Get Homebridge Wholesale Fannie Mae Condominium Questionnaire 2015-2025

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.

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.

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.

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.

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.

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.

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.

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.

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.