Limited Review is gone, and small Michigan condo projects just got a reprieve — unless there's a master association
Limited Review is gone, and small Michigan condo projects just got a reprieve — unless there's a master association
2026-09-12 · Michigan · Regulation
What happened. Fannie Mae retired the Limited Review process and Freddie Mac retired its equivalent Streamlined Review, both effective for mortgages with application received dates on or after 3 August 2026. Established condominium projects now go through a Full Review or, where applicable, an expanded Waiver of Project Review.1
That date has passed. This is in force.
What went away
Limited and Streamlined Review were the light-touch paths. A lender could qualify a unit in an established project on a short questionnaire, without the full financial and insurance interrogation of a Full Review. A large share of Michigan's older suburban condominium stock lived on those paths, because it could not comfortably pass anything heavier.
What replaced it, and the part that is genuinely good news
The Waiver of Project Review was expanded. Fannie Mae's waiver now reaches new and established projects of ten or fewer units; Freddie Mac's Exempt from Review category likewise reaches projects of two to ten units.
For projects of five to ten units, there is a condition, and it is the condition that will decide a lot of Michigan cases: the project must not be part of a master association or a larger multi-phase development. Fannie Mae adds that the project must not be flagged “Unavailable” in Condo Project Manager.
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