Helping you get condos financed in Florida

CPM (Condo Project Manager)

What is a CPM approval?

CPM is a web-based tool offered by Fannie Mae to aid lenders in determining whether or not a project is Fannie Mae warrantable.

The system allows a lender to enter data about a condo project and perform an automated analysis of the condo project.  The lender is responsible for warranting the validity of the data used.  CPM is a tool that can be used for a Full Lender review.

Requirements for a CPM approval

Below are only a few of the standard requirements for a CPM review.  Speak to one of our professionals for additional requirements for a specific project.

1. Must be an established project.  New projects are eligible in all states except Florida.  New projects in Florida must receive a PERS approval.
   

2. Non-residential space cannot exceed 20% of the total square footage of the project.
   

3. No more than 15% of the unit owners can be 30 days or more delinquent on HOA dues.
   

4. No single entity can own more than 10% of the total units in the project.
   

5. A project that does not qualify for a CPM approval may be eligible for a Project Eligibility Waiver (PEW).  A PEW can be issued on a case-by-case basis to allow an exception for a condition that does not meet the standard criteria.  Example, a project meets all requirements but has 22% commercial space.  A PEW may be issued to allow an exception for exceeding the required 20% limit.
   

Only a lender with access to CPM can utilize this approval method.  Most national lenders and/or banks have the ability to utilize the CPM system but very few are willing to do so in the state of Florida.  Ask your mortgage professional if they accept a CPM approval on condo projects.

Documents Required

Below is a list of standard documents needed from the condo association for a

CPM Review.

1. Lender specific condo questionnaire form. (ask your lender what they require)
   

2. Evidence of master insurance policy, including Fidelity and flood policies if applicable.
   

3. Copy of the recorded condominium declarations, by-laws, and articles of incorporation, if applicable.
   

4. Current Budget.
   

5. Public Offering statement/Prospectus/White report
   

6. Master association budget and insurance, if there is a separate master association in addition to the condo association.
   

FloridaHomePath.com, LLC is not a mortgage lender.  FLCondoTeam.com is a site for information purposes only.  All information provided is based on Fannie Mae condo project requirements.  Click here for Fannie Mae resources.  Lenders and banks reserve the right to have more restrictive requirements at their sole discretion. 

** All loan information is updated frequently.  Contact a Mortgage Professional to confirm loan details.  All material is subject to change without notice.

FloridaHomePath.com is not owned or affiliated with Fannie Mae.  Flcondoteam.com is owned and operated by FloridaHomePath.com, LLC.  See our privacy policy and terms of service.

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1. HUD Review

1. Limited-Review

1. Full Lender Review

1. CPM Review, including PEWs

1. SAD Review

1. PERS Review

Condo Approval Methods: