Episode Details

Big changes hit the condo market starting August 3rd as Fannie Mae and Freddie Mac ditch their fast-track mortgage approval process, Limited Review. This move affects nearly 40% of condo projects, forcing lenders to scrutinize building finances—reserve funds, delinquent dues, ownership concentration, and insurance. Fail one benchmark? The building becomes “non-warrantable,” killing conventional financing for everyone. Buyers who thought they had a lock on their deal now face added costs, delays, and uncertainty. First-time buyers especially feel the pinch, losing the low-down-payment option that made condos accessible. New reserve fund rules kick in January 2027, too, bumping required savings from 10% to 15%—raising monthly fees. Industry insiders are split: some see it as risk management, others fear higher costs and fewer loan options. If you’ve got a contract, get your building docs to your lender ASAP to avoid surprises at closing.

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