HomeBridge is pleased to announce the introduction of the use of Fannie Mae’s Credit Variance Administration System (CVAS) for condo project eligibility waivers. The use of CVAS allows HomeBridge to request a waiver from Fannie Mae for a project that may not meet all of Fannie Mae’s eligibility rules.
Condo project waiver requests are subject to the following:
- Projects that were reviewed under full and limited review guidelines are eligible
- HomeBridge loan approval is required and all title, insurance and appraisal requirements must be in the file prior to requesting a waiver from CVAS.
NOTE: Waivers relating to insurance and fidelity bond requirements will not be requested.
The process for submitting a waiver request to the CVAS system is as follows:
- HomeBridge will notify the broker that the project is ineligible without a waiver and, if loan meets the criteria above, offer the broker the option to submit the project to CVAS for waiver request.
- If the broker chooses to have the project submitted to Fannie Mae’s CVAS, broker to provide a check for $200, payable to HomeBridge. HomeBridge will require payment in full prior to submitting the waiver request to CVAS.Remit payment to:
Attn: Name of your Account Manager
5 Park Plaza 10th Floor
Irvine, CA 92614
- The waiver request will be submitted to CVAS upon receipt of the payment. Brokers will be notified of Fannie Mae’s decision.
NOTE: HomeBridge cannot guarantee waivers will be granted by Fannie Mae