The servicer must ensure on an annual basis that the master insurance coverage maintained for a PUD, condo, or co-op project meets the requirements outlined in this Servicing Guide. See B4-2.1-02, Waiver of Project Review for additional information. Acceptable Evidence of Master Insurance Policies. New Construction: A project with more than 4 units (a proposed, under construction, or completed) that does not meet ALL the criteria for an established project. See B5-7-01, High LTV Refinance Loan and Borrower Eligibility for the requirements. A condo or co-op project that was converted from an apartment or other use is defined as a newly converted project until it meets Fannie Maes definition of an established project. Project Review Requirements for High LTV Refinance Loansįannie Mae waives the project review requirements for high LTV refinance loans secured by units in a condo, co-op, or PUD project. insurance requirements (described in Subpart B7, Insurance, including all provisions applicable to project in Subpart B7-4, Liability and Fidelity/Crime Insurance Requirements for Project Developments).when an appraisal of the property is obtained, it must meet all applicable appraisal requirements (described in Chapter B4-1, Appraisal Requirements) and.priority of common expense assessments (described in B4-2.1-01, General Information on Project Standards).the project is not a condo hotel or motel, houseboat project, or a timeshare or segmented ownership project (described in B4-2.1-03, Ineligible Projects).
property eligibility requirements (described in Chapter B2-3, Property Eligibility).The following requirements apply, in addition to those noted above, when a project review is waived: Requirements that Apply When the Project Review is Waived (The waiver is not applicable to units in co-op projects.)Įxception to the waiver policy: If the property is a manufactured home or the project contains any manufactured homes, such property or project is not eligible for a review waiver and must be reviewed based on the applicable manufactured home project review requirement. Please take a few minutes to watch a short training video. We’ve been listening to your feedback and are excited to share the newest version of the Single-Family Seller/Servicer Guide. Project review is waived for units in condo projects for Fannie Mae-owned loans that are refinanced as a limited cash-out refinance with a maximum loan-to-value ratio of 80% (CLTV or HCLTV ratios may be higher). Welcome to an improved Seller/Servicer Guide. See B4-2.3-01, Eligibility Requirements for Units in PUD Projects, for the requirements that apply.įannie Mae to Fannie Mae limited cash-out refinance Project review is waived for new and established condo projects that consist of no more than four units.
#Does freddie mac allow a limited condo review for attached projects full
Second homes require a 25 down payment, while investment homes are always full reviews. Both agencies require a 10 down payment for a limited review.
Unit in a two- to four-unit condo project Fannie Mae recently changed its condo policy on primary homes to be in line with Freddie Mac. The waiver of project review applies for new and established projects. Site condos in which the unit owner owns the detached condo unit and the land upon which the unit is built are a type of detached condo. A detached condo unit may be in a project consisting solely of detached units or in a development containing a mixture of attached and detached units. The unit may share no adjoining walls, ceilings, floors, or other attached architectural elements (such as breezeways or garages) with any neighboring unit. A detached condo is defined as any condo unit that is completely detached from other condo units in the project.
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