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Condominium Project Questionnaire Short Form Fannie Mae 2017-2025

1072 2017-2025 Form

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What is the 1072 form?

The 1072 form, also known as the Condominium Project Questionnaire Short Form, is a document used primarily in the context of real estate financing. This form is essential for lenders to assess the eligibility of a condominium project for Fannie Mae financing. It provides critical information about the project’s structure, governance, and financial health, ensuring compliance with Fannie Mae’s guidelines.

How to use the 1072 form

Using the 1072 form involves several steps that ensure all necessary information is accurately captured. First, the form should be obtained from the appropriate lender or real estate professional. Once acquired, the form must be filled out with detailed information about the condominium project, including the number of units, ownership structure, and financial details. After completion, the form is submitted to the lender for review as part of the financing application process.

Steps to complete the 1072 form

Completing the 1072 form requires careful attention to detail. Follow these steps:

  • Gather all necessary information about the condominium project, including ownership details and financial statements.
  • Fill out the form accurately, ensuring that all sections are completed as required.
  • Review the completed form for any errors or omissions.
  • Submit the form to the lender along with any other required documentation.

Key elements of the 1072 form

The 1072 form includes several key elements that are crucial for evaluation. These elements typically encompass:

  • Project name and address
  • Number of units and their ownership types
  • Financial information, including budgets and reserve funds
  • Details about the homeowners association, including governance and management

Legal use of the 1072 form

The legal use of the 1072 form is primarily tied to its role in securing financing for condominium projects. Lenders rely on the information provided in this form to ensure compliance with federal regulations and Fannie Mae guidelines. Proper completion and submission of the form are essential to avoid legal issues that may arise from non-compliance or misinformation.

Filing deadlines and important dates

Filing deadlines for the 1072 form can vary based on the lender's requirements and the specific financing process. It is important to check with the lender for any specific timelines associated with the submission of the form. Meeting these deadlines is crucial to ensure timely processing of financing applications.

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Versions
Form popularity
Fillable & printable
Fannie Mae Form 1072/1055 2017
4.7 Satisfied (102 Votes)
Fannie Mae Form 1072/1055 2016
4.8 Satisfied (102 Votes)

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