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B4-2.2-04, Geographic-Specific Condo Project Considerations (03/01/2023)

This topic contains information on geographic-specific condo project considerations, including:

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 B4-2.2-06, Project Eligibility Review Service (PERS)B4-2.2-06, Project Eligibility Review Service (PERS).

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

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 B4-2.1-02, Waiver of Project ReviewB4-2.1-02, 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 ProcessB4-2.2-01, Limited Review Process.

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