Fannie Mae Condo Questionnaire Answer Key 2014-2025 Form
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People also ask
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Is a condo questionnaire needed for underwriting?
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.
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What is on a condo questionnaire?
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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Who typically pays for the condo questionnaire?
The fee for a condo questionaire is generally about $250-300. The prospective borrower typically pays the fee.
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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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Is a condo questionnaire needed for underwriting?
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.
-
Who typically pays for the condo questionnaire?
The fee for a condo questionaire is generally about $250-300. The prospective borrower typically pays the fee.
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What is a questionnaire in HOA?
Put simply, an HOA survey is a questionnaire that board members send to residents. The purpose of this is to gain insight into a specific topic. Usually, these surveys are about assessing the satisfaction of residents. However, they can have other objectives such as asking residents about their preferred HOA events.
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Who completes the condo questionnaire?
The condo questionnaire is typically filled out by the Homeowners Association (HOA) or the property management company that oversees the condominium complex. This step is absolutely vital in getting a mortgage for your condominium, as it provides a detailed picture of the property's financial and legal standing.
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