On January 4, 2027, Fannie Mae's minimum reserve contributions for condo associations jump from 10% to 15% of annual assessment income. Miss that with no study to back you up, and Fannie Mae can mark your building "Unavailable", meaning no conventional financing for anyone trying to buy in.
Many condo owners reach a point where their current home simply no longer fits their lifestyle. Maybe you need a dedicated office, more room for visiting family, or you've decided that now is the time to upgrade to a building with better amenities. Whatever the reason, moving from one condo to another presents a unique challenge: you are simultaneously a seller and a buyer.
When purchasing a Philadelphia condo as a pied-à-terre, it is important to ensure lenders view this as a second home rather than an investment property, because that opens the door to much better financing.
