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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…

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…

  The MMP program has a new option in Montgomery County!  Purchasers can now apply for Montgomery Homeownership Program VIII which provides up to $25,000 in down payment and closing cost assistance.  The amount of assistance is determined by your household income, and is set at 40% of your total income.  So a family earning…