B4-2.2-01, Limited Review Process (07/05/2023)

To be eligible for a Limited Review, the unit securing the mortgage must be an attached unit in an established condo project.

The following table describes the transactions that are eligible for a Limited Review.

Attached units in established projects located in Florida are subject to more restrictive LTV ratio requirements under the Limited Review process. See  B4-2.2-04, Geographic-Specific Condo Project ConsiderationsB4-2.2-04, Geographic-Specific Condo Project Considerations, for additional information.

In completing a Limited Review, the lender must ensure that the project and subject unit meet the eligibility requirements described in the following table.

These requirements apply to both DU loan casefiles and manually underwritten loans.

If the project and loan transaction are eligible for and meet all of the eligibility requirements of the Limited Review process, the lender is not required to validate that the project also meets the eligibility requirements of another project review type. However, if the LTV, CLTV, or HCLTV ratios exceed the limits above, or in the event the lender becomes aware of a circumstance that would cause the project or transaction to be ineligible under a Limited Review, the lender must use one of the other project review methods to determine project eligibility and the project must meet all of the eligibility requirements of that selected alternate project review type.