source:
  type: guide
  id: fnma-sel-b4-2.2-01
  authority: Fannie Mae Selling Guide B4-2.2-01 — Limited Review Process
  description: Fannie Mae Selling Guide B4-2.2-01 — Limited Review Process.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-2.2-01-full
  canonical_id: fnma-sel-b4-2.2-01-full
  section: Fannie Mae Selling Guide B4-2.2-01 — Limited Review Process
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-2.2-01 — Limited Review Process
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B4-2.2-01, Limited Review Process (04/02/2025) Introduction
      This topic contains information on the Limited Review process performed by lenders,
      including: Unit and Project Type Eligible for Limited Review Transactions Eligible
      for a Limited Review Limited Review Eligibility Requirements CPM Delivery Restrictions
      Notiﬁcations Unit and Project Type Eligible for Limited Review To be eligible
      for a Limited Review, the unit securing the mortgage must be an attached unit
      in an established condo project. Transactions Eligible for a Limited Review
      The following table describes the transactions that are eligible for a Limited
      Review. Limited Review Eligible Transactions -Attached Units in Established
      Condo Projects (For Projects Outside of Florida) Occupancy Type Maximum LTV,
      CLTV, and HCLTV Ratios Principal residence 90% Published May 6, 2026 657 Limited
      Review Eligible Transactions -Attached Units in Established Condo Projects (For
      Projects Outside of Florida) Second home 75% Investment property 75% Attached
      units in established projects located in Florida are subject to more restrictive
      LTV ratio requirements under the Limited Review process. See B4-2.2-04, Geographic-Speciﬁc
      Condo Project Considerations, for additional information. Limited Review Eligibility
      Requirements In completing a Limited Review, the lender must ensure that the
      project and subject unit meet the eligibility requirements described in the
      following table. ✓ Limited Review Eligibility Requirements The project meets
      Requirements Applicable to All Properties in a Condo, Co-op, or PUD Project
      described in B4-2.1-01, General Information on Project Standards. The project
      is not an ineligible project. (See B4-2.1-03, Ineligible Projects). The project
      does not consist of manufactured homes. Note: Manufactured housing projects
      require a Fannie Mae PERS review or a Full Review. No more than 15% of the total
      number of units in the project are 60 days or more past due in the payment of
      each special assessment. These requirements apply to both DU loan caseﬁles and
      manually underwritten loans. If the project and loan transaction are eligible
      for and meet all of the eligibility requirements of the Limited Review process,
      the lender is not required to validate that the project also meets the eligibility
      requirements of another project review type. However, if the LTV, CLTV, or HCLTV
      ratios exceed the limits above, or in the event the lender becomes aware of
      a circumstance that would cause the project or transaction to be ineligible
      under a Limited Review, the lender must use one of the other project review
      methods to determine project eligibility and the project must meet all of the
      eligibility requirements of that selected alternate project review type. Note:
      For loans eligible for Limited Review that receive a CPM Approved by Fannie
      Mae message in DU, see CPM Approved by Fannie Mae Message in DU in B4-2.2-02,
      Full Review Process, for additional information. Published May 6, 2026 658 CPM
      Delivery Restrictions Notiﬁcations Project transaction eligibility or other
      loan-level restrictions will display in CPM and/or on the DU underwriting Findings
      report, when applicable. When CPM displays a delivery restriction for a speciﬁc
      project, lenders may only sell loans that comply with the stated restrictions,
      even if the loan receives a CPM Approved by Fannie Mae message in DU. For example,
      loans in some projects may be limited to certain occupancy types (such as principal
      residences only, or principal residences and second homes), or there may be
      limit on the LTV ratios. Recent Related Announcements The table below provides
      references to recently issued Announcements that are related to this topic.
      Announcements Issue Date Announcement SEL-2025-02 April 02, 2025 Announcement
      SEL-2023-06 July 05, 2023'
  judgment: false
