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This document is a questionnaire used for the expedited review of established condominium projects by Fannie Mae. It collects detailed information regarding the project's characteristics, ownership,
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How to fill out fannie mae cpm form
How to fill out Fannie Mae CPM-Expedited Condominium Review Questionnaire for Established Projects
01
Gather property information including name, address, and contact details of the condominium project.
02
Identify the type of project, whether it is established, on the market, or has been recently built.
03
Collect necessary documentation such as the condominium declaration, bylaws, and operating budget.
04
Fill out specific sections regarding ownership type, number of units, and occupancy rates.
05
Provide details about the management company, including contact information and management structure.
06
Ensure to answer questions related to any litigation, financial stability, and reserves for maintenance.
07
Review and verify all entries for accuracy before submission.
08
Submit the completed questionnaire to the appropriate Fannie Mae channel for review.
Who needs Fannie Mae CPM-Expedited Condominium Review Questionnaire for Established Projects?
01
Real estate professionals who are involved in financing condominium properties.
02
Condominium associations that need to ensure their project meets Fannie Mae guidelines.
03
Lenders who are seeking to determine the eligibility of a condominium project for financing.
04
Buyers and investors looking to purchase units in a condominium project.
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People Also Ask about
What is CPM for Fannie Mae?
Fannie Mae's Condo Project Manager™ (CPM™) is a free, web-based tool that enables lenders to quickly and easily certify a condominium project (or a legal phase of a project). The project must be eligible under the Full Review requirements.
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.
What does CPM stand for in a mortgage?
CPM - Constant Payment Mortgage - This payment pattern simply means that a level, or constant, monthly payment is calculated on an original loan amount at a fixed rate of interest for a given term.
What is the qualifying ratio for Fannie Mae?
Debt-to-Income Ratio Some government-sponsored loan programs may have looser standards for debt-to-income: Fannie Mae accepts debt-to-income ratios of approximately 45% for the mortgages it backs, and Federal Housing Administration loans accepts debt-to-income ratios of approximately 50%.
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
What is the CPM for Fannie Mae?
Fannie Mae's Condo Project Manager™ (CPM™) is a free, web-based tool that enables lenders to quickly and easily certify a condominium project (or a legal phase of a project). The project must be eligible under the Full Review requirements.
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What is Fannie Mae CPM-Expedited Condominium Review Questionnaire for Established Projects?
The Fannie Mae CPM-Expedited Condominium Review Questionnaire for Established Projects is a tool used to evaluate condominium projects for eligibility for Fannie Mae financing. It streamlines the review process by focusing on established projects that meet certain criteria.
Who is required to file Fannie Mae CPM-Expedited Condominium Review Questionnaire for Established Projects?
The questionnaire must be filed by lenders who are seeking to obtain Fannie Mae approval for financing units in established condominium projects. It is part of the lender's due diligence to ensure compliance with Fannie Mae guidelines.
How to fill out Fannie Mae CPM-Expedited Condominium Review Questionnaire for Established Projects?
To fill out the questionnaire, the lender must gather relevant information about the condominium project, including details about the homeowner association, financials, insurance, and any legal issues. The form should be completed accurately and submitted as part of the loan application process.
What is the purpose of Fannie Mae CPM-Expedited Condominium Review Questionnaire for Established Projects?
The purpose of the questionnaire is to assess whether an established condominium project meets Fannie Mae's eligibility requirements for financing. It helps ensure that the project is financially stable and has appropriate governance in place.
What information must be reported on Fannie Mae CPM-Expedited Condominium Review Questionnaire for Established Projects?
The information required includes details about the project's legal and financial structure, the homeowner association's budget, reserve funding, insurance coverage, and any history of delinquencies or legal issues within the condominium association.
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