The Full Review process is a method for the review of new and established condo projects, co-op projects, and certain manufactured home projects. Lenders performing a Full Review must ensure that the project meets all applicable eligibility requirements
Unit and Project Types Eligible for a Full Review
A Full Review may be performed when the unit securing the mortgage is an attached unit located in one of the following project types:
- an established condo project, or
- a new or newly converted condo project.
A Full Review may also be performed when the property securing the mortgage is manufactured home in an established condo project that is not subject to a community land trust, deed restriction leasehold estate, or shared equity arrangement.
These projects may also be reviewed by Fannie Mae through the PERS process (see B4-2.2-06, Project Eligibility Review Service (PERS)).
Full Review requirements for units in co-op projects are addressed in B4-2.3-02, Co-op Project Eligibility.
For additional information, see B4-2.2-02, Full Review Process.