Condo project insurance
The borrower's HO-6 policy does not replace the HOA's master-policy requirements.
Master project coverage
The condo association must maintain the project-level property and other required insurance under the agency rules. Coverage, deductible and named-insured requirements can affect loan eligibility.
Fannie general liability
Fannie's current rules require general liability insurance for condo and co-op projects unless the transaction qualifies for the applicable waiver of project review.
Fidelity / crime coverage
Fannie also imposes fidelity/crime insurance requirements based on project characteristics and HOA financial controls. The August 5, 2026 update includes current coverage and control standards.
Official guide baseline
Fannie Mae Selling Guide · Freddie Mac Seller/Servicer Guide
Condo eligibility is both loan-level and project-level. A strong borrower does not cure an ineligible project.