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Semelhante a Fannie Mae 2011 Condo Guidelines
Semelhante a Fannie Mae 2011 Condo Guidelines (20)
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Fannie Mae 2011 Condo Guidelines
- 1. Fannie Mae Condo Lending: Does your development need to comply? Orest Tomaselli, CEO Na1onal Condo Advisors, LLC 11/9/11
- 2. Na;onal Condo Advisors, LLC: The na1on’s premier condominium project approval service Na1onalcondoadvisors.com Blog.na1onalcondoadvisors.com Ph. 888-‐726-‐6361
- 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. Fannie Mae Approval Process • CPM-‐Condo Project Manager • CVAS-‐Credit Variance Administra1on System • PERS-‐Project Eligibility Review Service
- 5. Fannie Mae Basic Guidelines: CPM-‐Condo Project Manager • Lender specific • Condo project approval • Compliant condo only • Established developments
- 6. Fannie Mae Basic Guidelines: CVAS-‐Credit Variance Administra;on System • Lender Specific • Lender SubmiWed • Single Loan Waivers
- 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. 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. 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. Insurance Requirements • Hazard • Liability • Fidelity • HO-‐6 (loan level only) • Flood
- 11. Pre-‐Sale • 51% or 70% • Marke1ng phases • Pre-‐sale solu1ons
- 12. Non Warrantable Financing • Fannie Mae condi1onal approval • Reserve compliance • Compliance with Fannie Mae Form 1054
- 13. Na;onal Condo Advisors’ Process • PERS consul1ng • Compliance solu1ons • Non-‐warrantable solu1ons • New construc1on • Conversion • Exis1ng • Reserve Compliance • Flood Zone Remedia1on
- 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.