Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
Fannie Mae Single Family Selling Guide topic B4-2.2-06 (Project Eligibility Review Service (PERS)). Gap-fill (verbatim, ID-diff).
Verbatim regulatory text
Verbatim provisions from Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Fannie Mae Single Family Selling Guide B4-2.2-06
Introduction This topic contains information on Fannie Mae's Project Eligibility Review Service (PERS), including: Overview Standard PERS Submission Process Required Forms for Standard PERS Submission Additional Requirements—For Newly Converted Non-Gut Rehabilitation Condo or Co-op Projects
Fannie Mae Single Family Selling Guide B4-2.2-06
, 2026 675 Additional Requirements - For Condo and PUD Projects Comprised of Manufactured Homes Streamlined PERS Submission Process—For Established Projects Approval Designations Availability of Project Information Decision Expiration Dates Uniform Appraisal Dataset (UAD) 3.6 Policy Overview PERS is a review method available to lenders to submit new, newly converted, and established projects to Fannie Mae to determine eligibility. Some projects must be submitted to PERS while a PERS submission is optional for other projects, as shown in the table below. Standard PERS Process Streamlined PERS Process Required for: • new condo projects consisting of manufactured homes (including those subject to a community land trust, deed restrictions, ground lease, or shared equity arrangement); • new PUD projects consisting of manufactured homes subject to a community land trust, deed restriction, ground lease, or shared equity arrangement; • newly converted non-gut rehabilitation condo and co-op projects with attached units that contain more than four units; • new and newly converted condo projects consisting of attached units located in Florida; and • limited or shared equity co-op projects, provided the limited or shared equity provisions are designed to preserve or promote access to affordable housing. Optional for: • all other new or newly converted condo projects not listed above. Required for: • established condo projects consisting of single- width manufactured homes; and • established condo or established PUD projects consisting of manufactured homes subject to a community land trust, deed restriction, ground lease, or shared equity arrangement. Optional for: • established condo projects. Note: Unless specifically noted in the above table, all references to manufactured homes may be single-width, multi-width, or a combination of both. Standard PERS Submission Process
Fannie Mae Single Family Selling Guide B4-2.2-06
, 2026 676 The standard PERS submission process is described below: Step Action 1. The lender performs a review to determine if the project satisfies all applicable Fannie Mae project eligibility and underwriting requirements of the Full Review process prior to submission to PERS. See below for additional lender pre-PERS submission review requirements • for newly converted non-gut rehabilitation condo projects, and • for projects consisting of manufactured homes. 2. The lender completes a project submission package, that includes: • Project Eligibility Review Service Document Checklist (Form 1030) for condo projects or Project Eligibility Review Service Document Checklist - Co-op Projects (Form 1078), for co-op projects, and • Application for Project Approval (Form 1026). See below for additional forms that may be required. 3. The condo project's legal documents must comply with the Fannie Mae's requirements listed in
Fannie Mae Single Family Selling Guide B4-2.2-06
Full Review: Additional Eligibility Requirements for Units in New and Newly Converted Condo Projects. • A qualified attorney engaged by the lender must review the condo project legal documents and determine that the documents are in compliance with Fannie Mae's requirements. • This determination must be documented by the attorney in writing but need not rise to the level of a formal, written legal opinion. The attorney may be the same person who prepared the legal documents or an attorney employed by the lender, but they cannot be an employee, principal, or officer of the developer or sponsor of the project. • The lender must complete the Warranty of Condominium Project Legal Documents (Form 1054) and attach the attorney review as part of the PERS submission process. 4. The lender submits the complete project package, including all relevant supporting documentation, via email using the PERS Project Submission mailbox. See E-1-02, List of Contacts. 5. A member of the Project Standards team reviews the package to determine if the project is eligible for approval.
Fannie Mae Single Family Selling Guide B4-2.2-06
, 2026 677 Step Action 6. Upon completion of the review, Fannie Mae issues its decision to the lender via email and posts approved projects on its website. See Condo, Co-op, and Planned Unit Development (PUD) Eligibility for approved projects listed for each state, the District of Columbia, and the U.S. Virgin Islands. 7. Fannie Mae informs the lender of the specific review fee assessed for each PERS submission. Lenders are billed for PERS review fees in their “Monthly Technology Invoice.” For fees, see the Project Eligibility Review Service (PERS) Overview on Fannie Mae's website. Required Forms for Standard PERS Submission The forms shown below are required for a standard PERS submission. Form Title Description 1026 Application for Project Approval Requires certification that the lender has “underwritten” the project; includes non-residential space, common areas, sales plan, construction warranty, budget, builder/developer information, status of construction, environmental issues, resale restrictions, phasing, project management. 1029 Warranty of Project Presales Requires lender certification of sales and presales information. 1030 Project Eligibility Review Service Document Checklist Checklist confirming all required condo documents have been provided (see below). 1051 Project Development/Master Association Plan Requires lender certification of submitted information; includes master association and sub- association description and structure, common areas, title policy, master association budget, “as- built” survey or master plan. 1054 Warranty of Condominium Project Legal Documents Requires lender certification of compliance with laws and Fannie Mae legal requirements.
