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Condominium. Instructions. Lender: Complete the first table below and enter the date on which the form should be returned to you. Homeowners Association (HOA) or ...

How to fill out fannie mae condo form

How to fill out Fannie Mae condo form:

1. Gather all necessary documents and information before starting the form. This may include personal identification, financial documents, and details about the condo being financed.
2. Begin by filling out the basic information section of the form, which typically includes the borrower's name, address, and contact details.
3. Move on to the section specifically for the condo information. Provide details such as the condo project name, address, and other relevant information about the property.
4. Fill out the section related to the borrower's financial information. This may include income, employment details, and other financial assets and liabilities.
5. Complete any additional sections included in the form, such as information regarding the property appraisal or any required insurance.
6. Review the completed form for accuracy and completeness, ensuring that all necessary fields have been filled out properly.
7. Sign and date the form where indicated, and gather any supporting documentation that may be required.
8. Submit the completed form and supporting documents to the appropriate party, such as a lender or mortgage broker.

Who needs Fannie Mae condo form:

1. Borrowers who are seeking financing for a condominium purchase or refinance may need to fill out the Fannie Mae condo form.
2. Lenders and mortgage brokers may require borrowers to complete this form as part of the loan application process.
3. The Fannie Mae condo form is typically used in situations where the condo being financed is located within a condo project that must meet Fannie Mae's guidelines.

People Also Ask about

What is Fannie Mae form 1073?

An Individual Condominium Unit Appraisal Report (ICUAR) is for appraisals of one-unit properties in condo projects based on interior and exterior property inspections. Also known as Fannie Mae Form 1073, appraisals reported on this form must be completed in ance with the UAD Specification.

Does Fannie Mae lend on condos?

Fannie Mae is committed to helping lenders lend with confidence. Our ongoing commitment to risk management makes condos a more sustainable and affordable homeownership option for many borrowers.

What is the 1073 form for appraisal?

This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD) based on an interior and exterior inspection of the subject property.

What is a 1073 form in the US mortgage?

Form 1073 is the second most commonly used property appraisal form for residential properties. This form is used for appraising condominiums. Essentially, it is the same form as Form 1004 and also serves the same purpose. However, keep in mind that the form is modified for condos.

What is condo form 1076?

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 form 1073 and 1004?

For a detached unit in a condo project that includes a mixture of both attached units and detached units, the condo appraisal form Form 1073 must be used even when the subject unit is a detached unit. The appraiser may only use Form 1004 for a detached condo unit when the project consists solely of detached units.

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What is fannie mae condo form?

The Fannie Mae condo form, also known as the Fannie Mae Form 1084, is a document used by lenders to evaluate condominium projects for compliance with Fannie Mae's guidelines.

Who is required to file fannie mae condo form?

Lenders and mortgage companies are required to file the Fannie Mae condo form when seeking to approve a condominium project for financing.

How to fill out fannie mae condo form?

To fill out the Fannie Mae condo form, lenders must complete sections detailing the project's legal status, financial condition, ownership structure, and management, along with providing specific documentation as required.

What is the purpose of fannie mae condo form?

The purpose of the Fannie Mae condo form is to assess the risk associated with financing a condominium project and ensure it meets Fannie Mae's lending criteria.

What information must be reported on fannie mae condo form?

The Fannie Mae condo form requires information regarding the project's legal description, marketability, occupancy rates, financial statements, and the association's management structure.