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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 mostly restricted to lenders.

New in September 2024, board members and management companies now have access to Fannie Mae’s website to check their condo or co-op too.  Board members and management companies can submit documentation to pursue getting their condominium approved by Fannie Mae.

The website is https://singlefamily.fanniemae.com/partnering-streamline-condo-mortgage-process

Questions?  [email protected] or 240 479 7658

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