What is a limited review questionnaire?
Limited review questionnaires are quicker for a condo rep to fill out, and much more likely to be approved. The key requirements are: Units and common areas are complete. No “single investor concentration;” i.e., when one person or business owns more than 10% of units.
What is a limited review condo?
to pass a limited review, the condo complex cannot have any more than 10% of the units owned by any one individual and/or entity. If the condo complex is a multi-unit condo project, no more than 20% can consist of commercial space.
What is included in a condo questionnaire?
A condo questionnaire asks about: Basic project information: facts such as the project’s legal name and details about the homeowner association. The questionnaire also asks whether the building contains features and constraints such as supportive care for seniors and resale or deed restrictions.
What is the difference between a limited and full condo review?
The two types of approval are a limited review and a full review. Getting a full review approval usually allows the homebuyer to finance up to 95% to 97% of the LTV if the condo is owner-occupied, or up to 90% of the LTV if it’s a secondary home, and up to 85% of the LTV if the condo is an investment property.
What is the purpose of a condo questionnaire?
A condo questionnaire is a document lenders require to fund a property designated as a townhouse or condominium that’s part of a homeowner’s association. The document offers evidence that condominium projects such as Eighty Seven Park Miami comply with the lender’s underwriting prerequisites.
What does limited review mean?
1. limited review – (accounting) a service (less exhaustive than an audit) that provides some assurance to interested parties as to the reliability of financial data. review. accounting – a system that provides quantitative information about finances.
Why does a lender need a condo questionnaire?
The homeowners’ association, or HOA, must fill out a condo questionnaire that your lender requires in order to process your loan. A condo questionnaire provides evidence that the condominium development, not just your unit, is in compliance with lender’s underwriting requirements.
How long is a condo questionnaire good for?
The streamlined PERS submission process for established projects requires the Condominium Project Questionnaire (Form 1076), or a substantially similar form, to be completed within the past 180 days.
How long is a condo questionnaire good for Fannie Mae?
What is a limited review mortgage?
A limited review will mean that we are not required to verify as many financial condominium details as a full review. A limited review is allowed on a conforming loan amount (below $765,600) on a primary residence with 10%+ down, or on an investment property or secondary residence with 25%+ down.
Why is a condo questionaire required?
So, the condo questionnaire is a form that either HOAs or association managers are required to fill out upon request from a lender. It provides important information about whether a condo development is “warrantable;” i.e., eligible for Fannie Mae or Freddie Mac financing.
What is a limited condo review?
The limited review program for condo projects is suitable for condo purchases where the borrower intends to occupy the property as his or her primary residence.
Is questionnaire a what condo?
What Is A Condo Questionnaire? A condo questionnaire is a document required by lenders to finance a property designated as a condominium or townhouse that is a part of a homeowner’s association. The document provides evidence that the condominium project is in compliance with lender’s underwriting requirements.
What is a condo questionnaire?
A condo questionnaire is a document required by lenders to finance a property designated as a condominium or townhouse that is a part of a homeowner’s association. The document provides evidence that the condominium project is in compliance with lender’s underwriting requirements.