Get the free Fannie Mae Attached Condominium Limited Review Questionnaire

This document serves as a questionnaire to determine if a condominium project complies with Agency guidelines through a limited review process, including questions about management, occupancy, ownership,

How to fill out fannie mae attached condominium

How to fill out Fannie Mae Attached Condominium Limited Review Questionnaire

1. Obtain the Fannie Mae Attached Condominium Limited Review Questionnaire from a reputable source.
2. Read through the questionnaire to understand the sections that need to be filled out.
3. Gather the necessary information about the condominium project, including project details, financial information, and legal documents.
4. Complete the demographic information section, including the name of the project, address, and contact details.
5. Provide information on the management company or entity responsible for the property.
6. Fill out the financial section, including details on the budget, reserves, and any outstanding loans.
7. Answer questions regarding the overall condition of the property and maintenance issues.
8. Indicate if the project meets Fannie Mae eligibility requirements.
9. Review the completed questionnaire for accuracy before submission.
10. Submit the questionnaire as per required guidelines.

Who needs Fannie Mae Attached Condominium Limited Review Questionnaire?

1. Lenders and mortgage brokers who are processing loans for condominiums.
2. Condominium associations that need to ensure compliance with Fannie Mae guidelines.
3. Homebuyers looking to finance a purchase in a condominium project that requires a limited review.
4. Real estate professionals involved in transactions that include condominium properties.

People Also Ask about

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Freddie Mac outlines several eligibility criteria for borrowers including: A credit score of 660 or higher. A debt-to-income rate of 43% or lower. A down payment of 3% Proof of stable employment and income. A combined income for all borrowers of no more than 80% of the area's median income.

What is a condo project review?

The review process involves evaluating documents and information the condo project provides, such as financial statements, governing documents, budgets, and insurance policies. The goal is to determine if the project meets the necessary standards and poses an acceptable level of risk for lenders.

What is the condo questionnaire for a loan?

The condo questionnaire requests details about the property's development, including insurance coverage, rules around reselling, structural soundness, litigation issues, cash flow issues, future repairs, and other property data.

What is the 5% rule for Fannie Mae?

Lower Down Payment Requirements for Multi-Family Homes Effective November 18, 2023, Fannie Mae Conventional Loans will allow borrowers to put only 5% down when purchasing a 2-4 unit owner-occupied home. The policy change applies to owner-occupied transactions for the following: Standard purchases. No-cash-out

Does Freddie Mac require a condo questionnaire?

There is no “legal” requirement to complete the Questionnaire; however, if the Questionnaire is not completed, the condo will likely be ineligible for mortgage insurance from Freddie Mae or Fannie Mac, effectively excluding units in that community from being approved for financing.

Is Fannie Mae the same as FNMa?

The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company.

For pdfFiller’s FAQs

What is Fannie Mae Attached Condominium Limited Review Questionnaire?

The Fannie Mae Attached Condominium Limited Review Questionnaire is a document used to gather necessary information about a condominium project when assessing its eligibility for Fannie Mae financing. It allows lenders to evaluate the project's compliance with Fannie Mae's lending guidelines without requiring a full review.

Who is required to file Fannie Mae Attached Condominium Limited Review Questionnaire?

The Fannie Mae Attached Condominium Limited Review Questionnaire is typically required to be filed by lenders or mortgage brokers when they are underwriting loans for units in attached condominiums that fall under Fannie Mae's guidelines.

How to fill out Fannie Mae Attached Condominium Limited Review Questionnaire?

To fill out the Fannie Mae Attached Condominium Limited Review Questionnaire, you need to complete relevant sections regarding the condominium association, project details, financial information, and occupancy rates, ensuring that all required fields are filled out accurately based on the latest data available.

What is the purpose of Fannie Mae Attached Condominium Limited Review Questionnaire?

The purpose of the Fannie Mae Attached Condominium Limited Review Questionnaire is to provide lenders with essential information about a condominium project, helping them determine the project's eligibility for financing under Fannie Mae's criteria and assess the associated risks.

What information must be reported on Fannie Mae Attached Condominium Limited Review Questionnaire?

The information that must be reported on the Fannie Mae Attached Condominium Limited Review Questionnaire includes details about the condominium association, financials of the project, unit ownership, types of units, percentage of owner-occupied units, and any special assessments or litigation affecting the condominium.