Requirements Applicable to All Properties in a Condo, Co-op, or PUD Project
All mortgages secured by units in condo, co-op, or PUD projects must comply with the following:
- requirements specific to the project review method used to determine that project’s eligibility;
- property eligibility requirements (described in Chapter B2-3, Property Eligibility);
- priority of common expense assessments;
- when an appraisal of the property is obtained, it must meet all applicable appraisal requirements (described in Chapter B4-1, Appraisal Requirements); and
- insurance requirements (described in Subpart B7, Insurance, including all applicable provisions in Chapter B7-4, Liability and Fidelity/Crime Insurance Requirements for Project Developments).
For additional information, see B4-2.1-01, General Information on Project Standards.