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BeccaF1 (California)
Posts: 1
Posted:
Our community was hit with 3 violations

1. Critical Repairs and Deferred Maintenance

Fannie Mae has identified conditions that may involve material deficiencies and significant deferred maintenance. Projects with unresolved critical repairs are generally considered ineligible until the concerns are corrected and properly documented.

2. Unfunded Repairs Exceeding $10,000 Per Unit

Fannie Mae has indicated that repairs requiring completion within the next 12 months exceed $10,000 per unit and are not fully funded through existing reserve accounts.

3. Reserve Funding Concerns

Fannie Mae has reported that annual reserve contributions are below required levels and/or that the Association lacks a reserve study supporting its current reserve funding methodology.

Has anyone had success having these removed in their community?
BryonW (Massachusetts)
Posts: 55
Posted:
Sorry to hear that! I haven't dealt with it directly. I am about 80% sure the following is correct:

Fannie Mae re-checks eligibility any time someone applies for a gov't backed mortgage. There isn't a way to get them to update your property's eligibility when there is no mortgage application pending. So, basically:

1. fix the issues (get documentation of course!)
2. wait for the next time someone refinances or sells
3. be sure that the borrower's mortgage broker submits all the updated info to Fannie Mae. They should review the new info, and approve.

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