Key words: Project review; condo
The quality of mortgages secured by units in condo, co-op, and planned unit development (PUD) projects can be influenced by certain characteristics of the project or by the project as a whole. Before delivering a loan secured by an individual unit in a project, the lender must determine that the project meets Agency's eligibility requirements.
Agency purchases or securitizes mortgage loans secured by units in condo, co-op, and PUD projects that meet Agency's eligibility requirements. To determine whether the project meets these requirements, a number of project review methods are available. Whether a project review method is allowable or required depends on:
l the number of units in the project (two- to -four or more than four)
l the unit type (attached or detached)
l the project type (condo, co-op, or PUD)
l the project status (new or established)
l the mortgage transaction
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