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B4-2.2-04, Geographic-Specific Condo Project Considerations (03/01/2023)
Introduction
This topic contains information on geographic-specific condo project considerations, including:
- Florida — Attached Units in New and Newly Converted Condo Projects
- Florida — Project Review Maximum LTV Requirements for Attached Units in Established Projects
- Waiver of Project Review Requirements
Florida — Attached Units in New and Newly Converted Condo Projects
Fannie Mae project approval is required for new and newly converted condo projects consisting of attached units located in Florida. To request a Fannie Mae project approval refer to .
Florida — Project Review Maximum LTV Requirements for Attached Units in Established Projects
The following tables describe the maximum LTV ratios that are permitted for the specific project review type for loans secured by units in condo projects located in Florida. Unless noted otherwise, these requirements are based on the LTV ratio of the mortgage loan.
| Florida — Attached Units in Established Condo Projects
|
||||
|---|---|---|---|---|
| Maximum LTV Ratios1 | Maximum LTV, CLTV, and HCLTV Ratios2 | |||
| Approved by Fannie Mae | Lender Full Review (with CPM) | Lender Limited Review | ||
| Principal Residence | 95% Manual
97% DU |
75/90/90% | ||
| Second Home | 90% | 70/75/75% | ||
| Investor | 85% | 70/75/75% | ||
Waiver of Project Review Requirements
The above requirements do not apply if the transaction is eligible for a project review waiver. See for additional information.
1
Refer to the for the maximum allowable CLTV and HCLTV ratios. (For example, a mortgage loan for a unit in a PERS-approved project can have a CLTV ratio up to 105% if it meets the Eligibility Matrix and Community Seconds requirements.)
2
The CLTV and HCLTV ratios in this column align with the maximum CLTV and HCLTV ratios that are permitted for projects outside of Florida, as described in .
Recent Related Announcements
The table below provides references to the Announcements that are related to this topic.
| Announcements | Issue Date |
|---|---|
| Announcement SEL-2023-02 | March 01, 2023 |
| Announcement SEL-2022-02 | March 02, 2022 |
