WebFreddie Mac Quality Control Review Documentation Checklist F-1 Page 1 of 2 7/2024 ... building sketch, location map, subject and comparable photos , etc.) ... Fannie Mae's PERS documentation . OR. a Fannie Mae CPM project acceptance certification; OR . a Condomin ium Homeowners Association Questionnaire . AND. any other documentation … WebDec 31, 2024 · Owner occupancy. FHA guidelines for condos specify that a certain percentage of the units be “owner occupied.”. For that calculation, FHA considers vacation condos or units occupied by family ...
Chapter 12 Minimum Property Requirement Overview
WebApr 5, 2024 · Determining the Required Coverage Amount. To the extent the master property insurance policy does not cover the interior or improvements of a unit in a project development, the borrower must maintain an individual property insurance policy. The lender or servicer must verify the coverage amount is sufficient to restore the unit to its condition ... WebOct 29, 2014 · Fannie Mae’s definition of a PUD says that each units membership in the HOA must be automatic and non-severable. The presence of the HOA is an indicator that there may be a PUD but it is not a PUD if the unit owner can “opt out” of the HOA. Respectfully….in your examples, if the unit owner is required to pay HOA fees, Fannie … increase in nightmares
B7-3-04, Individual Property Insurance Requirements for a Unit in …
WebFeb 28, 2024 · The Fannie Mae Selling Guide lists several different review types for condos, but the most common are Limited Review and Full Review. ... Control of the HOA must have been turned over to the unit owners; ... (which is $250,000 per unit in the building) Project Legal Documents. So, what if your condo is new construction? WebFannie Mae Form 1076A/Freddie Mac Form 476A Condominium Project Questionnaire Addendum This Addendum is applicable to both condominium and cooperative projects. It must be completed by an authorized representative of the Homeowners’ Association (HOA) /Cooperative Corporation. Project Name: Project Address: WebFeb 1, 2003 · Fannie Mae expect to evidence that the HOA has the ability to fund the repairs? The lender must obtain financial documents such as current balance sheets, … increase in nfa