Florida condo project review changed. Your diligence workflow should change with it.
For mortgage teams, brokers, title teams, agents and investors handling Florida condos after Fannie Mae’s 2026 project-review changes.
What changed
- Limited Review was retired for loan applications dated on or after August 3, 2026. Projects previously eligible for Limited Review generally move to Full Review or, when applicable, Waiver of Project Review.
- Fannie Mae also announced an enhanced Full Review reserve requirement: a minimum 15% of annual budgeted income assessment allocated to replacement reserves for applications dated on or after January 4, 2027.
- Florida’s own SIRS/milestone-inspection and reserve regime remains a separate source of project-level diligence questions.
Primary source: Fannie Mae Lender Letter LL-2026-03. This page is operational diligence support, not underwriting guidance or a project-eligibility determination.
Use the free readiness checklist
- Identify whether the transaction will require Full Review or may qualify for an applicable waiver under current lender/Fannie requirements.
- Confirm the project identity and gather the association’s current budget, reserve information and available reserve study/SIRS records.
- Check available project-status/restriction information in the lender’s required systems and current source materials.
- Separate Florida statutory/public-record signals from lender eligibility rules—they overlap operationally but are not the same test.
- Escalate missing, stale or conflicting documents instead of assuming absence means compliance or eligibility.
Turn that workflow into a repeatable diligence process
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See all Florida condo diligence optionsPrimary references
- Fannie Mae — Lender Letter LL-2026-03
- Fannie Mae — Condo Project Manager resources
- Florida DBPR — SIRS reporting/database
Ops Control HQ is not affiliated with Fannie Mae, Freddie Mac, Florida DBPR, any lender, or any condominium association. We do not provide legal advice, engineering advice, project eligibility determinations, underwriting decisions, compliance certification, appraisal, title, insurance, or investment advice.