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?
Questions? Ajaffe@firsthome.com or 240 479 7658
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