© 2018 Freddie Mac Single-Family Seller Servicer Guide
In addition to the project review and eligibility requirements
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in Section 5701.2
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, Condominium Unit Mortgages must comply with all of the following requirements to be eligible for the streamlined project review type.
(a) Project type
The Condominium Unit must be located in an Established Condominium Project
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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; 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
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.
(b) No Manufactured Homes in the Condominium Project
There must not be any Manufactured Homes in the Condominium Project.
(c) Maximum loan-to-value
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/total LTV
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/Home Equity Line of Credit TLTV
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ratios
The Mortgage must not exceed the loan-to-value (LTV)/total LTV (TLTV)/Home Equity Line of Credit (HELOC) (HTLTV) ratios for the occupancy type as indicated in the following charts:
| Streamlined review for Condominium Units in Established Condominium |
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| Projects not |
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| located in Florida | |
| Occupancy Type | Maximum LTV/TLTV/HTLTV ratios |
| Primary Residence | 90% |
| Second Home | 75% |
| Investment Property | |
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| 75% |
| 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 | |
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| 70% |
Note:
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If the requirements for streamlined reviews in this
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Section 5701.4 are met, then the Seller is not required to comply with the requirements for any of the other project review types
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in Sections 5701.5,
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5701.6,
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5701.
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7 and 5701.9.