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Click ‘Get Form’ to open the CONDOMINIUM/PUD QUESTIONNAIRE in the editor.
Begin by entering the Applicant Name, Project Name, and Unit Number in the designated fields at the top of the form.
Fill in the Loan Number and Project Address accurately to ensure proper identification of your project.
In the Project Information section, provide details such as Total Project/Phase, Total # Units in Project, and other relevant statistics regarding unit occupancy.
Answer all Yes/No questions carefully, ensuring you provide additional information where required, especially for questions marked with an asterisk.
Complete the Insurance Information section by filling out your Insurance Agency details and contact information.
Finally, certify your information by signing and dating at the bottom of the form before submitting it.
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A planned unit development (PUD) is a group of single-family homes, condos, or townhouses where all the homeowners belong to a homeowners association (HOA). Homeowners own their home and lot and HOA membership is mandatory. This community of houses may include recreational, industrial, and commercial elements.
What does Fannie Mae consider a PUD?
Both Fannie Mae and Freddie Mac consider property as a planned unit development (PUD) if the development that has all of the following characteristics: 1. The individual unit owners own or have a leasehold interest in a parcel of land improved with a dwelling. This ownership is not in common with other unit owners.
What is a condo pud questionnaire?
A Condo Questionnaire is a standardized form used by lenders to assess the eligibility of a condo project for Fannie Mae or Freddie Mac conventional financing.
Why do lenders need a condo questionnaire?
Lenders send these questionnaires to condominium associations to gather information about the community. Their goal is to determine whether the condominium project qualifies for mortgage financing.
What is a PUD appraisal?
A PUD on an appraisal is how you find out if the property is part of a planned urban development and how much you will likely owe in fees. Youll also find out which fees are optional vs. mandatory so pay close attention to this section.
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People also ask
Is a 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. A substantially similar form may also be used in its place.
What is the difference between a PUD and a condominium?
People often refer to PUDs as townhomes, but townhome is just a style and not a formal zoning designation. With PUDs, the owner owns the actual lot or ground underneath the unit. With condos, the owner owns an equal and undivided interest in the entire condo projects lot (and common areas).
Why is a condo questionnaire required?
What is the purpose of the Condo Questionnaire? The purpose of the form is to provide the lender with important information about the financial stability, legal standing, structural integrity, insurability, occupancy ratios, past or pending special assessments, and the overall management of the condo association.
Related links
SONYMA CREDIT AND PROPERTY UNDERWRITING NOTES
The monthly housing‐to income expense ratio may not exceed 40%, and the monthly total debt‐to‐income expense ratio, may not exceed 45%. Minimum Equity
Actual physical entry giving exclusive possession = possession must be of such a character that the community would reasonably regard the adverse possessor as
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