How many owners can be behind on dues before it stops a loan?
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For Fannie Mae Full Review, no more than 15% of total project units may be 60 days or more past due on common expense assessments. The same 15% limit is applied separately to units 60 days or more past due on each special assessment.
How is it tested?
For regular common expenses, divide the number of units at least 60 days past due by total project units. Then repeat the test for each special assessment. Combining all special assessments into one total can hide a failure in an individual assessment.
The rule counts units, not the total dollars owed. A collection report therefore needs a unit-level aging view and a separate aging view for each special assessment.
What does a result mean?
Exceeding the limit means this Full Review criterion is not met. It does not allow Ballast to declare that a particular loan is denied or that a project is universally “non-warrantable.” The lender applies the complete project-review requirements and documentation.
Sources
- Fannie Mae Selling Guide B4-2.2-01, Full Review Process, version August 5, 2026 — separate 15% tests for common expense assessments and each special assessment.
Primary source accessed September 11, 2026.