
What is a Condo Questionnaire Form


What makes the fannie mae form 1076 legally valid?
As the world ditches in-office work, the completion of paperwork more and more takes place electronically. The what is a condo questionnaire isn’t an any different. Working with it utilizing digital tools is different from doing so in the physical world.
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Quick guide on how to complete condo questionnaire pdf
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People also ask condo certification
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Who typically pays for the condo questionnaire?
The Condo questionnaire is usually available through the Condo Association itself. Seller has to supply buyer with the condo docs at the sellers expense. The questionnaire is usually pulled by a lawyer or title company and paid by seller at closing.
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Is a condo questionnaire needed for underwriting?
The questions concern basic information about the development, insurance coverage, rules around reselling, and more. Since the HOA makes property decisions that can affect a lender's willingness to finance the sale, the questionnaire responses are typically part of the mortgage approval process.
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What questions are on a condo questionnaire?
It includes questions about: Amendments in the original offering plan. Building's original and revised status (whether it started out as condominium or something else) Financial information about the building. How many people living in the building own the condos, and how many are renting them out.
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What is a Hoa lender questionnaire?
Lender Questionnaire A questionnaire is a form that either HOAs or association managers are required to fill out upon request from a lender. It provides important information about whether a condo development is "warrantable;" i.e., eligible for Fannie Mae or Freddie Mac financing.
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Who orders a condo questionnaire?
A condo questionnaire is a form sent to a condo development by a lender when a potential borrower applies for a mortgage. The questionnaire allows the lender to determine if the condo meets its requirements for a loan. If the requirements are met, the lender can in turn consider providing a loan to the condo buyer.
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Who typically pays for the condo questionnaire?
The Condo questionnaire is usually available through the Condo Association itself. Seller has to supply buyer with the condo docs at the sellers expense. The questionnaire is usually pulled by a lawyer or title company and paid by seller at closing.
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Why do lenders need a condo questionnaire?
Why do lenders require a condo questionnaire? Lenders require a condo questionnaire to assess the financial health and stability of the condominium association. It helps them determine the risk associated with lending on a specific property.
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Why are condo questionnaires required?
The Condominium Project Questionnaire (Form 1076) helps lenders collect data to determine condo project eligibility. This form is optional; however, lenders are encouraged to use and retain the form in the loan file. A substantially similar form may also be used in its place.
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