source:
  type: regulation
  id: fnma-sel-b4-2.2-06
  authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
  description: "Fannie Mae Single Family Selling Guide topic B4-2.2-06 (Project Eligibility Review Service (PERS)).\
    \ Gap-fill (verbatim, ID-diff). \n"
obligations:
- id: fnma-sel-b4-2.2-06-0
  canonical_id: fnma-sel-b4-2.2-06-0
  section: Fannie Mae Single Family Selling Guide B4-2.2-06
  description: 'B4-2.2-06 Project Eligibility Review Service (PERS): 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-…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: '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'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B4-2.2-06 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b4-2.2-06-1
  canonical_id: fnma-sel-b4-2.2-06-1
  section: Fannie Mae Single Family Selling Guide B4-2.2-06
  description: 'B4-2.2-06 Project Eligibility Review Service (PERS): , 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 Pol…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 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'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B4-2.2-06 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b4-2.2-06-2
  canonical_id: fnma-sel-b4-2.2-06-2
  section: Fannie Mae Single Family Selling Guide B4-2.2-06
  description: 'B4-2.2-06 Project Eligibility Review Service (PERS): , 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.…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 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'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B4-2.2-06 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b4-2.2-06-3
  canonical_id: fnma-sel-b4-2.2-06-3
  section: Fannie Mae Single Family Selling Guide B4-2.2-06
  description: 'B4-2.2-06 Project Eligibility Review Service (PERS): 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.
    • Thi…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: '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.'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B4-2.2-06 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b4-2.2-06-4
  canonical_id: fnma-sel-b4-2.2-06-4
  section: Fannie Mae Single Family Selling Guide B4-2.2-06
  description: 'B4-2.2-06 Project Eligibility Review Service (PERS): , 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 o…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 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.'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B4-2.2-06 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b4-2.2-06-5
  canonical_id: fnma-sel-b4-2.2-06-5
  section: Fannie Mae Single Family Selling Guide B4-2.2-06
  description: 'B4-2.2-06 Project Eligibility Review Service (PERS): , 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
    Un…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 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'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B4-2.2-06 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b4-2.2-06-6
  canonical_id: fnma-sel-b4-2.2-06-6
  section: Fannie Mae Single Family Selling Guide B4-2.2-06
  description: 'B4-2.2-06 Project Eligibility Review Service (PERS): , 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'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 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'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B4-2.2-06 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b4-2.2-06-7
  canonical_id: fnma-sel-b4-2.2-06-7
  section: Fannie Mae Single Family Selling Guide B4-2.2-06
  description: 'B4-2.2-06 Project Eligibility Review Service (PERS): 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'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: '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'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B4-2.2-06 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b4-2.2-06-8
  canonical_id: fnma-sel-b4-2.2-06-8
  section: Fannie Mae Single Family Selling Guide B4-2.2-06
  description: 'B4-2.2-06 Project Eligibility Review Service (PERS): 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 f…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 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.
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B4-2.2-06 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b4-2.2-06-9
  canonical_id: fnma-sel-b4-2.2-06-9
  section: Fannie Mae Single Family Selling Guide B4-2.2-06
  description: 'B4-2.2-06 Project Eligibility Review Service (PERS): , 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
    R…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B4-2.2-06, Project Eligibility Review Service (PERS) (06/04/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 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'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B4-2.2-06 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
