Fannie continues to offer its project eligibility review service (PERS)of condos, co-ops and PUD's for lenders who either are unwilling or uncomfortable in determining a project's eligibility on its own. In order to offset the increased volume and costs of offering this service Fannie has significantly increased its fees for condo reviews with projects submitted by April 1, 2012 or after:

-The base fee charged will be $2,500 (up from $1,200) plus a per-unit charge of $30 for each unit in the project or the legal phase.

-Projects that require a mandatory approval require the base fee to now be paid; it will now longer be waived ($2,500 increase in cost).

-The maximum fee of $15,000 per project has been eliminated; there is now no maximum

Note the following special circumstances:

-Projects with greater than 20% Commercial and Non-residential use and request for marketing phase approval require a one-time fee of $5,000 above the base fee and the per-unit fee.

-Fees for approval of subsequent phases are the greater of $1,000 or $30 for each unit coming online in the additional legal phases of a previously approved project.

-Fees for extensions or conditional or final project approvals are $1,000 or $30 for each unit in the legal phase of the project.

-Duration of conditional project approval is now 9 months, and final project approval is now 18 months.

NOTE: REVIEW FEES ARE ASSESSED REGARDLESS OF THE DECISION!

The following projects require a mandatory Fannie Mae Review:

-New and newly converted condo projects consisting of attached units located in Florida.

-Newly converted, non-gut rehabilitation condo projects

-New condo projects that contain one or more units with less than 400 square feet.

-All condo, co-op, and PUD projects consisting of manufactured homes with the exception of PUD projects that contain multi-width manufactured homes.