Get Condo Questionnaire Fee

The “new condominium questionnaire” is not really “new”; it's actually just an “enhancement” of the existing condominium questionnaire that most lenders, particularly lenders that will be selling their loans on the secondary mortgage market to Fannie Mae and Freddie Mac, use in underwriting their loans.

The purpose of a lender questionnaire is to determine how financially sound an association is and what factors may affect a loan that is underwritten by the lender. These include association restrictions, special assessments, and ongoing litigation in which the community association is involved.

ingly, the statute makes it clear that Condominium Associations are entitled to charge for questionnaires up to the following amounts: 1. $150.00; 2. the 'reasonable' cost of photocopying; and 3.

Therefore, association managers or HOAs are supposed to fill out the form upon a lender's request. It offers information regarding whether development is warrantable.

A condo questionnaire is a document lenders require to fund a property designated as a townhouse or condominium that's part of a homeowner's association. The document offers evidence that condominium projects such as Eighty Seven Park Miami comply with the lender's underwriting prerequisites.

The fee for a condo questionaire is generally about $250-300. The prospective borrower typically pays the fee.

ingly, the statute makes it clear that Condominium Associations are entitled to charge for questionnaires up to the following amounts: 1. $150.00; 2. the 'reasonable' cost of photocopying; and 3.

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.