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 conditions apply.  This is because if a project is eligible for a CPM approval, A PERS approval is good for 1.5 years and the average amount charged by Fannie Mae for the application is $2,500 per 30 units in the condominium association.  This approval is something a developer would pursue in order to market the project to homeowners utilizing Fannie Mae financing.

Want to learn more about new construction approvals?

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