What is Fannie Mae's Full Review requirement for condos in 2026?
As of August 3, 2026, Fannie Mae and Freddie Mac eliminated the "Limited Review" and "Streamlined Review" paths that let condo buyers skip a deep look at the HOA's finances by putting down a larger down payment. Every condo loan now requires a Full Review of the building's budget, reserves, insurance, and delinquency rate — regardless of how much cash the buyer brings.
By Michael Delehanty — Delehanty Group | DRE #01505346 | August 10, 2026
If you're buying or selling a condo in Walnut Creek, Concord, Pleasant Hill, or Rossmoor right now, this rule change probably affects you more than anything else happening in the market this month.
What Changed on August 3, and Why It Matters Here
For years, a buyer putting 10% or more down on a condo could get a "Limited Review" loan without the HOA's finances being deeply examined. That pathway is gone. Every loan application dated on or after August 3, 2026 now requires a Full Review.
- You can't buy your way past a problem building. Personal financial strength doesn't exempt the building from scrutiny.
- Closings take longer. Plan on two to four weeks longer than a standard single-family loan.
- A second wave is coming. Reserve funding requirements jump from 10% to 15% effective January 4, 2027.
If You're Buying a Condo in the East Bay
Condos make up roughly 45% of Walnut Creek sales. See the full post for the buyer checklist, the seller checklist, the Rossmoor-specific section, and the complete FAQ.
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