Helping you get condos financed in Florida
Limited-Review
What is a Limited-Review?
A Limited-Review relieves the lender from warranting many of the standard requirements for Fannie Mae project approval. The majority of lenders will only offer this option for condo mortgages in Florida because they are not willing to absorb the risk associated with warranting condominiums in Florida.
A Limited-Review transaction is only eligible on an established project, and will required a 25% down-payment for a primary home or a 30% down-payment for a secondary home. Investor/rental transactions are not eligible for a Limited-review.
Requirements for a Limited-Review approval
A condo project must satisfy all of the following requirements to be eligible for a Limited-Review.
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Must be an Established Project as defined by Fannie Mae. -
Non-residential space cannot exceed more than 20% of the total project.
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No more than 15% of the unit owners can be more than 30 days delinquent on HOA fees.
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No single entity can own more than 10% of the total units in the project.
A Limited-Review is the most common review process used by lenders on properties in Florida, but it also requires the largest down payment of all the review processes available. Minimum down payment required for a primary home transaction is 25%, and for a second home transaction is 30%.
*Note: Fannie Mae does not have a maximum investor concentration limit on an established project with a limited-review transaction. See Myths for more dispelled rumors.
Documents Required
Below is a list of standard documents needed from the condo association for a Limited-Review.
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Lender specific condo questionnaire form. (ask your lender what they require)
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Evidence of master insurance policy, including Fidelity and flood policies if applicable.
Relax by the pool with a Limited-Review, it is the easiest approval method.
FloridaHomePath.com, LLC is not a mortgage lender. FLCondoTeam.com is a site for information purposes only. All information provided is based on Fannie Mae condo project requirements. Click here for Fannie Mae resources. Lenders and banks reserve the right to have more restrictive requirements at their sole discretion.
** All loan information is updated frequently. Contact a Mortgage Professional to confirm loan details. All material is subject to change without notice.
FloridaHomePath.com is not owned or affiliated with Fannie Mae. Flcondoteam.com is owned and operated by FloridaHomePath.com, LLC. See our privacy policy and terms of service.
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HUD Review
Condo Approval Methods:
