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Condo rules just changed again.
If you have a buyer putting 10% or more down on a condo, you used to be able to get away with a limited review.
Not anymore.
Fannie Mae and Freddie Mac have eliminated the limited condo review, which means every single condo loan now requires a full review. That means deeper looks at reserves, delinquencies, special assessments and insurance on every deal.
In this week's Monday Market Update, Nikki Erickson from Kevnik Mortgage breaks down exactly what changed, why it keeps happening, and what you need to be doing right now as a listing agent or a buyer agent.
This week we are covering:
✅ Interest rate update — solidly into the sevens with oil hitting $94 a barrel and major market volatility
✅ Fannie Mae and Freddie Mac eliminating the limited condo review
✅ The 10% reserve requirement and when a reserve study can help
✅ The 15% delinquency limit on HOA dues and special assessments
✅ The condo database every project now has to run through
✅ The 50% investor ownership rule that was dropped — good news
✅ Fidelity and crime coverage now required on every condo
✅ Why all of this traces back to the Miami condo collapse
✅ FHA and VA spot approvals — 45 days vs about 20 days
✅ How to check whether a condo has had FHA sales using your MLS and the HUD approved condo list
✅ Why ordering the full HOA packet should be step two of every condo listing
The general message this week is simple. Stop waiting for an offer to find out whether a condo is financeable. Order the full HOA packet as soon as the listing agreement is signed, get it in front of your lender, and on the buyer side use your review period to work with your lender. If condos are on the table, call Nikki.
Share this with every agent you know who touches condos.
📞 Connect with Nikki Erickson at Kevnik Mortgage:
📱 Call or Text: 952-484-1584
📧 Email: nikki@kevnikgroup.com
📘 Facebook | TikTok | Instagram: @mortgagesfrommntoaz
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00:00 Introduction – Last Week of September Heading Into October
00:15 Interest Rate Update – Solidly Into the Sevens and What Is Driving It
01:15 Fannie Mae and Freddie Mac Eliminate the Limited Condo Review
02:30 The 10% Reserve Requirement and Reserve Studies
03:15 Delinquency Limits – HOA Dues and Special Assessments
04:15 Condo Database, Common Elements and the Investor Rule That Was Dropped
05:15 Fidelity and Crime Coverage – The New Insurance Requirement
06:15 Why Condo Rules Keep Changing – The Miami Collapse
07:15 FHA and VA Spot Approvals – 45 Days vs 20 Days
09:45 Action Steps for Listing and Buyer Agents Plus How to Reach Nikki
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Angie Gerber
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