source:
  type: guide
  id: fnma-sel-b4-2.1-02
  authority: Fannie Mae Selling Guide B4-2.1-02 — Waiver of Project Review
  description: Fannie Mae Selling Guide B4-2.1-02 — Waiver of Project Review.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-2.1-02-full
  canonical_id: fnma-sel-b4-2.1-02-full
  section: Fannie Mae Selling Guide B4-2.1-02 — Waiver of Project Review
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-2.1-02 — Waiver of Project Review
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B4-2.1-02, Waiver of Project Review (07/02/2025) Introduction
      This topic contains information on the waiver of project reviews, including:
      Transactions Eligible for a Waiver of Project Review Published May 6, 2026 633
      Requirements that Apply When the Project Review is Waived Project Review Requirements
      for High LTV Reﬁnance Loans Transactions Eligible for a Waiver of Project Review
      Fannie Mae does not require a thorough project review for the project types
      and transactions described in the following table. Project or Transaction Type
      Requirements Detached condo unit A detached condo is deﬁned as any condo unit
      that is completely detached from other condo units in the project. The unit
      may share no adjoining walls, ceilings, ﬂoors, or other attached architectural
      elements (such as breezeways or garages) with any neighboring unit. A detached
      condo unit may be in a project consisting solely of detached units or in a development
      containing a mixture of attached and detached units. Site condos in which the
      unit owner owns the detached condo unit and the land upon which the unit is
      built are a type of detached condo. The waiver of project review applies for
      new and established projects. Unit in a two- to four-unit condo project Project
      review is waived for new and established condo projects that consist of no more
      than four units. Unit in a PUD project Project review is waived for units in
      new and established PUD projects, except for PUD projects consisting of manufactured
      homes subject to a community land trust, deed restriction, ground lease, or
      shared equity arrangement. See B4-2.3-01, Eligibility Requirements for Units
      in PUD Projects, for the requirements that apply. Fannie Mae to Fannie Mae limited
      cash-out reﬁnance Project review is waived for units in condo projects for Fannie
      Mae-owned loans that are reﬁnanced as a limited cash-out reﬁnance with a maximum
      loan-to-value ratio of 80% (CLTV or HCLTV ratios may be higher). (The waiver
      is not applicable to units in co-op projects.) Published May 6, 2026 634 Exception
      to the waiver policy: Other than the PUD requirements above, if the property
      is a manufactured home or the project contains any manufactured homes, such
      property or project is not eligible for a review waiver and must be reviewed
      based on the applicable manufactured home project review requirement. Requirements
      that Apply When the Project Review is Waived The following requirements apply,
      in addition to those noted above, when a project review is waived: property
      eligibility requirements (described in Chapter B2-3, Property Eligibility);
      the project is not in Condo Project Manager (CPM) with a status of "Unavailable";
      the project is not a condo hotel or motel, houseboat project, or a timeshare
      or segmented ownership project (described in B4-2.1-03, Ineligible Projects);
      priority of common expense assessments (described in B4-2.1-01, General Information
      on Project Standards); when an appraisal of the property is obtained, it must
      meet all applicable appraisal requirements (described in Chapter B4-1, Appraisal
      Requirements); insurance requirements (described in Subpart B7, Insurance, as
      applicable); there are no unaddressed critical repairs outstanding or projects
      with evacuation orders (described in B4-2.1-03, Ineligible Projects) if the
      loan is a Fannie Mae to Fannie Mae limited cash-out reﬁnance; and the project
      is not terminating and is not involved in insolvency proceedings (described
      in B4-2.1-03, Ineligible Projects). Project Review Requirements for High LTV
      Reﬁnance Loans Fannie Mae waives the project review requirements for high LTV
      reﬁnance loans secured by units in a condo, co- op, or PUD project. See B5-7-01,
      High LTV Reﬁnance Loan and Borrower Eligibility for the requirements. Recent
      Related Announcements The table below provides references to recently issued
      Announcements that are related to this topic. Announcements Issue Date Announcement
      SEL-2025-05 July 02, 2025 Announcement SEL-2024-07 November 06, 2024 Announcement
      SEL-2023-06 July 05, 2023 Announcement SEL-2019-07 August 07, 2019 Published
      May 6, 2026 635'
  judgment: false
