Fannie Mae Lender Full Review Condominium Questionnaire for Established Projects 1. Fannie Mae Attached Condominium Limited Review Questionnaire In order to ensure the application meets Agency guidelines a limited review of the following will be required: 1. Fannie Mae Condo Review Type CHECK ONE BELOW Freddie Mac Code SFC Code / Description P 588 Limited Review DETACHED Projects Detached Project (ALL units in Project detached) Q N/A Limited Review Attached ESTABLISHED Projects Streamlined Review N/A N/A Established or New 2-4 Unit Projects 2 to 4 Unit Project R N/A Lender Full Review All condo reviews, limited and full, include some sort of insurance requirement. l The Uniform Underwriting and Transmittal Summary (Form 1008), and applicable processing systems, have been noted to reflect Limited Review Q for Fannie Mae transactions or Streamline Review for Freddie Mac transactions. How many unit owners are 60 or more days delinquent on common expense assessments? Although optional, we recommend these forms. This “short form” four-page questionnaire provides a shorter list of questions to facilitate a limited or simplified review of condominium projects. Fannie Mae Form 1077 or Freddie Mac Form 477. Agency (FNMA) Condo Warranty - Limited Review Exh 03-002A Agency ... or Fannie Mae Form 1075/Freddie Mac Form 466 (Exterior-Only) Established Project: It is preferred that the appraisal includes sales comparables from within the subject project, but there are no In the event a lender acquires a unit due to foreclosure or a deed-in-lieu of foreclosure, is the mortgagee responsible This form omits the section of questions targeted to newly converted or rehabilitated condo projects. 1. Fannie Mae Condo Project Review and Insurance Requirements ... documents and forms for the PERS process as listed in . The insurance piece is, by far, the biggest source of declined projects (and headaches!). Is the project a hotel or motel conversion? Full Review, Condo Project Manager, and PERS . Limited Review or Waived Review. Project Review Type Streamlined Reviews for Established Projects (Guide Section 5701.4) In addition to the project review and eligibility requirements in Guide Section 5701.2, condominium unit mortgages must comply with all the following requirements to be eligible for the streamlined project review type: How do I find FHA approved condominiums? How do I find Fannie Mae (FNMA) approved condominiums? IV: Financial Information . Established projects including established 2 - 4 unit projects. • Full reviews may be done manually or with the aid of Fannie Mae’s Condo Project Manager (CPM). Fannie Mae to Fannie Mae limited cash-out refinances with LTV ratios < 80%; and high LTV refinance loans. Any lender that sells loans to Fannie Mae can accept a PERS Final Approval (subject to the expiration date). For full reviews, if the project has more than 20 units AND the fidelity coverage formula (3 months of HOA dues) exceeds $5,000, then Fidelity Insurance is required. B4-2.2-06, Project Eligibility Review Service ... Limited Review Full Review, Condo Project Manager, and PERS Property Insurance Project Level . Government-sponsored enterprises (GSEs) have developed standardized Condo Project Questionnaire forms (1076/1077). Type T - Fannie Mae Review - Any project accepted via PERS, or any project with an unexpired Final Project Acceptance Status Type V - Fannie Mae to Fannie Mae Limited Cash-Out Refinance - New or established project Type V - Site Condo Unit - New or established project . Must be an Established Project as defined by Fannie Mae.. Non-residential space cannot exceed more than 20% of the total project. The following is a list of forms for Fannie Mae/Freddie Mac Condo and PUD Project Approvals: Form Number Name of Form Publication Date COR 0212a Certification of Project Compliance: Condominium Lender Warranties-Agency and Non-Agency Loan Products 08/07/2020 COR 0215 Condominium Submission Form (For Agency and Non-Agency Transactions) Appraisal-Condo Review 4 Fannie Mae: Type Q – Limited Review for established projects or established 2-4 unit projects. Fannie Mae Condominium Questionnaire – Limited Review Attached Unit in Established Project Detached Unit in New or Established Project (including 2-4 Unit Condo Projects) Page 1 of 3 4/27/15 Date: Loan Number: Project Name (exact): Phase Number: Fannie Mae will accept state statutory fidelity/crime requirements in place of their own limits. Fannie Mae – Limited Review – Eligibility Criteria: - Must be an ATTACHED unit in an ESTABLISHED condo project – Reference Fannie Selling Guide B4-2.2-01 - Must NOT BE located in an ineligible condo project – Reference Fannie Selling Guide B4-2.1-03 for specifics Is the project a co-op? How do I find Fannie Mae (FNMA) approved condominiums? A Limited Condo Review is a streamlined program offered by Fannie Mae & Freddie Mac for loans categorized as lower risk. 1. Make sure you comply with our condominium project review and general condominium project eligibility requirements