Full condo project review
A full review looks beyond the unit. The lender evaluates the project's finances, ownership, delinquency, insurance, legal status and physical condition.
Fannie full review
Fannie's current full-review process evaluates items such as project completion, budget adequacy, replacement reserves, owner delinquency, special-assessment delinquency, insurance and ineligible-project characteristics.
Delinquency example
Fannie limits the percentage of units that may be 60 days or more past due on common-expense assessments and separately limits delinquency on special assessments.
Freddie
Freddie's Chapter 5701 has its own Established and New Condominium Project review paths, with project completion, budget, reserves, ownership, insurance and physical-condition requirements.
Official guide baseline
Fannie Mae Selling Guide · Freddie Mac Seller/Servicer Guide
Condo eligibility is both loan-level and project-level. A strong borrower does not cure an ineligible project.