What the association is now asked for on an ordinary resale

A Full Review touches most of the documents a North Dakota board produces anyway, and several it may not.

The budget and the reserve allocation. Reserve allocation divided by annual budgeted assessment income, excluding incidental income, utility pass-throughs, income allocated to reserves, and special assessment income. Ten percent today, fifteen percent for loan applications dated on or after January 4, 2027.

Delinquency, on two separate tests. “No more than 15% of the total units in a project are 60 days or more past due on common expense assessments (also known as HOA fees). … No more than 15% of the total units in a project are 60 days or more past due in the payment of each special assessment.” The second test runs per special assessment, not in aggregate.

Special assessments, with a questionnaire. “Lenders must obtain and review the following information for each special assessment to determine if it addresses a critical repair: what is the purpose of the special assessment, when was the special assessment approved and is it planned … or already being executed, what was the original amount of the special assessment and the remaining amount to be collected, and when is the expected date the special assessment will be paid in full.”

Inspection reports. “If a structural and/or mechanical inspection was completed within 3 years of the lender's project review date, the lender must obtain and review the inspection report.”

The master insurance policy, including the per-unit deductible, which since July 1, 2026 may not exceed $50,000.

Why this lands harder in North Dakota than elsewhere

Limited Review existed for established projects that looked ordinary. Much of North Dakota's condominium stock is exactly that: small, older, self-managed or lightly managed, with no habit of producing a lender questionnaire. Those are the projects that were routinely financed on the light-touch route and that now have to answer the full set.

And the state has just made the answering compulsory. Since August 1, 2025, N.D.C.C. § 47-10-02.3(5) requires a North Dakota association to furnish the resale disclosure documents “within ten days after a request by a seller, or the seller's authorized representative,” and the buyer may void the purchase contract until they arrive. The state statute and the lender's review now ask for overlapping material on overlapping clocks. Our North Dakota estoppel and resale page covers the statutory packet.

What a full review asks of a board

Assemble one folder and keep it current. The adopted budget with the reserve line identified. A year-to-date financial statement. The reserve study, its date and its recommended funding plan. A delinquency report showing units sixty days or more past due, both on regular assessments and on each special assessment separately. The master policy declarations page with the per-unit deductible on it. Any structural or mechanical inspection from the last three years. A short statement on litigation and on any special assessment, current or planned, answering the five questions above.

That folder answers the lender's Full Review and most of the state's ten-day statutory packet at once. An association that has it can turn a request around in a day; one that does not will spend two weeks assembling it while a buyer holds a right to walk.

Our North Dakota records inspection and budget approval pages cover where the underlying documents come from.

One transitional detail

Fannie Mae's August 5, 2026 announcement preserves the old delivery mechanics for loans already in the pipeline: “when delivering loans eligible under the Limited Review Process based on loan application date before Aug. 3, 2026, lenders must continue to use Project Type Code Q Limited Review — Established condo project, as applicable.” The application date governs, not the closing date.

What to watch next

Watch how quickly North Dakota lenders standardise on a single condominium questionnaire — the Full Review asks for the same things everywhere, and a board that sees three different forms in three months is dealing with three lenders rather than three rules. Watch too for the reserve threshold change on January 4, 2027, which lands inside the same review.