Condominium Unit Mortgages
If you’re looking for solutions and options for mortgages you originate that are secured by condominium units, we have a review process that lets you easily determine project status with comprehensive criteria.
Project eligibility requirements include items such as financial viability, the residential nature of the project (for example, does the project also include commercial space, hotel operation, business income, etc.), and the ownership structure.
Who are Condominium Unit Mortgages for?
- Borrowers who want to purchase a qualifying condominium.
The information on this page is not part of, and is not a replacement or substitute for, the requirements found in the Freddie Mac Single-Family Seller/Servicer Guide and your other Purchase Documents.
Mortgage Product Features
Determining Condominium Project and Mortgage Eligibility
1. Make sure you comply with our condominium project review and general condominium project eligibility requirements in Single-Family Seller/Servicer Guide (See Section 5701.2 for full details).
2. Determine if the project meets the requirements for Condominium Projects with a Project Certified status in Section 5701.7(e) or the mortgage meets the requirements in Section 5701.7, Exempt From Review.
If 5701.7(e) or 5701.7 does not apply, determine which one of the project review types applies and ensure the requirements for that project review type are met.
- Streamlined Reviews for Established Projects1 (Section 5701.4)
- Established condominium Project Reviews1 (Section 5701.5)
- New condominium Project Reviews2 (Section 5701.6)
- Reciprocal Project Review (CPM (Approved by Fannie Mae/Certified by Lender)/FHA) (Section 5701.9)
1 An Established Condominium Project is a Condominium Project in which:
- The Condominium Project (all condominium units, common elements and amenities) and related facilities owned by any Master Association are complete and not subject to any additional phasing.
- With respect to unit ownership, at least 75% of the total units in the project have been conveyed to the unit purchasers
- The unit owners control the homeowners association
2 A New Condominium Project is a condominium project in which:
- The condominium project (all condominium units, common elements and amenities) and related facilities owned by any Master Association are not complete, or are subject to additional phasing.
- Fewer than 75% of the total number of units in the project must have been conveyed to the unit purchasers, or
- The developer has not turned control of the homeowners association over to the unit owners
3. Follow our condominium delivery requirements (See Section 5701.12 for more information).
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If a Seller determines that a condominium unit in an established condominium project does not meet certain Freddie Mac project eligibility requirements and concludes that the condominium unit is still adequate collateral for the mortgage transaction, see Section 5701.1(c) for information on requesting Freddie Mac to consider a waiver of certain project eligibility requirements.
If a Seller wants to obtain feedback regarding an established condominium project’s compliance with the project review requirements that Condo Project Advisor assesses, see Section 5701.1(d) and 5701.1(e) for more information.
Sellers may also contact their Freddie Mac account representative for more information as well as refer to the Condo Project Advisor web page and Condo Project Advisor FAQs. Refer to Guide Chapter 5701 for our complete requirements for condominiums.
Condominium Unit Mortgage Resources
Condominium Unit Mortgage FAQ
Frequently asked questions about solutions and options for mortgages secured by condominium units.
Condo Project Advisor
Request unit-level exceptions (PWRs) for existing condominium projects and obtain feedback (PARs) regarding existing condominium projects’ compliance with certain project review requirements early in the loan origination process so you can close more condominium loans.
Condominium Unit Mortgages and Project Reviews
Easily determine project status with comprehensive criteria. Download our Condominium Unit Mortgages and Project Reviews fact sheet.
Condominium Project Questionnaire – Full Form
You may want to use this optional form (full-length version) to collect information from HOAs.
Determining Condominium Project & Mortgage Eligibility
Make sure you comply with our condominium project review and general condominium project eligibility requirements in Single-Family Seller/Servicer Guide (Section 5701.2).
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Other Condominium Requirements in the Single-Family Seller/Servicer Guide
Resources for Borrowers
Reaching and educating borrowers – and helping them find the right mortgage – is essential for your business. Freddie Mac provides an array of materials you can share with your clients and business prospects.
CreditSmart® is a suite of educational resources designed to empower consumers with the skills and knowledge to assist them through every stage of their financial capability and homeownership journey.
Take advantage of the information we have gathered here to expand your efforts in reaching homebuyers in today’s changing marketplace.
Whether your borrowers rent, own, or plan to buy, we offer the resources to help make informed decisions and support their success.