Lender Requirements

In response to the tragic collapse of a condominium in Surfside, FL, Fannie Mae and Freddie Mac enacted significantly updated lending requirements that became effective Q1 2022 for condominiums and co-ops throughout the United States.

Many associations, unit owners and management companies are still scrambling to understand and address these new requirements. This page is intended to be your definitive guide to Fannie and Freddie lender requirements for condominiums and co-ops.

While these lending requirements are temporary, they are on track to become permanent (in current or updated form) sometime in 2022. Please find below Fannie Mae Form 1076 / Freddie Mac Form 476: Condominium Project Questionnaire and Fannie Mae Form 1076A / Freddie Mac Form 476A: Condominium Questionnaire Addendum (see combined document) in addition to other helpful documentation.

Critical Requirements


  • Applies to multi-family residential properties with 5 or more attached units

  • >= 10% of the annual operating budget must be dedicated to funding the replacement reserve (suspension of Selling Guide flexibility)

  • All existing and upcoming / new special assessments will be reviewed to determine their origin, terms and potential negative impacts

  • Properties subject to repair mandates by a governmental authority are ineligible until repairs are complete and documented

  • Properties that have significant deferred maintenance are ineligible until repairs are complete and documented

Fannie / Freddie Lender Questionnaire Survey

Some common interest communities and their management companies are refusing to fill out the updated lender questionnaire from Fannie and Freddie.


  • Has your association and/or management company refused to complete the lender questionnaire? 

  • If so, did you identify a 'workaround' -OR- did a refusal result in the abandonment of a real property transaction? COMPLETE THIS 60 SECOND SURVEY

Fannie Mae Form 1076 - Condominium Project Questionnaire.pdf
Fannie Mae Condo & Co-Op Appraisal Fact Sheet (Updated December 2021).pdf
Fannie Mae Lender Letter LL-2021-14 (Oct '21).pdf
Freddie Mac Bulletin re Temporary Lending Requirements - December 15, 2021.pdf
Freddie Mac Condominium Unit Mortgage Fact Sheet (December 2021).pdf
Fannie Mae Condo Project Review Requirements (082820).pdf
SMAARTE Group
  • Need some practical advice to understand a project?

  • Want a jump start to reinvigorate your governing documents?

  • Interested in gauging owner and resident satisfaction or increasing engagement?

  • Does service delivery from your management company meet all your expectations?

  • Illuminate your community! Get SMAARTE