How much is a condo questionnaire fee on a loan estimate?

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.

Who completes the condo questionnaire?

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

What questions are asked in a limited condo review?

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?

What is required for a full condo review?

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.

What does FNMA require to lend on a condominium?

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.

Is condo questionnaire needed for underwriting?

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.

What is the difference between Fannie Mae condo limited review and full 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.

What is a limited review for Fannie Mae?

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.

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Q: Who completes the condo questionnaire?

The homeowners&#039; association, or HOA, must fill out a condo questionnaire that your lender requires in order to process your loan.

__________________________________________________________________ 2. What is the total number of units in the entire Project? ______________________________________ 3. Is the project 100% complete and not subject to any additional phasing? 4. Has the HOA been turned over to the unit owners? YES or NO; YES or NO date turned over: ____________ 5. Have at least 90% of the total units in the Project been conveyed to unit purchasers? 6. Is the project a condominium hotel or motel? YES or YES.

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