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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…

For conventional loans, both Fannie Mae and Freddie Mac require condos to have specific coverages included in their master insurance policy to approve the condo project for financing. Both Full Review and Limited Review methods require the following coverages and endorsement requirements: Building coverage must document Replacement Cost Coverage, Extended Replacement Cost, or Guaranteed Replacement Cost Coverage (Any of…