may deliver the loan only if the project continues to meet Fannie Mae project eligibility requirements at the time of delivery.

Loans secured by units in a project that fails to meet Fannie Mae’s project eligibility requirements under the applicable review type as of the note date are eligible for delivery after the project comes into compliance with the eligibility requirements (provided all standard mortgage seasoning and other applicable requirements are met). For example, if a lender closes a loan in a new project for which the pre-sales are less than the pre-sale requirement, the lender may deliver the loan after the project’s pre-sales meet the Fannie Mae requirement (assuming the loan meets all other applicable requirements).

For additional information, see B4-2.1-01, General Information on Project Standards.

 

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