PERS is required for new and newly converted condo projects consisting of attached units located in Florida. See B4-2.2-06, Project Eligibility Review Service (PERS).
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.
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.
The table below provides references to the Announcements that have been issued that are related to this topic.
|Announcement SEL-2018-05||June 05, 2018|
|Announcement SEL-2017-04||April 25, 2017|
|Announcement SEL-2015–08||July 28, 2015|
|Announcement SEL-2015–06||May 26, 2015|
|Announcement SEL-2015–01||January 27, 2015|
|Announcement SEL-2014–13||November 10, 2014|
|Announcement SEL-2013–07||September 24, 2013|
|Announcement SEL-2011–01||January 27, 2011|
|Announcement 09–37||December 30, 2009|
|Announcement 08-34||December 16, 2008|
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.)
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.