Residential · Florida-specific
Florida Condo
Limited Review vs Full Review LTV math for South Florida condo buyers — and how a stacked second mortgage preserves cash on limited-review buildings.
Property
Building Review
Limited Review (no reserves). Common in Florida. Used when the association lacks full structural reserves or the questionnaire isn't complete. Standard loans cap you at 75% LTV (25% down). A stacked second mortgage can stretch combined LTV to 90% on a primary or 85% on a second home — preserving cash without violating the Limited Review rules.
Property Use
Investment properties are not eligible under Limited Review. They route to non-QM specialty programs.
Down Payment Required
$50,000
10.0% of purchase — using stacked second mortgage
Loan Structure
Cash Saved
Frequently asked
About this calculator.
What is a "Limited Review" condo loan?
Florida condo associations that haven't completed (or have failed) the full Fannie/Freddie warrantability questionnaire — typically because they don't have full structural reserves, are in litigation, or are missing required documents — qualify only for Limited Review financing. Standard Limited Review caps the first mortgage at 75% LTV (25% down).
How does a stacked second mortgage help?
On a Limited Review primary residence, you can pair a 75% first mortgage with a 15% second to reach 90% combined LTV — same effective down payment as a Full Review primary, just structured differently. On a second home, the cap is 85% combined. Investment properties are not eligible for this structure.
Why does condo warrantability matter so much?
Many condo associations fail the full Fannie/Freddie warrantability questionnaire — because of low structural reserves, pending litigation, high investor concentration, or missing documents — which can leave only Limited Review financing. As a brokerage, North Bay Capital works with the wholesale lenders that price Limited Review competitively and will tell you which route a building qualifies for before you write the offer.
Can I refinance out of a Limited Review structure later?
Yes. If your association completes its reserve study and clears Full Review, you can typically consolidate the first + second into a single Full Review loan, often at better pricing. The structured second is a financing tool, not a permanent obligation.
What about non-warrantable condos and condotels?
Those fall outside both Full and Limited Review entirely. They route to non-QM specialty programs — see our bank statement loan page for one common qualifying path, or call to scope the specific scenario.
Condo financing
The condo questionnaire is half the deal.
We know which buildings are warrantable, which are Limited Review, and which need to route to non-QM. Send us the address — we\u2019ll tell you what's possible before you write the offer.
Prefer to talk first? Call 707-595-5393