source:
  type: guide
  id: fnma-sel-b4-2.2-04
  authority: Fannie Mae Selling Guide B4-2.2-04 — Geographic-Specific Condo Project
    Considerations
  description: Fannie Mae Selling Guide B4-2.2-04 — Geographic-Specific Condo Project
    Considerations.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-2.2-04-full
  canonical_id: fnma-sel-b4-2.2-04-full
  section: Fannie Mae Selling Guide B4-2.2-04 — Geographic-Specific Condo Project
    Considerations
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-2.2-04 — Geographic-Specific Condo Project
      Considerations
    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: 'B4-2.2-04, Geographic-Speciﬁc Condo Project Considerations (03/01/2023)
      Introduction This topic contains information on geographic-speciﬁc condo project
      considerations, including: Florida — Attached Units in New and Newly Converted
      Condo Projects Florida — Project Review Maximum LTV Requirements for Attached
      Units in Established Projects Published May 6, 2026 672 Waiver of Project Review
      Requirements Florida — Attached Units in New and Newly Converted Condo Projects
      Fannie Mae project approval is required for new and newly converted condo projects
      consisting of attached units located in Florida. To request a Fannie Mae project
      approval refer to B4-2.2-06, Project Eligibility Review Service (PERS). Florida
      — Project Review Maximum LTV Requirements for Attached Units in Established
      Projects The following tables describe the maximum LTV ratios that are permitted
      for the speciﬁc project review type for loans secured by units in condo projects
      located in Florida. Unless noted otherwise, these requirements are based on
      the LTV ratio of the mortgage loan. Florida — Attached Units in Established
      Condo Projects Maximum LTV Ratios 1 Maximum LTV, CLTV, and HCLTV Ratios 2 Approved
      by Fannie Mae Lender Full Review (with CPM) Lender Limited Review Principal
      Residence 95% Manual 97% DU 75/90/90% Second Home 90% 70/75/75% Investor 85%
      70/75/75% Waiver of Project Review Requirements The above requirements do not
      apply if the transaction is eligible for a project review waiver. See B4-2.1-02,
      Waiver of Project Review for additional information. Published May 6, 2026 673
      Refer to the Eligibility Matrix for the maximum allowable CLTV and HCLTV ratios.
      (For example, a mortgage loan for a unit in a PERS-approved project can have
      a CLTV ratio up to 105% if it meets the Eligibility Matrix and Community Seconds
      requirements.) 1 The CLTV and HCLTV ratios in this column align with the maximum
      CLTV and HCLTV ratios that are permitted for projects outside of Florida, as
      described in B4-2.2-01, Limited Review Process. 2 Recent Related Announcements
      The table below provides references to the Announcements that are related to
      this topic. Announcements Issue Date Announcement SEL-2023-02 March 01, 2023
      Announcement SEL-2022-02 March 02, 2022'
  judgment: false
