Our take on the Fannie Mae (and Freddy Mac) Update
Fannie Mae and Freddie Mac have implemented significant new lending guidelines for condominium and cooperative associations that could affect financing eligibility, reserve funding requirements, and ultimately property values. In this Reserve Reel, Keith Ruehl of Global Solution Partners explains the four major changes, including increased reserve funding thresholds, mandatory reserve study updates every three years, elimination of the limited review process, and the removal of baseline funding as an acceptable strategy. Learn why these changes were made, how they may impact your association, and what boards can do now to ensure compliance and protect owners and prospective buyers.
If you’d like to learn more about reserve studies or discuss your community’s needs, we’re just a call or click away.
