Get HomeBridge Wholesale Fannie Mae Condominium Questionnaire 2015-2024

Ineligible Properties vacant land or land development properties; properties that are not readily accessible by roads that meet local standards; agricultural properties, such as farms or ranches; units in condo or co-op hotels (see B4-2.1-03, Ineligible Projects , for additional information;

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

Fannie Mae is committed to helping lenders lend with confidence. Our ongoing commitment to risk management makes condos a more sustainable and affordable homeownership option for many borrowers.

If a lender decides to conduct a limited review of a condo, they will typically review a subset of the complex's documents, such as the budget, financial statements, and insurance coverage. They may also require additional documentation from the borrower, such as proof of income and employment.

A non-warrantable condo is a unit that does not meet Fannie Mae or Freddie Mac guidelines. There are several reasons why a condo unit may not meet these guidelines, such as low occupancy rates, high investor ownership, delinquencies in HOA or homeowners association dues, or a mixed-use building.

The GSE Condo Questionnaire and the associated addendum are optional forms. Lenders often use their own forms or find other types of documentation to help them complete the project underwriting.

Quickly and easily determine if a condo project meets Fannie Mae's requirements. Fannie Mae's Condo Project Manager™ (CPM™) is a free, web-based tool that enables lenders to quickly and easily certify a condominium project (or a legal phase of a project). The project must be eligible under the Full Review requirements.

Lenders require a condo questionnaire to assess the financial health and stability of the condominium association. It helps them determine the risk associated with lending on a specific property.

Fannie Mae and Freddie Mac (federal enterprises which set the rules for 30-year, 20-year and 15-year fixed-rate loans) have specific requirements for condo loans. A “Fannie Mae approved condo” means the condo in questions meets or exceeds those requirements, and the condo is eligible for federal financing.

Since the HOA makes property decisions that can affect a lender's willingness to finance the sale, the questionnaire responses are typically part of the mortgage approval process.

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. A substantially similar form may also be used in its place.

The buyer may not complete the questionnaire form. A representative of the condo association must fill it out, which can add another stressful factor to the closing and mortgage approval process.

Ineligible Properties vacant land or land development properties; properties that are not readily accessible by roads that meet local standards; agricultural properties, such as farms or ranches; units in condo or co-op hotels (see B4-2.1-03, Ineligible Projects , for additional information;

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

Fannie Mae is committed to helping lenders lend with confidence. Our ongoing commitment to risk management makes condos a more sustainable and affordable homeownership option for many borrowers.

If a lender decides to conduct a limited review of a condo, they will typically review a subset of the complex's documents, such as the budget, financial statements, and insurance coverage. They may also require additional documentation from the borrower, such as proof of income and employment.

A non-warrantable condo is a unit that does not meet Fannie Mae or Freddie Mac guidelines. There are several reasons why a condo unit may not meet these guidelines, such as low occupancy rates, high investor ownership, delinquencies in HOA or homeowners association dues, or a mixed-use building.

The GSE Condo Questionnaire and the associated addendum are optional forms. Lenders often use their own forms or find other types of documentation to help them complete the project underwriting.

Quickly and easily determine if a condo project meets Fannie Mae's requirements. Fannie Mae's Condo Project Manager™ (CPM™) is a free, web-based tool that enables lenders to quickly and easily certify a condominium project (or a legal phase of a project). The project must be eligible under the Full Review requirements.

Lenders require a condo questionnaire to assess the financial health and stability of the condominium association. It helps them determine the risk associated with lending on a specific property.

Fannie Mae and Freddie Mac (federal enterprises which set the rules for 30-year, 20-year and 15-year fixed-rate loans) have specific requirements for condo loans. A “Fannie Mae approved condo” means the condo in questions meets or exceeds those requirements, and the condo is eligible for federal financing.

Since the HOA makes property decisions that can affect a lender's willingness to finance the sale, the questionnaire responses are typically part of the mortgage approval process.

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. A substantially similar form may also be used in its place.

The buyer may not complete the questionnaire form. A representative of the condo association must fill it out, which can add another stressful factor to the closing and mortgage approval process.