© 2018 Freddie Mac Single-Family Seller Servicer Guide
In addition to the project eligibility requirements in Section in Section 5701.2(b), Condominium Unit Mortgages must comply with all of the following requirements to be eligible for the streamlined project review type.
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- The Condominium Project (all Condominium Units, Common Elements and Amenities) and related facilities owned by any Master Association are complete and not subject to any additional phasing
- With respect to unit ownership:
At least 90% of the total units in the project have been conveyed to the unit purchasers other than the developer; or
If the project is a 2- to 4-Unit Condominium Project, all units in the project have been conveyed to the unit purchasers; and - The unit owners control the Homeowners Association
(b) There are no Manufactured Homes in the Condominium Project(c) Maximum loan-to-value (LTV)/total LTV (TLTV)/Home Equity Line of Credit TLTV (HTLTV) ratiosThe Mortgage must not exceed the LTV/TLTV/HTLTV ratios for the occupancy type as indicated in the following charts:
| Streamlined review for Condominium Units in Established Condominium Projects not located in Florida | |
| Occupancy Type | Maximum LTV/TLTV/HTLTV ratios |
| Primary Residence | 90% |
| Second Home | 75% |
| Investment Property | Not eligible |
| Streamlined review for Condominium Units in Established Condominium Projects located in Florida | |
| Occupancy Type | Maximum LTV/TLTV/HTLTV ratios |
| Primary Residence | 75% |
| Second Home | 70% |
| Investment Property | Not eligible |
Note: If the requirements for streamlined reviews in this section 5701.4 are met, then the requirements for any of the other project review types in Sections in Sections 5701.5, 5701 5701.6, 5701.7 and 5701.9 are not applicable.Additional Resource: https://www.allregs.com/tpl/Viewform.aspx?formid=00051759&formtype=agency#page=549 5701.7 and 5701.9 are not applicable.