Last week, Federal Housing Finance Agency, Freddie Mac and Fannie Mae released standardized Condominium Project Questionnaire forms.
According to Freddie Mac’s website, “The new forms provide greater consistency and clarity for lenders as they work to collect information to determine eligibility for mortgages secured by units in condominium projects.”
Federal Housing Finance Agency, Freddie Mac and Fannie Mae require lenders to determine the eligibility of an individual loan applicant and the condominium project every time a loan is made for the purchase of a condominium unit.
Until last week, condominium unit owners associations (typically through their managing agents) were faced with a wide variety of sometimes-conflicting project eligibility questionnaire forms,
Two forms are available:
- Condominium Project Questionnaire – Full Form , listing eligibility questions to support a full project approval process for new and established condominium projects, and,
- Condominium Project Questionnaire – Short Form , providing a shorter list of questions for limited or streamlined review of condominium projects.
Federal Housing Finance Agency, Freddie Mac and Fannie Mae expect the standardized forms will ultimately benefit consumers, creating:
- A streamlined process;
- Greater consistency; and,
- Faster, easier approvals.
Federal Housing Finance Agency, Freddie Mac and Fannie Mae encourages all condominium unit owners associations and their management firms to use the forms for all future loans secured by condominium units.
For more information, see: