Fannie Mae’s “Special Approved Designation” For Condos In Florida
If you want to see what projects have been added to the list you can click on this link https://www.efanniemae.com/syndicated/documents/dps/condopud/FL_Spcl_Aprvl.pdf
I found the FAQ’s very informative on the process for approving the condos. Here is what stuck out to me:
Can a homeowners’ association (HOA), property manager, or lender submit a project for consideration?
No. Fannie Mae determines the projects for review. Lenders can suggest projects, but Fannie Mae retains the discretion to decide which projects are reviewed.
If a project meets all of Fannie Mae’s standard project eligibility requirements, can the project receive a Special Approval designation?
No. The Special Approval process is for established projects that do not meet Fannie Mae’s standard project eligibility requirements. For projects that meet our standard eligibility requirements, there are several review options available, including: “Limited Review,” “CPM™ Expedited Review,” and “Lender Full Review.”
To read the FAQ’s in their entirety, click on the link below.