Federal National Mortgage Association (FNMA)

The FNMA (Fannie Mae) provides mortgage guarantees for "convential loans" which generally require the borrower to contribute at least 10% in cash at the closing. Fannie Mae backed loans require a larger down payment and a higher credit score than FHA and VA backed loans.

Fannie Mae has pushed the condo approval application process down to mortgage lending companies who enter new or existing condo project information into the FNMA's "Condo Project Manager" (CPM) online program through eFannieMae.com. An approved mortgage lender will do this as part of the process of funding a mortgage for a buyer in your complex so there's generally no need to do this on your own.

Developers may wish to be proactive on new projects and submit a project for approval in its early stages, providing time to remedy any issues FNMA may have. This is particularly valuable for developers wanting to presell units and accurately represent they've been conditionally approved by FNMA. TCA can assist you or your lender in preparing to submit an application via the Project Eligibility Review Service (PERS). The charge from Fannie Mae is $1,200 plus $30 per unit. They aim to respond in 10 days.