in Single-Family Seller/Servicer Guide (See Section 5701.2 Opens in a new window for full details). Is the project managed and operated as a hotel or motel? Property Insurance Project Level. YES or NO 2. One-Unit Residential Appraisal Field Review Report File # Freddie Mac Form 1032 March 2005 Page 1 of 4 Fannie Mae Form 2000 March 2005 The purpose of this appraisal field review report is to provide the lender/client with an opinion on the accuracy of the appraisal report under review. Selling Guide. Condominiums underwritten under the Limited Review program are several times MORE LIKELY TO BE APPROVED than those submitted under the Full Review program. HWD Support May 07, 2019 15:48; Updated; Follow. The government-backed company will now allow a limited review for the purchase or refinance of a condo unit if the borrower can bring a 25% down payment. Amenities Adjustments ... opinions, and conclusions in this review report are limited only by the assumptions and limiting conditions stated in this review report, and are my personal ... comparables) Fannie Mae Form 1004 March 2005 . 2. • Fannie Mae Form 1073 • Freddie Mac Form 465 ‏Appraisals for detached condo units may be reported on Form 1004, provided information about HOA fees and property maintenance is included. This 2-page form must be completed & executed by an authorized signatory of the Homeowners Association, ... Fannie Mae Ineligible Project Types Checklist (5+ Attached Units) Limited Review Checklist – 2-4 Units 1/20/2010 Fannie Mae Limited Condo Project Review Checklist (2 ... All rehabilitation work involved in a condo conversion has been completed in a ... the information and statements contained on this form are true & correct. A condo project must satisfy all of the following requirements to be eligible for a Limited-Review. In June of 2018, Fannie Mae announced significant changes to their guidelines regarding the review of condos. Fannie Mae Third-Party Report Standards - Seismic Risk Assessment Data Supplement Form 4097.ARM Multifamily Required Trade Information for ARM Cash or MBS Loans YES or NO 55. Fannie, Freddie Tighten Rules for Condos in Vacation Locales Moves by government-controlled mortgage firms could drive up cost of borrowing to buy units in resort areas The Project Eligibility Review Service (PERS) is a review method lenders can use to submit project information to Fannie Mae for eligibility review. • Documents generally required for full reviews: Full Review Condo Questionnaire (or equivalent) Form 1076 (Fannie Mae) or Form 476 (Freddie Mac) Appraisal Project budgets for current year Declarations and Bylaws Master Insurance Policy ... Property address of Project (not condo unit being mortgaged): ... facilities, common elements, and limited common elements? The homeowners’ association (HOA) must maintain a master property insurance policy that provides coverage for the full insurable replacement cost of the project improvements including the units. 2. How do I find VA approved condominiums? Fannie Mae – Limited Review Type Q – Established project or established 2-4 unit project (detached/attached) Type P – New Detached Fannie Mae – Full Review Type R – Condo Project Manager (CPM) Expedited Review or Lender Full Review – New projects CPM Project Acceptance Certification Number: See B4-2.1-02, Waiver of Project Review for additional information and for the requirements that apply when a project review is waived. PUD Warranty Type Type E - Established PUD (CMP Project Acceptance Cert # ) Attach the unexpired Condo Project Manager’s project Fannie Mae Form 1076/Freddie Mac Form 476 Page 2 March 2016 . ‏Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before December 31, 2020: –Condo Waiver of Project review for loans with LTV ratios greater than 80% and up to 90% for Fannie Mae-owned, limited cash-out refinance owner occupied units only Fannie Mae Type Q Established Condominium Projects (Condo) (Limited Review) Type E Established PUD Type F PUD (New) Fannie Mae Waiver If waiver has been secured by Fannie Mae, see attached copy. Condo Project Addenda 20. Determine if the project or mortgage type meets the requirements in Section 5701.7 Opens in a new window, Exempt From Review. ‏Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before September 30, 2020: –Condo Waiver of Project review for loans with LTV ratios greater than 80% and up to 90% for Fannie Mae-owned, limited cash-out refinance owner occupied units only Requirements for a Limited-Review approval. Projects that are approved by Fannie Mae through the Project Eligibility Review Service (PERS) process are listed on the PERS Approved Project list page, as well as on Condo Project Manager™ (CPM™), with an approval expiration date. Understanding and interpreting insurance industry jargon is enough to make your head spin without trying to verify that the policies meet Fannie Mae guidelines. YES or NO 3. Type S - CPM Expedited Review OR Lender Full Review.

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