B4-2.2-07, Projects with Special Considerations and Project Eligibility Waivers (11/10/2014)

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 to discuss the possibility of accepting such projects. Exceptions to Fannie Mae eligibility and underwriting requirements are considered on a project-by-project basis.

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

• first enter the project into CPM before requesting a waiver through the Credit Variance Administration System (CVAS), and

• request a waiver from Fannie Mae through CVAS.

Fannie Mae’s Project Standards team 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.

Note: Project eligibility waivers are typically issued only for established projects, though Fannie Mae at its sole discretion reserves the right to allow this type of waiver for a unit in a new project on a case-by-case basis. New or newly converted projects must be reviewed for eligibility through an eligible lender review process or by Fannie Mae through the PERS submission process. Lenders must not request a project eligibility waiver for a unit in a new project to circumvent the required review for new projects.