Blog
VA Condo Approval
The Department of Veterans Affairs (VA) requires they review and approve a condominium prior to financing a loan in each condo project. In our experience the VA review can take anywhere from 2-4 weeks to complete, but once approved, the condo approval does not expire and can be used on any future units within the…
Read MoreCondo
If you want to learn about condos…you’ve come to the right page. Click on the links which interest you to learn about condominiums, condo fees, and what we review when analyzing whether a condominium association is suitable for financing. Condominiums (General) Primary Criteria for Condo Approvals Limited Reviews for Condos (Easier approval process) New Construction Condo…
Read MoreCPM
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…
Read MorePERS
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…
Read MoreNew Construction Condos
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…
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