Condominium Project Reviews
We offer specific requirements for Condominium Unit Mortgages and condominium projects that make for an easy process to originate and sell Condominium Unit Mortgages to Freddie Mac.
Using our criteria for condominium projects, you can quickly determine which review your condominium project falls under and identify the eligibility requirements and warranties you must satisfy to sell Condominium Unit Mortgages to Freddie Mac. What's more, projects that meet certain requirements need not undergo a full project review.
Established and New Condominium Projects
With two unique project statuses, each with clear and comprehensive criteria, it's easy to determine which eligibility requirements and warranties you need to satisfy to sell Condominium Unit Mortgages to Freddie Mac.
|Established Condominium Projects||
It is an Established Condominium Project if:
|New Condominium Projects||
It is a New Condominium Project if:
Download our Condominium Unit Mortgages and Project Reviews fact sheet for more details.
- Quickly identify condominium projects and determine which eligibility requirements and warranties you must satisfy to sell us Condominium Unit Mortgages.
- Specific condominium project criteria help you get projects approved easily and sell more Condominium Unit Mortgages to Freddie Mac.
Streamlined Review for Condominium Projects
We've combined speed, flexibility and simplicity in Freddie Mac's Streamlined Review for Condominium Projects. With Streamlined Review for Condominium Projects, mortgages secured by attached or detached units are eligible for delivery without a full project review, provided that:
- The unit must be in an Established Condominium Project
- The unit must secure a mortgage that is originated on a spot loan basis
- The mortgage must meet the required LTV/TLTV/HTLTV ratios for the occupancy type
- The unit is not a manufactured home and not an investment property
- The process is easy and cost-effective. When you meet the eligibility requirements of a streamlined review, you will not be required to meet the additional requirements associated with a full project review, saving you precious time and resources.
- Approve more of your Condominium Unit Mortgages, without going through a full project review. You can quickly identify which condominium projects are eligible for a streamlined review.
Other Types of Condominium Projects
Our comprehensive requirements for 2- to 4-unit Condominium Projects and Detached Condominium Projects are designed to help you sell more Condominium Unit Mortgages to Freddie Mac. Plus, our reciprocal review options provide you with more ways to quickly obtain a project review.
With reciprocal review options, you have more flexibility, and more sources for condominium reviews, saving you significant time and improving your front-end process with borrowers and back-end operations. Acceptable reciprocal reviews include:
- Fannie Mae-approved projects
- Expedited Condo Project Manager (CPM) Reviews
- Federal Housing Administration (FHA)-approved condominium projects for FHA mortgages, available online at https://entp.hud.gov/idapp/html/condlook.cfm
- Gain eligibility for more of your mortgages secured by units in detached condominium projects. Detached condominium projects need only to meet the definition of a detached condominium project and the general project eligibility requirements.
- Reciprocal reviews may provide you more flexibility and save you significant time, improving your front-end process with borrowers and back-end operations.
Get More Information
- Refer to Guide Chapter 42 for complete requirements for Condominium Unit Mortgages.
- For more information on Condominium Project Reviews, print out our factsheet on Condominium Unit Mortgages and Project Reviews.
The information in this document is not a replacement or substitute for information found in the Single-Family Seller/Servicer Guide and/or the terms of your Master Agreement and/or Master Commitment.