Guide Update 23-08
:  Condominium Properties
Effective:
Condominium Properties (Redline).pdf
Form 6202 (Redline).pdf
Form 6258 (Redline).pdf
Form 6304 (Redline).pdf
Form 6498

HIGHLIGHTS

Effective for Mortgage Loans Committed as of June 12, 2023, updated underwriting information, Loan Documents, and forms for Condominium Properties. 

 

Primary Changes

  • Created a new chapter, Part III, Chapter 21: Condominium Properties, including:
    • ownership and Control information; 
    • required Loan Documents; and
    • a new Condominium Document Review Checklist (Form 6498).
  • Created/revised Loan Documents for Condominium Properties, including: 
    • Modification to Security Instrument (Condominium Subordination) (Form 6304);
    • Modifications to Multifamily Loan and Security Agreement Condominium Provisions (Form 6202); 
    • Modifications to Multifamily Loan and Security Agreement [Fractured / Commercial Condominium Provisions] (Form 6258); and
    • Estoppel Certificate attached to Form 6258.

 

Questions

Please contact the Fannie Mae Deal Team with any questions.