Project Review Methods

Homium closes and funds mortgage loans secured by units in condo and PUD projects that meet Homium’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

• the number of units in the project (two- to -four or more than four);

• the unit type (attached or detached);

• the project type (condo, co-op, or PUD);

• the project status (new or established); and

• the mortgage transaction.

The characteristics that dictate which method to use are shown in the following table.

Attached condo unit in a new or newly converted project	Full Review completed with FNMA Condo Project Manager (CPM), or Fannie Mae Review through the standard Project Eligibility Review Service (PERS) process
Attached condo unit in an established project	Limited Review allowed up to 70% CLTV Projects not meeting the Limited Review criteria must be reviewed using a Full Review (with CPM), FHA Project Approval (HUD Review and Approval Process only), or Fannie Mae Review through the streamlined PERS process (for established condo projects)
Unit in a new or established two- to four-unit condo project	Project review is waived, with the exception of some basic requirements that apply.
Detached unit in a new or established condo project	Project review is waived, with the exception of some basic requirements that may apply.
Unit in a PUD project	Project review is waived, with the exception of some basic requirements that apply
Unit in a condo project approved by the FHA	No Review Required