Fannie Mae Condo Questionnaire Answer Key 2014-2024 Form
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People also ask
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What information is on a condo questionnaire?
A condo questionnaire asks about: Basic project information: facts such as the project's legal name and details about the homeowner association. The questionnaire also asks whether the building contains features and constraints such as supportive care for seniors and resale or deed restrictions. -
Is condo questionnaire needed for underwriting?
There is no “legal” requirement to complete the Questionnaire; however, if the Questionnaire is not completed, the condo will likely be ineligible for mortgage insurance from Freddie Mae or Fannie Mac, effectively excluding units in that community from being approved for financing. -
Who typically pays for the condo questionnaire?
The buyer or the lender usually pays that condo questionnaire fee. -
What questions are on a condo questionnaire?
A condo questionnaire asks about: Basic project information: facts such as the project's legal name and details about the homeowner association. The questionnaire also asks whether the building contains features and constraints such as supportive care for seniors and resale or deed restrictions. -
What is a full condo questionnaire?
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. -
What is needed for a full condo review?
The criteria for a full review is that the condominium needs to have 51% or more of its units be an owner occupant. This means it needs to be a warrantable condominium unit. Mortgage lenders do not want to see any more than 15% of the condo homeowners association dues delinquent for more than 30 days. -
Who typically pays for the condo questionnaire?
The buyer or the lender usually pays that condo questionnaire fee. -
What is on the condo questionnaire in Florida?
Such requested information generally includes request for information concerning the community make up, collection procedures, community delinquency information, recreation areas, etc.
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