5701.4: Streamlined reviews (11/19/18)

Owned by Marsha Freeman
Last updated: Nov 20, 2018
1 min read

© Freddie Mac Single-Family Seller Servicer Guide

In addition to the project review and eligibility requirements in Section 5701.2, 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.
(b) No Manufactured Homes in the Condominium Project
There must not be any Manufactured Homes in the Condominium Project.
(c) Maximum loan-to-value/total LTV/Home Equity Line of Credit TLTV 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 Projects not located in Florida
Occupancy TypeMaximum LTV/TLTV/HTLTV ratios
Primary Residence90%
Second Home75%
Investment Property75%
Streamlined review for Condominium Units in Established Condominium Projects located in Florida
Occupancy TypeMaximum LTV/TLTV/HTLTV ratios
Primary Residence75%
Second Home70%
Investment Property70%

Note: If the requirements for streamlined reviews in this Section 5701.4 are met, then the Seller is not required to comply with the requirements for any of the other project review types in Sections 5701.5, 5701.6, 5701.7 and 5701.9.