What changed in 2026?
Limited Review was retired for applications dated on or after August 3, 2026. Established projects now use Full Review or an applicable Waiver of Project Review. The March 2026 lender letter also expanded the small-project waiver and retired the 50% investment-property concentration limit for established projects under Full Review.
The next reserve deadline
For applications dated on or after January 4, 2027, the Full Review replacement-reserve allocation minimum increases from 10% to 15% of annual budgeted assessment income. A qualifying reserve study may support an alternative allocation; the budget must include the study's highest recommended amount. This is a budget contribution requirement, not a rule that 15% of the property value must sit in an account.
What to ask before listing
Ask the lender which review applies and request the current HOA budget, reserve study, insurance, and information about repairs, special assessments, and litigation. Ask for the exact reason behind any project eligibility issue. An older closing or a different lender's answer does not establish eligibility for this transaction.
Go to the official sources
These resources explain the program requirements. Lender restrictions and transaction details can also affect the outcome.
Fannie Mae: 2026 project and insurance updates Fannie Mae: Full Review process