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The Full Review process is a method for the review of new and established condo projects, co-op projects, and certain manufactured home projects. Lenders performing a Full Review must ensure that the project meets all applicable eligibility requirements.
What is a condo questionnaire Florida?
A condo questionnaire is a document that a mortgage lender sends the property manager of a condominium which asks several pages of questions related to the budget and management of a condominium. A new condo questionnaire has been created by the agencies and adopted by all of the various lenders.
Which type of condo must have a full 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 limited review on a condo mean?
For a Limited Review, the lender only needs to confirm the following: \u2013 The condominium is not an ineligible project (live-work, house boat, timeshare, etc.) \u2013 The project does not consist of manufactured home. \u2013 The condo building is 100% complete. \u2013 The project is not subject to additional phasing.
What is the purpose of a condo questionnaire?
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.
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What a Condo Questionnaire is. Lenders use the document to screen homeowners associations with a similar intensity prospective renters and buyers face. They do so because the federally backed funding sources (Freddie Mac and Fannie Mae) need it.
What does limited condo review mean?
A Limited Condo Review is a streamlined program offered by Fannie Mae & Freddie Mac for loans categorized as lower risk. Condominiums underwritten under the Limited Review program are several times MORE LIKELY TO BE APPROVED than those submitted under the Full Review program.
What does a limited review mean?
Definitions of limited review. (accounting) a service (less exhaustive than an audit) that provides some assurance to interested parties as to the reliability of financial data.
How long is a condo questionnaire good for Fannie Mae?
The streamlined PERS submission process for established projects requires the Condominium Project Questionnaire (Form 1076), or a substantially similar form, to be completed within the past 180 days.
What is a full condo review?
The Full Review process is a method for the review of new and established condo projects, co-op projects, and certain manufactured home projects. Lenders performing a Full Review must ensure that the project meets all applicable eligibility requirements.
fnma limited review condo questionnaire form
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