Starting August 3, 2026, Freddie Mac is retiring its "Streamlined Review" condo project review type and Fannie Mae is retiring "Project Type Q — Limited Review," meaning every conventional condo loan will need a full project review (or a qualifying waiver/exemption) instead of the lighter-touch options lenders have used for years. If you're financing a Florida condo with a conventional loan, here's what actually changes and why it matters for your timeline.
Per a lender bulletin detailing the Fannie Mae and Freddie Mac condominium project updates, Freddie Mac's Streamlined Review project type is being retired, and lenders will instead need to use the "Established Condominium Projects" review type or confirm the project is "Exempt from Review" if it qualifies. On the Fannie Mae side, "Project Type Q — Limited Review" is being retired, with lenders shifting to a Full Review or, where eligible, a Waiver of Project Review under Fannie's Selling Guide section B4-2.1-02. Both changes apply to loan applications dated on or after August 3, 2026.
The bulletin also notes the change effectively retires the remaining geographic restrictions that had applied specifically to condo project reviews in Florida — meaning the review process itself is being standardized nationally rather than carrying state-specific carve-outs. Separately, and around the same time, Fannie Mae also removed its requirement to retain remote online notarization (RON) recordings, a related but distinct Selling Guide update.
A Limited or Streamlined Review has generally been faster and required less documentation from the condo association than a Full or Established-Project Review — fewer questions about litigation, budget reserves, insurance, and owner-occupancy ratios. Moving every project to a fuller review standard means your lender will likely need more documentation from your condo association's management company earlier in the process: current budget, reserve study status, insurance certificates, and litigation disclosures. In practice, that means asking your condo association's management company for these documents at the time you go under contract, not after your loan is already in underwriting, to avoid a late-stage delay.
Joe Pistone & Team can help you get ahead of the new condo review requirements before they slow down your closing — let's map out what your specific building will need.
Talk to Joe About Your Condo Loan →Smaller associations and buildings without a dedicated onsite property manager tend to feel this kind of change the most, since gathering budget, reserve, and insurance documentation quickly is harder without professional management already tracking it. Larger, well-managed associations that already keep current reserve studies and insurance documentation on hand — increasingly common in Florida since the state's post-Surfside reserve funding requirements took effect — should see less friction. We covered those state reserve requirements in more detail in our earlier piece on Fannie Mae's 2026 condo rule changes, and this new review-type retirement builds directly on that same underwriting environment.
If you're comparing a condo to a single-family home purchase right now, factor in this added documentation step as part of your realistic closing timeline — not a reason to avoid a condo, but a reason to start the paperwork conversation with your association early. For buyers weighing appraisal-related condo questions specifically, our guide to appraisal waivers and value acceptance covers a related piece of the underwriting picture.
| Old review type | Replacement (effective 8/3/2026) | Investor |
|---|---|---|
| Streamlined Review | Established Condominium Projects review, or Exempt from Review if qualifying | Freddie Mac |
| Project Type Q — Limited Review | Full Review, or Waiver of Project Review (B4-2.1-02) if eligible | Fannie Mae |
August 3, 2026, for loan applications dated on or after that date, per the lender bulletin detailing the Fannie Mae and Freddie Mac updates.
Potentially, if your condo association isn't prepared with current budget, reserve, and insurance documentation. Requesting those documents from your association as soon as you go under contract helps avoid delays.
It applies to conventional loans sold to Fannie Mae or Freddie Mac. Some projects may still qualify for an exemption or waiver depending on the specific project's characteristics — your lender can confirm which category your building falls into.
It's a separate but related development. Florida's post-Surfside reserve funding requirements affect how associations manage and document reserves, which in turn affects how easily a building clears whichever review type a lender now has to use.
Sources: NewRez Correspondent, "Announcement 2026-055: Fannie Mae and Freddie Mac Condominium Project Updates" (July 23, 2026); FloridaConvLoan, Fannie Mae 2026 condo rule changes.
Talk to Joe Pistone & Team before you go under contract on a Florida condo — we'll help you and your association get the paperwork ready early.
Talk to Joe About Your Condo Loan →Joe Pistone & Team · CrossCountry Mortgage · NMLS# 2087918 · Equal Housing Opportunity · Educational only — not a commitment to lend
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