The Save a Deal, Romer Debbas Drafts Revised Budget to Satisfy Fannie Mae 10% Line Item Requirement

We recently represented a purchaser of a downtown condominium located in a small building. The purchaser was having difficulties obtaining financing as the building was not in compliance with Fannie Mae’s regulation requiring that condominium associations provide for a line item in their budget setting aside 10% of common charges received each year as a reserve. It turns out that this building actuallty was in compliance practically but was not on paper & therefore did not qualify per Fannie Mae. Utilizing experience representing boards & lenders as well as purchasers, the firm was able to step in and draft a revised budget which was approved by the condominium board. The transaction successfully closed and was handled by Pierre Debbas.

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