What is a reserve study, and what is actually in one?

In Fannie Mae's Full Review framework, a reserve study is an independent third-party analysis covering major common-area components, their condition and remaining useful life, repair or replacement costs, annual contributions including inflation, existing funded reserves, and a suggested funding plan.

What does the current source require?

Fannie Mae does not require one standard format. It does require the six subjects above, an independent preparer with specific reserve-study expertise, and a document that meets or exceeds relevant state requirements.

For lender project review, the lender may use the most current reserve study or Reserve Study Update only if it was completed within three years of the date the lender approves the project. If the study is used instead of the reserve-allocation budget calculation, additional funding-method and recommendation conditions apply.

What does a study not do by itself?

A study does not guarantee lender acceptance, project eligibility, warrantability, or compliance with every state and agency rule. Those questions require the applicable authority, complete project facts, and the responsible decision-maker.

If a study is already on file, Study Check is the smallest supported next action to identify whether the visible contents, date, method, and recommendations are usable or need follow-up.

Sources

• Fannie Mae Selling Guide B4-2.2-01, Full Review Process, version August 5, 2026 — Replacement Reserve Studies.

Primary source accessed September 11, 2026.