Tighter federal mortgage rules will require many condo associations to budget more for future repairs. Many condominium boards are facing pressure to raise dues to comply with tightening federal lending rules.

The government-backed mortgage giants Fannie Mae and Freddie Mac are asking condominiums to set aside more of their budgets in reserve accounts that can be used to pay for capital projects. A large share of condo homeowners associations are underfunding their reserves, potentially leaving them vulnerable to expensive surprise repairs.

To bolster reserves, they will likely have to raise dues from homeowners. While the higher reserve standard takes effect early next year, Fannie and Freddie increased scrutiny on condo sales starting last week by ending fast-track mortgage approval for condo buyers.

Under the updated rules, condo associations will need to allocate at least 15% of their annual dues income to reserves, up from 10% currently. Many condo associations likely fall short of this requirement.