Freddie Mac Seller/Servicer Guide 5701.3: Ineligible projects
This section contains requirements related to:
Freddie Mac publishes the full text of this section: Freddie Mac Seller/Servicer Guide 5701.3 on the Freddie Mac website. Zeitro Strata answers questions about it with the passage and page cited.
What this section covers
- (a) Condominium projects in which the unit owners do not have an undivided ownership interest or leasehold interest in the land on which the project is located
- (b) Condominium Hotel or similar type of transient housing
- (c) Condominium Project with multi-dwelling units
- (d) Condominium Project with excessive commercial or non-residential space
- (e) Tenancy-in-common apartment project
- (f) Timeshare project or project with segmented ownership
- (g) Houseboat project
- (h) Condominium Project in which the unit owners do not possess sole ownership of the Common Elements
- (i) Condominium Project in litigation
- (j) Condominium Project with excessive single investor concentration
- (k) Continuing Care Retirement Community (CCRC)
- (l) Manufactured Homes in Condominium Projects
- (m) Condominium Project with mandatory dues or similar membership fees for use of Amenities such as clubhouses or recreational facilities
- (n) Project in need of Critical Repairs
- (o) Project with an evacuation order
- (p) Projects terminating or involved in insolvency proceedings
Guideline text quoted as published by the agency. The latest published version governs. This is not an underwriting decision.