Condo Questionnaire Limited Review Form – Fill Out and Use This PDF

Fannie Mae Attached Condominium Limited Review Questionnaire

In order to ensure the application meets Agency guidelines a limited review of the following will be required:

1.Name of Project: ________________________________________________________________________

2.What is the total number of units in the entire Project? ______________________________________

3.	Is the project 100% complete and not subject to any additional phasing?							YES or	NO
4.	Has the HOA been turned over to the unit owners?				YES	or	NO; date turned over: ____________
5.	Have at least 90% of the total units in the Project been conveyed to unit purchasers?								YES	or	NO
6.	Is the project a condominium hotel or motel?			YES	or	NO
7.	Is the Project marketed, managed and/operated as a hotel or motel, even though the units are
	individually owned?	YES or	NO
8.	Is the project a hotel or motel conversion?			YES or	NO
9.	Is the project a co-op?	YES or	NO
10.	Does the Project include registration services / offer rentals of units on a daily basis?								YES	or	NO
11.	Are hotel like services included in the monthly Homeowner’s Assessment fee?							YES	or	NO

12.Does project have non-incidental business operations owned/ operated by the homeowners’

association such as, but not limited to, a restaurant, a spa, a health club?

YES or

NO

13.

Is the project a timeshare?

YES

or

NO

14.

Is the Project a houseboat project?

YES or

NO

15.

Is the Project an assisted living community providing meals or medical care?

YES or

NO

16.

Is the Project a planned unit development (PUD)?

YES or

NO

17.

Is the Project marketed, managed and/or operated as a hotel or motel, even though the units are

individually owned?

YES

or

NO

18.

Does the Project have a mandatory rental pooling agreement that requires unit owners to either rent

their units or give a management firm control over the occupancy of the units?

YES

or

NO

19.

Does the projects consist of more than 20% of the total space is used for nonresidential (commercial)

purposes?

YES or

NO

(Note: Commercial space managed by or operated under a separate association, as well as rental

apartments and/or parking facilities owned by a third party are to be considered in the calculation of the percentage of the Project’s commercial space.)

If YES, what percentage of square footage is used for nonresidential purposes? _______________

If YES, what is the nonresidential space used for? _______________________________________________

Fannie Mae Attached Condominium Limited Review Questionnaire / Revised 12/19/2013

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Fannie Mae Attached Condominium Limited Review Questionnaire

20.Does a single entity (the same individual, investor group, partnership, or corporation) own more than 10% of the total units in the project (If the Project has fewer than 10 units, does any single entity own more

than 1 unit)? YES or NO

Note: Units owned by the developer/sponsor that are currently subject to any lease arrangement, which may or may not contain a provision allowing for the future purchase of the unit (including but not limited to lease-purchase or lease-to-own agreements), are to be included in the calculation.

Units that are owned by the developer/sponsor that are vacant and are being actively marketed for sale are not to be included in the calculation.

21.	Does the project consist of Manufactured Homes?			YES or	NO
22.	Does the project have 20 or more units?	YES	or	NO;
	a. If YES, is there Fidelity Bond Coverage?		YES	or	NO

b.If YES, what is the coverage amount? $____________________

23.Does the master/blanket insurance policy covering the Project provide coverage for unaffiliated

projects? YES or NO

24.Is hazard insurance in place to cover 100% of the insurable replacement cost of the Project’s

	improvements, including individual units?				YES or	NO
25.	Does the project have evidence of coverage of at least $1 million for bodily injury and property
	damage?	YES or	NO
26.	Are the premiums for all of the insurance policies on the Project paid as part of common expenses by the
	Homeowner’s Association (HOA)?			YES or	NO
27.	Does the project consist of attached units?				YES or	NO
28.	How many units in the project are occupied/leased by tenants (i.e. investment properties)? __________
29.	Does the project restrict the owner’s ability to occupy the unit?						YES or	NO

30.Does the project have documents on file with the Securities and Exchange Commission or has unit ownership in the project been characterized or promoted as an investment property?

