Tag: limited review

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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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-Combined FAQ and Fact Sheet Article – Project Standards Requirements FAQ’s – Updated June 2018 – Ineligible Condo Characteristics – Updated June 2018 and At-a-Glance Condo and Insurance Requirements – Updated June 2018

By: Lloyd Rutherford, Staff Writer Fannie Mae is really pumping out the resources to help you do more condo loans and educate you on their dramatic changes. Anyone who has condos in their origination area needs to pay attention to this update and the update from Freddie Mac this month! Rule Synopsis: Due to multiple […]

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Fannie Mae – Combined FAQ Article – Project Insurance Requirements FAQs – Updated March 2018 and Project Standards Requirements FAQ’s – Updated March 2018

By: Lloyd Rutherford, Staff Writer Condominium financing can be complex, but it is worth the effort to understand this type of financing as more and more millennials look to purchase their first home.  This article contains two important FAQ documents and resource links to help you master condo financing. Rule Synopsis: Fannie Mae updated their […]

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