Helping you get condos financed in Florida
PERS (Project Eligibility Review Service)
PERS is an option available to lenders to submit new and newly converted condo projects to Fannie Mae to determine eligibility. ALL NEW OR NEWLY CONVERTED CONDO PROJECTS IN FLORIDA MUST BE PERS APPROVED. Without a PERS approval there is NO conventional financing available on new or newly converted condo projects in the State of Florida.
Very few lenders have the resources and willingness to submit condo projects for a PERS approval. A PERS submission requires substantial fees which normally the developer would pay, but the lender is still held liable for the integrity of the information they are submitting to Fannie Mae. For this reason alone, most lenders will avoid the risk associated with submitting a project for a PERS approval.
Requirements for a PERS approval
Below are only a few of the standard requirements for a PERS review. Speak to one of our professionals for additional requirements for a specific project.
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Must be a new or newly converted project. -
70% of the units must be conveyed or currently under a bonafide contract of sale to primary or secondary home occupants.
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Adequate Budget to support costs identified in a reserve study.
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There are fees charged by Fannie Mae for a PERS review. All fees are non-refundable regardless of the decision made by Fannie Mae.
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Click here to get the forms needed for a PERS review.
Click here to get a full list of PERS approved condos in Florida.
All new or newly converted condominiums in the State of Florida will require a PERS approval before any conventional financing can be offered.
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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HUD Review
Condo Approval Methods:
