A limited review condo approval means that when you get a mortgage to purchase a condominium you don’t have to go through the normal extensive document review to approve the condominium. You must have an approved condo to get a mortgage approved to buy a unit in the building. The approval review is more limited/abbreviated with a limited review condo approval.
To be eligible for a Limited Review, the condominium must be an attached unit in an established condo project.
And there are maximum loan to value requirements for different occupancy:
Principal residence 90% maximum loan-to-value
Second home 75% maximum loan-to-value
Investment property 75% maximum loan-to-value
There are a few other variables to consider, and mortgage guidelines have the ability to change at any time. So, always talk to a well-reviewed mortgage loan officer to make sure you understand the current guidelines and how they might apply to you.