Fnma limited condo review form 2025

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  1. Click ‘Get Form’ to open the fnma limited condo review form in the editor.
  2. Begin by entering the 'Name of Project' in the designated field. This is crucial for identifying the specific condominium project under review.
  3. Next, input the total number of units in the entire project. This information helps assess the scale of the development.
  4. Indicate whether the project is 100% complete and not subject to additional phasing by selecting 'YES' or 'NO'.
  5. Provide details about the Homeowners Association (HOA) turnover date and confirm if at least 90% of units have been sold to purchasers.
  6. Continue through each question, marking 'YES' or 'NO' as applicable, ensuring all fields are completed accurately for a thorough review.
  7. Once all sections are filled out, review your entries for accuracy before saving or exporting your completed form.

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Government-sponsored enterprises (GSEs) have developed standardized Condo Project Questionnaire forms (1076/1077). Although optional, we recommend these forms. They offer lenders a clear and consistent approach to collecting condo project information from HOAs.
Limited Review Condo Questionnaire confirming: No hotel services/nightly or weekly rentals/mandatory rental pool. No single entity owns greater than 10% of the units of the building. Small 1-4 unit condo projects are eligbile as long as no individual owns more than 1 unit.
A inium Project Questionnaire (Fannie Mae Form 1076 or Freddie Mac Form 476), will also be required. This form provides detailed information about the inium project, including its level of completion, the number and types of units, insurance information, financial controls, and more.
Limited review is conducted as per SRE 2410 Review of Interim Financial Information performed by independent auditor of the entity. An interim audit is a year end statutory audit engagement which is broken into multiple parts and each such part is known as an interim period.
Lenders require a condo questionnaire to assess the financial health and stability of the inium association. It helps them determine the risk associated with lending on a specific property.
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People also ask

The inium 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.
Yes, lenders usually require a condo questionnaire when a buyer is applying for conventional mortgage financing for a condo unit, especially if they are applying for a conventional mortgage backed by Fannie Mae or Freddie Mac. As of 2025, Fannie Mae and Freddie Mac backed mortgages make up 70% of the mortgage market.

fnma limited review condo questionnaire form