
Fannie Mae Form 1076 Fillable
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People also ask fannie mae form 1076
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What is the maximum investor concentration in a Fannie Mae condo?
Fannie Mae guidelines stipulate that no single entity (such as an individual, investor group management company, or corporation) can own more than 10% of the total units in a condominium project for projects with 21 or more units. For projects with 2 to 4 units, no single entity can own more than one unit.
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Is form 1076 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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What are Fannie Mae approved condos?
Fannie Mae and Freddie Mac (federal enterprises which set the rules for 30-year, 20-year and 15-year fixed-rate loans) have specific requirements for condo loans. A “Fannie Mae approved condo” means the condo in questions meets or exceeds those requirements, and the condo is eligible for federal financing.
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Does Fannie Mae allow non-warrantable condo?
If a condo doesn't meet Fannie Mae and Freddie Mac's conventional standards, then it's considered non-warrantable and usually it's harder to finance. Many mortgage brokers will not lend to a buyer of a non-warrantable condo since Fannie Mae and Freddie Mac won't buy those mortgages.
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What is the Fannie Mae amendment form?
Fannie Mae Amendment Form is a document used to make changes to the terms of a loan agreement that was previously approved by Fannie Mae. The form may be used to change the loan amount, the interest rate, or other terms of the loan.
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Is it a bad idea to buy a non-warrantable condo?
The biggest concern you should have about a non-warrantable condo is if it's a good investment for your money. Fannie Mae and Freddie Mac require a lot of qualifications to consider a condo warrantable – and some of those red flags should make you reconsider your purchase.
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Why would a condo not be Fannie Mae approved?
Loans securing units in condo and co-op projects with mandatory memberships that require the HOA or co-op members to pay dues to a third-party organization (such as a golf course or other recreational facility) are ineligible for sale to Fannie Mae.
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