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Fannie Mae Mortgage Requirements

December 16, 2008, Fannie Mae increased its project policies for cooperative and condominium housing projects and planned unit developments (PUDs).  In its published announcement, "Project Eligibility Review Service and Changes to Condominium and Cooperative Project Policies"

  • Increased from 51% of the project be presold to 70% (“Fannie Mae is increasing the pre-sale eligibility requirement for attached new or newly converted condominium projects reviewed under the Lender Full Review process.  Accordingly, at least 70 percent of the total units in the project or subject legal phase must have been conveyed or be under a bona fide contract for purchase to principal residence or second home purchasers.” P. 6).
  • Clarification of owner-occupancy ratio requirements in established condominium projects is found on P. 9.

A mortgage lender can apply for a waiver to the presale requirement.

In brief, the process for applying for a waiver consists of:

  • The lender sends a Project Eligibility Waiver (PEW) through the Credit Variance Administration System (CVAS) with the specific request;
  • The CVAS request is routed directly to the Project Standards Team;
  • The Team will either approve or deny the request and will call the lender if there are questions
  • The approval or denial is sent back to the lender through CVAS.

Fannie Mae Mortgage Requirements

Please contact us for more information.

 

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