Information for Owners

As of September 2023, Fannie Mae and Freddie Mac now require reserve studies to be done by a professional provider (R.S., P.R.A., or C.P.A.) who specializes in reserve studies in order to be approved by a lender. Condo associations must also maintain a "Fully Funding" status by following the reserve study's recommended contributions each year, with the study being no older than 36 months. Fannie and Freddie own approximately 70% of the paper (loans) currently servicing condominium and home owners throughout the United States. Furthermore, loan originators may now demand documentation to ensure these standards are met. If an association cannot provide the required documents, loan originators will not be able to sell the loan and therefore may decline funding to applicants trying to purchase within unqualified communities. This may prevent qualified buyers from purchasing within a community and cause property values to drop.  

Senate Bill 61 is the most recent legislature to be passed in Ohio that affects community and association living. Key areas include the installation and usage of solar panels, electronic communications, reserve funding, and governing document standards. To view SB61 in its entirety, please go to  sb61_05_EN (state.oh.us).