Mortgage Navigator • Conventional • Condos
Limited / streamlined project review
A reduced project review is not the same as “no condo review.” Certain red flags still override the shortcut.
Fannie waiver of project review
Fannie permits a waiver of full project review for specified transactions and projects, but important exclusions remain. The project cannot have an Unavailable CPM status or be an ineligible condo-hotel, timeshare or other prohibited project type.
Critical repairs still matter
Even where a waiver applies, Fannie's current rules retain physical-condition protections for certain refinance transactions, including no unaddressed critical repairs or evacuation orders.
Fannie vs. Freddie: Freddie has its own streamlined/reciprocal project-review options and documentation standards. Reduced review eligibility should be checked under the actual agency and transaction.
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.