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  • Fannie Mae Attached Condominium Limited Review Questionnaire

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Fannie Mae Attached Condominium Limited Review Questionnaire In order to ensure the application meets Agency guidelines a limited review of the following will be required: 1. Is the project managed.

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If a lender finds too many issues with a condominium, they may be unable or unwilling to provide financing. If a purchaser is putting down 20%, their loan may qualify for a Limited Review of the condominium through a Fannie Mae loan program. A Limited Review is a much easier process than a Full Condominium Review.

Limited Condo Review: Basic Condominium Requirements Streamlined Condo Reviews require less documentation and have easier project underwriting standards than Full Review approvals. Many lenders have additional requirements above and beyond what Fannie Mae & Freddie Mac require.

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.

Fannie Mae will now require all condo lenders to determine whether the condominium association has imposed any special assessments. The lender must document the loan file with the following: The reason for the special assessment. The total amount assessed and repayment terms.

The criteria for a full review is that the condominium needs to have 51% or more of its units be an owner occupant. This means it needs to be a warrantable condominium unit. Mortgage lenders do not want to see any more than 15% of the condo homeowners association dues delinquent for more than 30 days.

The limited review has 10 yes or no questions: Is the project new and attached? Does the project operate like a resort condominium, condotel, leasehold, live-work, or have a rental desk? Is the Homeowners Association still controlled by the developer? Is the project subject to additional phasing or add-ons?

The homeowners' association, or HOA, must fill out a condo questionnaire that your lender requires in order to process your loan.

The fee varies depending on the size of the project and other factors but usually ranges between $50 and $100. Some condo projects, however, do not work with an HOA management company and may not have the resources to complete the questionnaire in a timely manner.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232