Condo Loan Guidelines

Fannie Mae/Freddie Mac offers two categories of Condo Approvals:  Limited Review & Full Review.  A Limited Condo Review is a streamlined program offered by Fannie Mae & Freddie Mac for loans categorized as lower risk. Condominiums underwritten under the Limited Review program are several times MORE LIKELY TO BE APPROVED than those submitted under the Full Review program.  In South Florida for example, less than 10% of loans submitted for full condo review will receive condo approval & close.  For this reason, knowledgeable borrowers often opt for a Limited Review Condo Loan.   

Limited Review LTV/CLTV Requirements (All States EXCEPT Florida)

• Primary Residence – Maximum 90% Financing

• Second Home – Maximum of 75% Financing

• Investment Property – Ineligible

Limited Review LTV/CLTV Requirements (Florida Properties)

• Primary Residence – Maximum of 75% Financing on a 1st Mortgage.  90% Combined Financing on a 1st & 2nd Mortgage

• Second Home – Maximum of 70% Financing.  on a 1st Mortgage.  75% Combined Financing on a 1st & 2nd Mortgage

• Investment Property – Ineligible

Full Review Max LTV

• Primary Residence – Maximum 97% Financing

• Second Home – Maximum of 90% Financing

• Investment Property – 85% Financing