Fannie Mae Single Family Selling Guide B4-2.2-06
, 2026 678 Form Title Description 1071 Statement of Insurance and Fidelity Coverage Requires lender certification of all insurance requirements; addresses specific insurance types and clauses, and requires the lender to obtain and review all policies. 1073 Individual Condominium Unit Appraisal Individual condominium appraisal report. 1073A Analysis of Annual Income and Expenses – Operating Budget Requires lender certification that the operating budget has been analyzed; detailed operating budget information to be completed by HOA and lender. 1078 Project Eligibility Review Service Document Checklist - Co-op Projects Checklist confirming all required co-op documents have been provided (see below). 1079 Limited or Shared Equity Co-op Worksheet Requires information for certain co-op projects. 1081 Final Certification of Substantial Project Completion Lender certification that project is substantially complete; lender to document any exceptions or uncompleted. Additional Requirements—For Newly Converted Non-Gut Rehabilitation Condo or Co-op Projects A non-gut rehabilitation refers to the renovation of a property that does not involve structural or functional changes, such as the replacement of all HVAC and electrical components. Rather, the rehabilitation might include, for example, the replacement of appliances and carpeting. In order for a newly converted non-gut rehabilitation condo or co-op project to receive project approval through the standard PERS process, the project must comply with the following requirements. ✓ Lender Pre-PERS Submission Review Requirements – For Newly Converted Non-Gut Rehabilitation Condo or Co-op Projects The project cannot be an ineligible project in accordance with
Fannie Mae Single Family Selling Guide B4-2.2-06
, 2026 679 ✓ Lender Pre-PERS Submission Review Requirements – For Newly Converted Non-Gut Rehabilitation Condo or Co-op Projects For condo projects—The condo project must comply with all requirements of the Full Review (as provided in
Fannie Mae Single Family Selling Guide B4-2.2-06
Full Review: Additional Eligibility Requirements for Units in New and Newly Converted Condo Projects). For co-op projects—The co-op project must comply with all requirements for co-op projects (as provided in
Fannie Mae Single Family Selling Guide B4-2.2-06
Legal Requirements for Co-op Projects). All rehabilitation work involved in the condo or co-op conversion must have been completed in a professional manner. A current reserve study prepared by a qualified, independent professional company, accompanied by an engineer's report, or functional equivalent, must comment favorably on the structural integrity of the project and the remaining useful life of the major project components. The project budget must contain line items for • reserves to adequately support the costs identified in the reserve study, and • a utility contingency of at least 10% of the previous year's utility costs if the utilities are not separately metered. Funds to cover the total cost of any items identified in the reserve study or engineer's report that need to be replaced within five years from the date of the study must be deposited in the reserve account of the HOA or of the co-op corporation, in addition to the amount stated immediately above. The developer must provide a detailed description of the work proposed or already completed in order for the project units to be ready for sale. Generally, at least 50% of the total condo units or co-op stocks or shares in the project or subject legal phase must have been conveyed or be under contract for purchase to principal residence or second home purchasers. Up to 30% of the units (or of stocks or shares for co-ops) in projects that are subject to rent regulations, which protect tenants from eviction (if they have chosen not to purchase their unit), will be permitted. Phasing of projects (single building or multiple buildings) will be considered on a project basis.
Fannie Mae Single Family Selling Guide B4-2.2-06
, 2026 680 ✓ Lender Pre-PERS Submission Review Requirements – For Newly Converted Non-Gut Rehabilitation Condo or Co-op Projects The project sponsor or developer must provide a comprehensive sales and marketing strategy. All projects are subject to a site inspection. Additional Requirements - For Condo and PUD Projects Comprised of Manufactured Homes For a condo or PUD project comprised of manufactured homes to receive project approval through the standard PERS process, the project must comply with the following requirements. ✓ Lender Pre-PERS Submission Review Requirements - For Projects Consisting of Manufactured Homes Review all aspects of the project to determine that it satisfies Fannie Mae eligibility requirements as stated in