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CPM

Learn about conventional condominium and co-op underwriting with Condo Project Manager (CPM) and how we can support buyers and realtors pursuing condos and co-ops because of it.

When we finance a condo or co-op, we typically have to review the insurance, finances, and any inspection or reserve study done within the past 3 years. However if we have an existing approval of a condominium or co-op, we’ll only need to review the current insurance.  First Home Mortgage’s footprint is within the DC area and so we have an internal list of many approved condominiums and co-ops.  Internal approvals can last for six months.

Or, Fannie Mae (an entity of the federal government) also has a website where we can search for approved condominiums as well.   These approvals can last for longer than a year and are valid provided Fannie Mae isn’t made aware that the condominium has become ineligible. It’d be unusual for a condominium to become ineligible! That’d typically arise from a filing of a major lawsuit or Fannie Mae becoming aware of a condo or co-op being in need of critical repairs.

If a condominium has an existing approval we won’t be obligated to update a condominium questionnaire which can save a buyer ~$100-$500 in upfront costs.

Although FHA and VA websites with listings of approved/declined condos are publicly available, accessing the Fannie Mae website is restricted to lenders.

Questions?  Ajaffe@firsthome.com or 240 479 7658

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