HomeBridge is pleased to announce that it is removing its Florida condominium project restrictions effective with loans submitted on or after August 28, 2013.
HomeBridge will now follow Fannie Mae guidelines for Florida condominiums as detailed below.
New or Newly Converted Condominium Projects
A condominium located in a new or newly converted condominium project is eligible when the project has a Fannie Mae Project Eligibility Review Service (PERS) approval. To determine if a Florida condominium project is currently PERS approved click here Florida Condominium Projects.
A PERS approval is required by Fannie Mae for all new or newly converted condominium projects in Florida. There are no LTV restrictions with a PERS approval.
Established Condominium Projects
A condominium located in an established condominium project is subject to the following:
PERS Approval or Lender Full Review
- Projects with a PERS approval or a Lender Full Review are eligible up to standard Fannie Mae conforming LTV limits as follows:
- Principal residence: 97% LTV
- Second home: 90% LTV
- Investment: 85% LTV
- Projects with a Limited Review the following applies:
- Principal residence is limited to maximum 75% LTV
- Second home is limited to maximum 70%
- Investment transactions are ineligible with a Limited Review.
Reminders: Condos with a high balance loan amount are subject to Fannie Mae high balance LTV limits. Refer to the HomeBridge Agency High Balance matrix for applicable high balance LTV limits.
Loans with an LTV > 80% require mortgage insurance and are subject to MI company guidelines.
The Agency Conforming and High Balance matrices have been updated with this information and posted on the HomeBridge website at www.homebridgewholesale.com
If you have any questions, please contact your Account Executive.