YES or NO

31. Is the project a common interest apartment or community apartment project? YES or

NO

32.Is the project a multi-dwelling unit condominium, (i.e. the project permits an owner to hold title to more than one dwelling unit, with ownership of all owned units evidenced by a single deed and financed by a

	single mortgage) ?	YES or	NO
33.	Is the Homeowner’s Association named as a party to a pending litigation?				YES or	NO; if YES,
	provide a letter from the HOA on HOA letterhead disclosing the nature and status of the litigation. Please
	note that a letter from the attorney representing the HOA in the litigation may be required if further
	clarification is required.
34.	If a lender obtains title to a unit through foreclosure or deed in lieu of foreclosure, is the lender liable for
	more than six months of regular common expense assessments?			YES or	NO
	If YES, how many? ____________________________

Fannie Mae Attached Condominium Limited Review Questionnaire / Revised 12/19/2013

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Fannie Mae Attached Condominium Limited Review Questionnaire

35.	Does the Project have a central heating or cooling system?		YES or	NO
36.	How is the property held?	Fee Simple	Leasehold	Other______________

If held in a Leasehold, provide Leasehold Agreement.

37.What are the monthly Homeowners’ Association (HOA) fees for the Project? Provide range if amounts vary. $_________________________________________________________________________.

38.Does the Homeowners Association or Management Company maintain separate bank accounts for the

working/operating account and the reserve account, each with appropriate access controls, and the bank in which the funds are deposited send copies of the monthly bank statements directly to the

Homeowner’s Association (HOA)?		YES	or	NO
39. Are two (2) board members		required	to	sign any checks written on the reserve accounts?
YES or	NO

40.For Projects that utilize a management company, does the management company maintain separate records and bank accounts for each Homeowner’s Association (HOA) that uses its services, and the management company does not have the authority to draw checks on, or transfer funds from, the

Homeowner’s Association’s reserve account?

YES or

NO

41.Was the condominium project created and does it exist in full compliance with applicable State law, the requirements of the jurisdiction in which the project is located, and with all other applicable laws and

regulations? YES or NO

42.Do the unit owners in the project have the sole ownership interest in, and rights to the use of the project’s facilities, common elements, and limited common elements (including roads, parking and amenities)?

YES or NO

43.Are the amenities and facilities, including parking and recreational facilities) subject to a lease between

the unit owners or Homeowners’ Association (HOA) and another party?

YES or

NO

44. Has the developer retained any ownership interest in any of the facilities related to the Project?

YES or NO

45.	Was	the	Project created by the conversion of	an	existing building(s) into a condominium?
	YES	or	NO
If YES, when did it occur? ___________________________________
46.	Are there any circumstances or conditions that would adversely affect the value, condition or
	marketability of units contained within the Project?			YES	or	NO

If YES, please explain.

____________________________________________________________________________________________________

____________________________________________________________________________________________________

____________________________________________________________________________________________________

Fannie Mae Attached Condominium Limited Review Questionnaire / Revised 12/19/2013

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Fannie Mae Attached Condominium Limited Review Questionnaire

If the project is a 2-4 Unit condominium project, the questions below must be completed:

1. Does any one person or entity own more than one (1) unit within the project?

YES or

NO

Note: Units owned by the developer/sponsor that are currently subject to any lease arrangement, which may or may not contain a provision allowing for the future purchase of the unit (including but not limited to lease-purchase or lease-to-own agreements), are to be included in the calculation.

Units that are owned by the developer/sponsor that are vacant and are being actively marketed for sale are not to be included in the calculation.

2.	Are all units, common elements, and facilities within the project, including those that are owned by
	any master association 100% completed?	YES or	NO
3.	How many units in the project are owned as principal residences or second homes? ______________

This questionnaire must be completed, signed & dated by the HOA Representative.

__________________________________________________________________________________________________________

HOA Name

_______________________________________________ _________________________________		_________________________
HOA Representative	HOA Representative’s Phone #	Date
______________________________	______________________________
Fee charged for Questionnaire	Best hours to contact HOA Rep

Title 18 U.S.C. 1014, provides in part that whoever knowingly and willfully makes or uses a document containing any false, fictitious, or fraudulent statement or entry, in any matter in the jurisdiction of any department or agency of the United States, shall be fined not more than $1,000,000 or imprisoned for not more than 30 years or both. In addition, violation of this or others may result in debarment and civil liability for damages suffered by the Department.

Fannie Mae Attached Condominium Limited Review Questionnaire / Revised 12/19/2013

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