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Video instructions and help with filling out and completing Condominium Project Questionnaire Short Form Fannie Mae
Instructions and help about Condominium Project Questionnaire Short Form Fannie Mae
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People also ask
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Does Fannie Mae require a 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.
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What is the difference between condo questionnaire and estoppel?
The estoppel is usually paid for by the seller and applies to an individual property. Questionnaires are documents that are usually ordered by a lender. Lenders require these documents to be completed in order to verify the financial status of the association.
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Who prepares 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 fee for a condo questionaire is generally about $250-300. The prospective borrower typically pays the fee.
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Why do lenders need 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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Does Fannie Mae require a 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.
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What questions are 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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What is a condo questionnaire form?
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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