Fannie Mae & Freddie Mac Condo and Housing Cooperative Lender/Appraiser Requirements

Fannie Mae and Freddie Mac introduced in late 2021 new project requirements for condominiums and housing cooperatives to ensure safety and structural stability following the partial collapse of Champlain Towers South condominium in Surfside, Fla., last June. However, the short timeframe of implementation and updated lender questionnaires have caught community association boards, managers, attorneys, and document providers by surprise, and they are now seeking to address the new requirements while keeping real estate transactions in their communities moving forward.

CAI sent a letter to the Federal Housing Finance Agency (FHFA) requesting that implementation of the temporary Fannie Mae and Freddie Mac guidelines be suspended by at least one year.

In June of 2023, CAI joined the Community Home Lenders of America (CHLA) and National Association of REALTORS© (NAR) in contacting FHFA Director Sandra Thompson requesting transparency in the process of developing the final guidelines for condominium and housing cooperative lending requirements. Read the letter here.

CAI is collecting data to better understand the impact of these new requirements on condominiums and housing cooperatives. If you are aware of a real estate transaction in a condominium and/or housing cooperative community that has been delayed, disrupted, or stopped because of the new guidance from Fannie Mae or Freddie Mac, please take our survey.