Chase HOA Condo Certification Questionnaire 2009-2025 free printable template

Chase HOA Condo Certification Questionnaire Project name Address: City, State: 1. Subject Unit # / Subject Phase: / DESCRIBE THE UNIT SALES A. Established projects (100% complete / HOA turned over

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How to fill out Chase HOA Condo Certification Questionnaire

1. Obtain the Chase HOA Condo Certification Questionnaire from the relevant lender.
2. Review the instructions provided with the form to understand the requirements.
3. Fill out property details, including the condominium name, address, and the name of the HOA.
4. Provide information about the type of financing being sought (conventional, FHA, etc.).
5. Answer questions regarding the financial stability of the HOA, including reserve funds and budget.
6. Include details about the number of units in the community and the percentage of units that are occupied.
7. Indicate whether there are any pending or current lawsuits against the HOA or the condominium association.
8. Have the form reviewed and signed by the appropriate HOA board member or property manager.
9. Submit the completed questionnaire to Chase along with any required documentation.

Who needs Chase HOA Condo Certification Questionnaire?

1. Condominium associations seeking to facilitate financing for potential buyers.
2. Lenders that require a certification to assess the risk before approving a mortgage for a condo.
3. Real estate agents and brokers who are assisting clients with condominium purchases.
4. Homeowners Associations (HOAs) looking to confirm the financial health and compliance of their community.

People Also Ask about

Where do fees go on the loan estimate?

The first section is the Loan Costs, and the subheading gathers your Origination Charges, which is the most crucial section on this entire form. Origination Charges combine your Points, Application Fee, and Underwriting Fee.

Do you need a condo questionnaire for a refinance?

The homeowners' association, or HOA, must fill out a condo questionnaire that your lender requires in order to process your loan. Why? Lenders see condo and townhouse sales as riskier because ownership and decision making are shared between property owners and the homeowners' association.

How much is a condo questionnaire in Florida?

ingly, the statute makes it clear that Condominium Associations are entitled to charge for questionnaires up to the following amounts: 1. $150.00; 2. the 'reasonable' cost of photocopying; and 3.

Does Freddie Mac have a condo questionnaire?

The New Questionnaire In January 2022, Freddie Mac & Fannie Mae came out with a new condominium questionnaire (or the "Condominium Supplement") that is filled out for loans obtained to purchase condos.

Who typically pays for the condo questionnaire?

Larger condo projects with more complicated finances are more likely to retain an HOA management company. If you want to buy a unit in the project, the HOA management company fills out the condo project questionnaire required by the lender, for a fee.

Who fills out the condo questionnaire?

The homeowners' association, or HOA, must fill out a condo questionnaire that your lender requires in order to process your loan.

Is 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.

Who typically pays for the condo questionnaire?

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

What is a condo questionnaire fee?

The lender will have to send a form called a “condo questionnaire” to the condo association or management company. The questionnaire allows the lender to determine if the condo meets its requirements for a loan. If the requirements are met, the lender can in turn consider providing a loan to the condo buyer.

Is form 1076 required?

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.

Where does a condo questionnaire fee go on a loan estimate?

If the fee a requirement of a third party (the condo association, for example) and not a requirement imposed by the lender as a condition of the loan, it would be disclosed in Section H of the Loan Estimate (if the borrower is expected to pay for it) and Closing Disclosure.

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What is Chase HOA Condo Certification Questionnaire?

The Chase HOA Condo Certification Questionnaire is a document used by Chase Bank to assess the financial health and management practices of Homeowners Associations (HOAs) governing condominium properties.

Who is required to file Chase HOA Condo Certification Questionnaire?

The questionnaire is typically required to be filed by the homeowners association of a condominium property seeking financing or refinancing through Chase Bank.

How to fill out Chase HOA Condo Certification Questionnaire?

To fill out the questionnaire, the HOA board or designated representative needs to provide accurate information regarding the association's finances, governance, insurance, and community rules. It's important to review guidelines from Chase Bank for specific instructions.

What is the purpose of Chase HOA Condo Certification Questionnaire?

The purpose of the questionnaire is to evaluate the stability and financial integrity of the HOA, ensuring that the condominium is a viable property for financing and reducing risk for the lender.

What information must be reported on Chase HOA Condo Certification Questionnaire?

The questionnaire requires information such as the association's budget, reserve funds, insurance coverage, occupancy rate, and any legal issues or assessments that may affect the property.