Can we use a Reserve Study Update instead of a new study?

For Fannie Mae Full Review, a lender may review the most current reserve study or Reserve Study Update if it was completed within three years of project approval and meets the applicable requirements. The source does not say that every older or incomplete study can support an Update.

What does Fannie Mae require?

The document must come from an independent third party with specific reserve-study expertise and address the major components, condition and remaining useful life, repair or replacement cost, annual contributions including inflation, existing funded reserves, and a suggested funding plan. Relevant state requirements also apply.

If the study is used to replace the reserve-allocation budget calculation, baseline funding is not permitted and the budget must include the highest recommended reserve allocation.

How does Ballast choose Full New versus Update?

Ballast first checks whether the prior record can support a professional Reserve Study Update. If the required baseline information is not present or no longer reliable, the supported path may be a Full New Reserve Study. Study Check is the smaller first step when a board already has a document and does not know which path fits.

That product recommendation is separate from the lender's eligibility decision.

Sources

• Fannie Mae Selling Guide B4-2.2-01, Full Review Process, version August 5, 2026 — updates, three-year currency, preparer, content, and state-law requirements.
• Fannie Mae Lender Letter LL-2026-03, issued March 18, 2026 — baseline and highest-allocation changes effective August 3, 2026.

Primary sources accessed September 11, 2026.