
Wells Fargo Full Condo Questionnaire Form


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People also ask
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Who provides 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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Who typically pays for 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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Is condo questionnaire needed for underwriting?
Condominium Project Questionnaire 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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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.
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What is the condo questionnaire fee?
Each condominium management company charges fees for completing this form and the fees can vary from association to association. They can range from $150 - $800 sometimes more. These fees are non-refundable and will need to be paid in full prior to the form being completed.
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Why do lenders need a condo questionnaire?
The condo questionnaire is a standard lender requirement for a condo. That will show the delinquency rate and the percentage of owners vs renters. All things the lender needs to consider before funding a loan. This is the buyer/lenders obligation to pay for and obtain.
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