Fannie	  Mae	  Condo	  Lending:	  Does	  your	  development	  need	  to	                   comply?	                   Ores...
Na;onal	  Condo	  Advisors,	  LLC:	  The	  na1on’s	  premier	  condominium	          project	  approval	  service	        ...
Presenta;on	  Overview	  • 	  Fannie	  Mae	  Approval	  Process	  • 	  Fannie	  Mae	  Basic	  Guidelines	  • 	  Legal	  Re...
Fannie	  Mae	  Approval	  Process	  •  CPM-­‐Condo	  Project	  Manager	  •  CVAS-­‐Credit	  Variance	  Administra1on	     ...
Fannie	  Mae	  Basic	  Guidelines:	         CPM-­‐Condo	  Project	  Manager	  •  Lender	  specific	  •  Condo	  project	  a...
Fannie	  Mae	  Basic	  Guidelines:	  CVAS-­‐Credit	  Variance	  Administra;on	  System	     •  Lender	  Specific	  	     • ...
Fannie	  Mae	  Basic	  Guidelines:	  PERS-­‐Project	  Eligibility	  Review	  Service	  •  Global	  approval	       •  Not	...
Legal	  Requirements	  •  Warranty	  of	  condo	  project	  legal	  requirements	  •  Compliance	  with	  laws	  •  Limita...
Reserve	  Requirements	  •  10%	  line	  item	  within	  the	  budget	  •  Reserve	  Study	  •  Funding	  plan	  •  Mandat...
Insurance	  Requirements	  •  Hazard	  •  Liability	  •  Fidelity	  •  HO-­‐6	  (loan	  level	  only)	  •  Flood	  
Pre-­‐Sale	  •  51%	  or	  70%	  •  Marke1ng	  phases	  	  •  Pre-­‐sale	  solu1ons	  
Non	  Warrantable	  Financing	  •  Fannie	  Mae	  condi1onal	  approval	  •  Reserve	  compliance	  •  Compliance	  with	 ...
Na;onal	  Condo	  Advisors’	  Process	  •  PERS	  consul1ng	  •  Compliance	  solu1ons	  •  Non-­‐warrantable	  solu1ons	 ...
Thank	  you	  Need	  some	  guidance	  on	  a	  condominium	  development?	  Call	  us	  or	  log	  on	  to	  the	  Na1ona...
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Fannie Mae 2011 Condo Guidelines

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Fannie Mae 2011 Condo Guidelines

  1. 1. Fannie  Mae  Condo  Lending:  Does  your  development  need  to   comply?   Orest  Tomaselli,  CEO     Na1onal  Condo  Advisors,  LLC   11/9/11  
  2. 2. Na;onal  Condo  Advisors,  LLC:  The  na1on’s  premier  condominium   project  approval  service   Na1onalcondoadvisors.com   Blog.na1onalcondoadvisors.com   Ph.  888-­‐726-­‐6361  
  3. 3. Presenta;on  Overview  •   Fannie  Mae  Approval  Process  •   Fannie  Mae  Basic  Guidelines  •   Legal  Requirements  •   Reserve  Requirements  •   Insurance  Requirements  •   Pre-­‐Sale  •   Non-­‐Warrantable  Financing  •   Na1onal  Condo  Advisors’  Process  
  4. 4. Fannie  Mae  Approval  Process  •  CPM-­‐Condo  Project  Manager  •  CVAS-­‐Credit  Variance  Administra1on   System  •  PERS-­‐Project  Eligibility  Review  Service  
  5. 5. Fannie  Mae  Basic  Guidelines:   CPM-­‐Condo  Project  Manager  •  Lender  specific  •  Condo  project  approval  •  Compliant  condo  only  •  Established  developments  
  6. 6. Fannie  Mae  Basic  Guidelines:  CVAS-­‐Credit  Variance  Administra;on  System   •  Lender  Specific     •  Lender  SubmiWed   •  Single  Loan  Waivers  
  7. 7. Fannie  Mae  Basic  Guidelines:  PERS-­‐Project  Eligibility  Review  Service  •  Global  approval   •  Not  lender  specific   •  Mandatory  in  some  cases  •  Direct  from  Fannie  Mae  approval   •  Cost  •  Condi1onal  approval  •  Final  approval  
  8. 8. Legal  Requirements  •  Warranty  of  condo  project  legal  requirements  •  Compliance  with  laws  •  Limita1ons  on  ability  to  sell/right  of  first  refusal  •  Amendments  to  documents  •  Rights  of  condo  mortgagees  and  guarantors  •  First  mortgagee’s  rights  confirmed  •  Unpaid  dues  •  Fannie  Mae  Form  1054    
  9. 9. Reserve  Requirements  •  10%  line  item  within  the  budget  •  Reserve  Study  •  Funding  plan  •  Mandatory  Reserve  Studies  for  *newly  converted  non-­‐gut   rehab  condo    *  ‘Newly  converted’  is  defined  as  less  than  90%  of  units  conveyed  and/or              transfer  of  control  to  HOA  has  not  occurred   •  Mandatory  Reserve  Studies  must  include  prefunding  for  components   needing  replacement  within  5  years,  and  include  u1li1es  reserves   unless  separately  metered.  
  10. 10. Insurance  Requirements  •  Hazard  •  Liability  •  Fidelity  •  HO-­‐6  (loan  level  only)  •  Flood  
  11. 11. Pre-­‐Sale  •  51%  or  70%  •  Marke1ng  phases    •  Pre-­‐sale  solu1ons  
  12. 12. Non  Warrantable  Financing  •  Fannie  Mae  condi1onal  approval  •  Reserve  compliance  •  Compliance  with  Fannie  Mae  Form  1054    
  13. 13. Na;onal  Condo  Advisors’  Process  •  PERS  consul1ng  •  Compliance  solu1ons  •  Non-­‐warrantable  solu1ons  •  New  construc1on  •  Conversion  •  Exis1ng  •  Reserve  Compliance  •  Flood  Zone  Remedia1on  
  14. 14. Thank  you  Need  some  guidance  on  a  condominium  development?  Call  us  or  log  on  to  the  Na1onal  Condo  Advisors  website  and  click  on  our  eligibility  review  link.  We’ll  do  the  rest.    Interested  in  a  condo  Reserve  Study?    Check  out  Strategic  Inspec1ons,  LLC.  Join  us  for  our  Non-­‐Warrantable  Financing  Webinar  on  November  21,  at  10am  EST.  

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