Updated Condo Lending Guidelines
February 18, 2022
How To Be Prepared
The devastation of the Surfside condominium collapse in Florida has led Fannie Mae and Freddie Mac to update their Condominium Lending Guidelines. Effective as of January 1, 2022, the mortgage lenders developed new guidelines to loans in attached condominiums or co-ops with five or more units. To obtain financing, the condominium associations are required to complete a lending questionnaire. This form includes information on building inspections, deficiencies, outstanding violations, deferred maintenance, and special assessments of the property. Copies of inspections, HOA meeting minutes, reserve studies, and other information may be required along with the questionnaire. The lack of inspections and building maintenance may cause mortgage and refinance hardships on tenants.
If this information is not readily available to the Association, Becht Engineering BT, Inc. can assist by providing site inspections to assess the condition of your property. Contact one of our professionals today at 800.772.7991
or information@bechtbt.com
regarding your inspection needs.
Becht provides:
- Inspections of facilities, units, and common elements by qualified inspectors and engineers
- Drone inspections of roofs and facades for areas that are difficult to access
- Supporting documentation of noted construction deficiencies and potential problems
- Solutions for resolving issues to meet local and national building standards and code requirements
- Customized services to meet your needs and budget requirements
- Evaluation and updating of Reserve Studies to assist the community in planning its fiscal responsibilities
Inspection scope includes:
- Foundations
- Roofs
- Facade/siding
- Stoops, decks, and balconies
- Crawlspaces
- Attics
- Terraces
- Floor framing
- Windows
- Gutters
- Clothes dryer exhausts
- Common area lighting
- Fences
- Site grading and drainage
- Retaining walls
- Concrete and pavement
- Stormwater systems
- Parking garages
- Building Systems