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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…

Fannie Mae has a Project Eligibility Review Service (PERS) approval option which is useful in the following three scenarios: Non-gut condominium conversions New projects with units under 400 square feet (micro units) Condo project consisting of manufactured homes A PERS approval is a submission to Fannie Mae, and often avoided unless one of the above…

In addition to meeting all of the existing condominium requirements, there are a few additional steps required when a condominium is newly built or newly converted. A condominium is defined as new if it meets any one of these classifications: The developer is still in control of the condo association Construction is incomplete The project is…

DON’T MOVE YOUR CASH/SAVINGS AROUND: We have to verify all funds for closing, including the source of those funds. Moving assets around can create a paper trail nightmare. The best advice is to leave everything where it is, even if the purpose of the move is to pool your funds for buying the house. After…

This site explains the standard requirements for condo approval.  But, for a condo with 2-4 units, we are not required to review the project other than making sure the condominium: a. Has adequate insurance and meets requirements as laid out here. b. Is not operated like a hotel or motel…is not a house boat…or a…