What is condominium project review?

Condominium Project Review is the process of evaluating and approving a condominium project to ensure it meets specific guidelines set by mortgage lenders or government agencies, such as Fannie Mae or FHA. This review assesses factors like the financial health of the condominium association, property management, owner-occupancy rates, insurance coverage, and compliance with local regulations. The goal is to make sure the project is a sound investment and poses minimal risk for both lenders and buyers. Successful project review is often required for buyers to obtain certain types of mortgage financing within the condominium.