Get Condominium Streamline Review Questionnaire

If you want to buy a unit in the project, the HOA management company fills out the condo project questionnaire required by the lender, for a fee. The fee varies depending on the size of the project and other factors but usually ranges between $50 and $100.

It involves the condo homeowners association financial review. Appraisal of the subject condo complex and condo unit is required in order to make a determination if the condo complex and unit meets the eligibility requirements for financing. There are two types of reviews that need to be done.

That said, the loan officer will share the pertinent details with their client, the would-be buyer. In most cases, they'll also pass the cost of the condo questionnaire to the buyer. This can vary between $100 and $300, although there are rare cases of HOAs asking $500 or more.

So, the condo questionnaire is a form that either HOAs or association managers are required to fill out upon request from a lender. It provides important information about whether a condo development is "warrantable;" i.e., eligible for Fannie Mae or Freddie Mac financing.

The homeowners' association, or HOA, must fill out a condo questionnaire that your lender requires in order to process your loan. ... A condo questionnaire provides evidence that the condominium development, not just your unit, is in compliance with lender's underwriting requirements.

A mortgage questionnaire is required by most lenders when you want to buy a home that's part of a community association. The information on it can affect your ability to get a loan for a home in a managed community, whether that's an HOA or a condominium.

Established condominium project: Project and related facilities owned by any Master Association are complete and not subject to additional phasing, the unit owners control the homeowners association, and, either at least 75% of the total units in the project have been conveyed to others, or, if the project is a 2- to 4 ...

Streamlined Review for Established Condominium Projects The unit must be in an established condominium project. The mortgage must meet the required LTV/TLTV/HTLTV ratios for the occupancy type. There must not be any manufactured homes in the condominium project.

The five-page Fannie Mae condo questionnaire assesses the risk of a given condominium property. If too many risks emerge, it can be difficult to get a loan.

A condominium conversion survey is a survey that establishes individual condominium units and is used when converting an apartment building with leased apartments into condominiums with private unit ownership. The survey typically will indicate unit identification, commonly shared spaces and parking lot location.