Tag: Condo

FHA New Condominium Section of Handbook 4000.1, FHA Info #19-34, Effective October 15, 2019. NEW CHART – FHA Condominium Project Approval Requirements

Written by: Tracey Rumsey, Staff Writer Big changes on the FHA Condominium front. If you work with condominiums, this is a must STUDY article as well as the other article published this month regarding the process for FHA Spot Approvals. Rule Synopsis: Case numbers assigned on or after October 15, 2019 and/or Condominium Project Approvals […]

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Fannie Mae – Limited Review Condo Process: What are the requirements for limited review condominiums? [Condominium Limited Review – Fannie & Freddie – Chart]

Answer: Mortgage Currentcy has a nice chart on this subject, but for further details, here are the guidelines from the manual. Reference: B4-2.2-01, Limited Review Process (06/05/2018) To be eligible for a Limited Review, the unit securing the mortgage must be an attached unit in an established condo project. Transactions Eligible for a Limited Review […]

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Manufactured Homes with Higher-Pitched Rooflines, Attached Carports, Dormers and More?  Yep!  Fannie Mae’s new MH Advantage program works with builders to accomplish this.  Let’s talk, as this may be a good option for a great new home!

Written By: Lloyd Rutherford, Staff Writer We are loving that Fannie Mae is now publishing appraiser updates as there are always a lot of questions about appraisals and collateral.  Read our expert’s interpretation of what you need to know to stay up to date! Rule Synopsis: Fannie Mae publishes their second Appraiser Update in their newsletter […]

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Fannie Mae – Investment Loan – Do we need to meet occupancy requirements, on a limited review, for an investment loan in an established condo project?

  Answer No, if you meet the requirements for a limited review for an investment property condo (eligibility requires that you have an LTV of less than or equal to 75%) and DU supports a limited review feedback message, then you would not have to fulfill the requirements outlined in the Full Review process, which […]

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Fannie Mae & Freddie Mac – Condo Requirements: Under the new Fannie & Freddie guidelines for Condos, do I still need a project questionnaire? MC Condo Eligibility Quick Reference Chart-All Agencies

Answer: Technically, the answer is no, you wouldn’t need them, but each lender could require them. They may require them to show that the project meets all other condo requirements, as that is the lender’s obligation when delivering to Fannie. The lender is representing and warranting that the project is warrantable and meets Fannie Mae’s […]

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