Transcription of Determining Condominium Project and Mortgage Eligibility
1 1 The information in this document is not a replacement or substitute for information found in the Single-Family Seller/Servicer Guide and/or the terms of your Master Agreement and/or Master | November Condominium Projectand Mortgage EligibilityAS EASY AS 1-2-31 STEP2 STEP3 STEPMake sure you comply with our Condominium Project review and generalcondominium Project Eligibility requirements in Single-Family Seller Servicer Guide (Section ).A Condominium Project and Condominium Unit Mortgage must comply with our requirements in Section , except for Condominium U. These only need to meet the general Condominium Project Eligibility requirements in section (b) and certain requirements in Section See the table in Section (d) for more which one of the Project review types FORESTABLISHED PROJECTSS ection streamlined requirements are not met, follow established Condominium Project requirementsESTABLISHEDCONDOMINIUMPROJEC T REVIEWS*Section CONDOMINIUMPROJECT REVIEWS**Section REVIEWS(CPMTM/CPM/FHA/PERS)Section *Established Condominium Project : Completed Project and not subject to additional phasing, unit owners control the homeowners association, and at least 75% sold to others.
2 **New Condominium Project : Incomplete or subject to additional phasing, developer still controls the homeowners association, or fewer than 75% sold to our Condominium delivery requirements (Section ). See section (b)(ii) for additional delivery requirements for Freddie Mac-owned no cash-out refinance Condominium Unit information in this document is not a replacement or substitute for information found in the Single-Family Seller/Servicer Guide and/or the terms of your Master Agreement and/or Master | November ALL IN > Review for Established ProjectsReciprocal Project ReviewsProjects that do not meet the requirements under streamlined review may be eligible under the established Condominium Project with review approvals byother secondary market participants areeligible for sale to Freddie REVIEWS FOR ESTABLISHED PROJECTS Section Special LTV/TLTV/HTLTV requirements.
3 No requirement for owner occupancy, Project budget, and delinquent assessments. ESTABLISHED CONDOMINIUMPROJECT REVIEWS ection All occupancy types allowed. Higher LTV/TLTV HTLTV allowed. Follow Guide Section Requirements for Project completion, owner occupancy, Project budget, and delinquent PROJECTREVIEWSS ection Fannie Mae Project Eligibility Review Service (PERS) final Project approval. Seller has approved as a Fannie Mae Full Review submitted to Fannie Mae s Condo Project ManagerTM (CPMTM) * and received a Project acceptance certification. Reciprocal reviews (with a PERS Project approval or CPM Project acceptance certification) can be used regardless of the Fannie Mae Project type.* Condo Project Manager and CPM are trademarks of Fannie Mae.
4 FHA approved Project review Projects must still meet Freddie Mac s ineligible projects requirements ( ) and general Condominium Project Eligibility requirements ( (b)) Project is NOT REQUIREDP roject is NOT REQUIREDto meet the requirements to meet the requirements for any of the other Freddie for any of the other Freddie Mac Project review Project review streamlined requirements are not met, follow established Condominium Project requirementsDetermining Condominium Project and Mortgage EligibilityAS EASY AS 1-2-3
