does freddie mac allow a limited condo review for attached projects

The total space that is used for nonresidential or commercial purposes may not exceed 35%.

(See Non-Incidental Business Arrangements below for additional detail and exceptions to this policy.)

Projects with non-incidental business operations owned or operated by the HOA including, but not limited to, a restaurant, spa, or health club. (See Projects that Operate as a Continuing Care Community or Facility below for additional detail.) (See Projects with Property that is not Real Estate below for additional detail.)Īny project that is owned or operated as a continuing care facility. Projects with property that is not real estate, such as houseboat projects. (See Projects that Contain Multi-Dwelling Unit Condos or Co-ops below for additional detail.) Multi-dwelling unit projects that permit an owner to hold title (or stock ownership and the accompanying occupancy rights) to more than one dwelling unit, with ownership of all of his or her owned units (or shares) evidenced by a single deed and financed by a single mortgage (or share loan). (See Projects Subject to Split Ownership Arrangements below for additional detail.) Projects with covenants, conditions, and restrictions that split ownership of the property or curtail an individual borrower’s ability to utilize the property. (See Projects that Operate as Hotels or Motels below for additional detail. Projects that are managed and operated as a hotel or motel, even though the units are individually owned. These are projects in which the co-op corporation places a limit on the amount of return that can be received when stock or shares are sold.Ī tax-sheltered syndicate’s leasing to a co-op or “leasing” co-ops – projects that involve the leasing of the land and the improvements to the co-op corporation, even if the co-op corporation owns part of the building.Ĭo-op projects in which the developer or sponsor has an ownership interest or other rights in the project real estate or facilities other than the interest or rights it has in relation to unsold units.

Limited or shared equity co-ops that have not been approved by Fannie Mae through the PERS process, as required. (See B4-2.1-01, General Information on Project Standards for additional detail.)Ĭo-op projects that are subject to leasehold estates. These excessive structures include, but are not limited to, builder/developer contributions, sales concessions, HOA assessments, or principal and interest payment abatements, and/or contributions not disclosed on the settlement statement.Īny project that permits a priority lien for unpaid common expenses in excess of Fannie Mae’s priority lien limitations.

New projects where the seller is offering sale or financing structures in excess of Fannie Mae’s eligibility policies for individual mortgage loans. Timeshare, fractional, or segmented ownership projects.

Does freddie mac allow a limited condo review for attached projects