Fannie Mae and Freddie Mac project-eligibility tightening, insurance-driven covenant changes, project-level financial reporting, and lender-required consolidated statements for Florida developers and real-estate holding companies.
Fannie Mae and Freddie Mac issued sweeping condominium and HOA project-eligibility updates in March 2026, raising reserve requirements and eliminating limited-review shortcuts. For Florida developers, the audited financials at the center of those reviews just got more important.
Read postFannie Mae Lender Letter LL-2026-032 and Freddie Mac Bulletin 2026-C eliminated the Limited Review path and raised reserve requirements, putting audited financial statements at the center of project eligibility. Developers and associations seeking warrantable status increasingly need audited figures.
Insurance covenants and lender conditions now frequently require independently audited financial statements, particularly where reserve adequacy and going-concern questions are in play. The audit provides the third-party assurance those covenants assume.
When conditions raise substantial doubt about an entity's ability to continue operating for a reasonable period, the auditor evaluates management's plans and the financial statements disclose the matter. For developers facing financing or insurance pressure, auditors look at this area carefully.
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