New Project Eligibility Review Service (PERS) for condo and co-op projects and changes to its condo and co-op project policies have been announced by Fannie Mae. The announcement clarifies how REO units are treated for determining the owner-occupancy ratio. Established projects, where borrowers will occupy the unit or use the unit as a second home, are not subject to owner-occupancy ratios, according to the new guidelines.
However, Fannie Mae requires that condominium projects have an owner-occupancy ratio of at least 51 percent at loan origination for investment properties. For projects where a borrower is an investor and that do not meet the owner-occupied ratio of 51 percent, a waiver based on the overall risk of the project may be requested.
To See the whole list of REO's and Bank Owned Properties visit HouseRebate.com
Google+
