Selling Guide

Published December 16, 2020

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Is a reserve funding line item required in a condo budget?

When determining the eligibility of a condo project on the basis of a Full Review, lenders must review the HOA projected budget to determine that it

  • is adequate (i.e., includes allocations for line items pertinent to the type of condo project), and; 
  • provides for the funding of replacement reserves for capital expenditures and deferred maintenance that is at least 10% of the budget.

Additional information on budget review requirements under the Full Review process can be found in  B4-2.2-02, Full Review Process

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