This topic contains information on geographic-specific condo project considerations, including:
PERS is required for new and newly converted condo projects consisting of attached units located in Florida. See B4-2.2-06, Project Eligibility Review Service (PERS).
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.
The above requirements do not apply if the transaction is eligible for a project review waiver. See B4-2.1-02, Waiver of Project Review for additional information.
Refer to the Eligibility Matrix 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.)
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 B4-2.2-01, Limited Review Process.