PERS 2026: Fannie Mae Project Eligibility Review Service for New Condo Projects

PERS, or Project Eligibility Review Service, is Fannie Mae's process for reviewing condo projects that do not qualify for standard Limited Review or Full Review. The lender submits the project documentation directly to Fannie Mae, which evaluates eligibility and issues an approval or denial. PERS approvals are project-specific and can be used by any Fannie Mae-approved lender for loans on units in that project.

When PERS Is Required

PERS is required when the project cannot meet standard Full Review eligibility criteria. The most common trigger is the presale requirement: Fannie Mae requires that at least 51% of units be under contract or sold before a new condo project qualifies for standard delivery. A new development where only 30% of units have been sold cannot use standard Full Review. The lender must either wait until presale thresholds are met or submit through PERS. Gut-rehab conversions, projects with unusual ownership structures, and projects with commercial space above standard thresholds also commonly require PERS.

PERS Submission and Timeline

The lender submits a complete PERS package including project documents, HOA financials, presale data, project legal structure documents, and project questionnaire to Fannie Mae via the PERS submission system. Fannie Mae's review typically takes 30 to 45 business days. This timeline is incompatible with standard purchase contract contingency periods. MLOs advising buyers in new construction developments should check PERS status on the project before the purchase contract is signed.

Freddie Mac Equivalent: CPM

Freddie Mac uses the Condo Project Manager (CPM) system for project eligibility review. CPM allows lenders to self-determine project eligibility for most standard condo projects. For new construction and non-standard projects, Freddie Mac has its own PERS equivalent process with parallel requirements and timelines.