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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 identify ineligible condominium projects, determine which review your condominium project falls under and identify the eligibility requirements you must satisfy to sell Condominium Unit Mortgages to Freddie Mac. In addition, 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.

Project statusDefinition
Established Condominium Projects

It is an Established Condominium Project if:

  • All units, common elements, amenities, and related facilities are complete and not subject to any additional phasing;
  • At least 90 percent of the total units have been conveyed to the unit purchasers other than the developer; and 
  • The unit owners control the homeowners association.
New Condominium Projects

It is a New Condominium Project if:

  • All units, common elements, amenities and related facilities are not complete, or are subject to additional phasing;
  • Fewer than 90 percent of the total number of units in the project have been conveyed to the unit purchasers other than the developer; or 
  • The developer has not turned control of the homeowners association over to the unit owners.

Download our Condominium Unit Mortgages and Project Reviews fact sheet for more details.

Lender Benefits

  • Quickly identify condominium projects and determine which eligibility requirements 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

Lender Benefits:

  • The process is easy and cost-effective. When you meet the eligibility requirements of a streamlined review, you will not be required to comply with the project review requirements for an Established Condominium Project 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 

Lender Benefits

  • 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

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.

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