What is PERS condo approval?
What is PERS condo approval?
1 – Project Eligibility Review Service (PERS) is a project-acceptance review service for FNMA seller/servicers for new or newly-converted and established condo projects. This fee-based service requires lenders to submit by email the complete project package to FNMA for approval. Jul 24, 2009
Does Fannie Mae allow Barndominiums?
Permit singlewide manufactured homes in a Fannie Mae PERS approved project in compliance with Fannie Mae and Freddie Mac requirements. Added co-ops as an ineligible property type. Added barndominiums and shouses as ineligible, unique property types.
What is a CPM for condos?
Quickly and easily determine if a condo project meets Fannie Mae’s requirements. Fannie Mae’s Condo Project Manager™ (CPM™) is a free, web-based tool that enables lenders to quickly and easily certify a condominium project (or a legal phase of a project). The project must be eligible under the Full Review requirements.
How do you get Fannie Mae approved?
To become a Fannie Mae multifamily lender, you must: Be able to market Fannie Mae mortgage-backed securities to capital markets investors. Pay Fannie Mae’s third-party costs and expenses for due diligence. Enter into our Multifamily Selling and Servicing Agreement.
Does Freddie Mac finance condos?
If you’re looking for solutions and options for mortgages you originate that are secured by condominium units, we have a review process that lets you easily determine project status with comprehensive criteria.
