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Condo Financing Changes Buyers and Sellers Should Know
Buying a condo involves more than qualifying for a mortgage. The condominium association itself can affect whether financing is available. Reserves, special assessments, deferred maintenance, insurance, and other association issues may all come into play during a lender’s condominium review. Fannie Mae condominium requirements are also changing in 2026 and 2027, including changes involving project reviews and replacement reserves. I recently took a closer look at what these changes could mean for condo buyers and sellers in Evanston, Chicago, and the North Shore, with lending information provided by…