Conventional Full Review Homeowners Association Questionnaire



Similar documents
Conventional Homeowners Association Questionnaire

Conventional Homeowners Association Questionnaire

Project Address: City: State: Zip:

Fannie Mae Lender Full Review Condominium Questionnaire for Established Projects. 1. Project Name: 2. Name of Association:

Condo Project Approval Documentation Requirements

FREDDIE MAC CONDO-PUD MATRIX Consult the Client Guide for complete condominium eligibility details

PROFESSIONAL MORTGAGE SERVICES, INC. MORTGAGE BANKERS OLD OCEAN CITY BLVD., SUITE 216 BERLIN, MARYLAND (410) FAX (410)

Full Condo Questionnaire

Section Condominium and PUD Approval Requirements

Freddie Mac Condominium Unit Mortgages

Lending Guide. Section 609 Underwriting Condos/PUDs

Property Address: Property address goes here Order #: N Order Date: 11/13/2008 9:37:12AM ADDITIONAL ASSESSMENT AND FINANCIAL INFORMATION

CONDOMINIUM RECERTIFICATION OR RE-APPROVAL COVER LETTER/DOCUMENT. Condo ID: (Condo ID begins with A, D, P or S) as applicable. Condominium Legal Name:

GMAC BANK JUMBO FIXED RATE PRODUCT

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. Date: September 13, 2012 Mortgagee Letter:

Condominium Project Guidelines

Please visit for the most updated version of this article. Page 1

PURCHASE AND LEASING OF REAL PROPERTY IN THE UNITED STATES

BUSINESS LOAN APPLICATION

Practice Note September 2011

Understanding the Condo Project Review Process Understanding the Condo Project Review Reference Guide NEW PENN FINANCIAL ~ Learning & Development

CONDOMINIUM PROCESSING Q&A s

THE HUD FHA CERTIFICATION REQUIREMENTS WHAT EVERY CONDOMINIUM SHOULD KNOW ABOUT HOW TO BECOME CERTIFIED TO OBTAIN FHA BACKED FINANCING

VA Assumption Package With Release of Liability *Please Read Carefully*

Appraisal Checklist. Single Family Appraisal or Marketability Report type required: Exterior Only 2070 Exterior Only 2075 Exterior Only

Housing Cooperatives. An Accessible and Lasting Tool for Home Ownership. Northcountry Cooperative Development Fund

Loan Originator Anti Steering/SAFE Harbor disclosure

Section 1.16a Resale/Deed Restrictions Guidelines

City of College Park New Neighbor Homeownership Grant Program

Announcement December 16, Project Eligibility Review Service and Changes to Condominium and Cooperative Project Policies

MORTGAGE DICTIONARY. Amortization - Amortization is a decrease in the value of assets with time, which is normally the useful life of tangible assets.

in the Real Estate Transaction

Please Complete All Applicable Spaces

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC

WHAT YOU SHOULD KNOW ABOUT BUYING A HOME IN A CONDOMINIUM, COOPERATIVE, OR HOMEOWNERS ASSOCIATION

Title/Settlement Agent Application

MPF Xtra PFI Notice

Rental Rehabilitation Loan Program

LOSS MITIGATION APPLICATION

Section 1: Loan Characteristics

CONDOMINIUM PROJECT APPROVAL and PROCESSING GUIDE

New FHA/HUD Condominium Guidelines

State of Maryland: Frequently Asked Questions Presented and Submitted by Jeffrey Van Grack January 1, 2011

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC

Appraisal Standards and Guidelines chapter

COMMERCIAL LOAN APPLICATION

More than just housing... CO-OP HOUSING

Virginia Property Owners Association Act

Multiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents

Property Type (Check All That Apply) Name Of Borrowing Entity Or Individual(s) Contact Information. Borrowing Entity (Check One) Ownership Breakdown

SONYMA CREDIT AND PROPERTY UNDERWRITING NOTES

Determination, Eligibility, Rating & Evidence of Insurance: Condominium Associations

The Real Estate Transaction in 181 Steps What Your REALTOR Does for You

The Transaction List. Pre-listing activities. Listing appointment presentation

IMPORTANT NOTICE FOR CONDO OWNER S CONSIDERING A REVERSE MORTGAGE

Business Loan Application Information Requirements

FHA Issues Revised Guidance in Condominium Loan Approvals

Condo Guidelines. Pinnacle Capital Mortgage. November 2011

2. Send seller a written or confirmation of listing appointment and call to confirm

RATE/TERM REFINANCE AND CASH-OUT - FIXED RATE

Homeowner s Equity Recovery Opportunity Loan Program (HERO) Expansion Program

FHA Condominium Guidelines

Upon completion you will be able to:

GLOSSARY COMMONLY USED REAL ESTATE TERMS

41 W. Lancaster Ave. Downingtown, PA (610) Nancy J. Frame-Executive Director, Housing Partnership of Chester County

COMPLETING A PERSONAL NET WORTH STATEMENT (Personal Net Worth Statements and Related Financial Information Are Not Subject To Public Disclosure Laws)

Section Leasehold Estate Guidelines

The Critical Role of the REALTOR in the Real Estate Transaction

How To Get A Home Equity Conversion Mortgage For Purchase

CITY OF MOBILE COMMUNITY PLANNING & DEVELOPMENT DEPARTMENT

Chapter 5. Real Estate Finance Instruments. Chapter Objectives. Promissory Notes 10/11/2012

1. LOAN TERMS 2. BORROWER INFORMATION

CONDOMINIUM LIVING IN FLORIDA. Department of Business and Professional Regulation Division of Florida Condominiums, Timeshares, and Mobile Homes

Addendum To Contract For Residential Sale And Purchase

FHA Streamline 203(k)

7A Loan Application. Conestoga Bank. Company Information. Company Ownership. Affiliate Businesses. Existing Business Locations. Management Background

To see if you qualify for this program, send the items listed below to Northwest Savings Bank.

Reverse Mortgage Is it right for you?

Understanding 203k Loans 2 Hour Continuing Education Course Outline

APPLICATION NUMBER MSC-20 PART I: The following information is optional and is used for statistical purposes only

CAI - Illinois Webinar Avoiding Section 22.1(a) Disclosure Problems May 29, Presenter: David Sugar

Condominium Approval Instructions

Real Estate Professionals Errors and Omissions Liability Application

Short Sale Seller Advisory

No Money Down Investing R E I E T U T O R

ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF FLINT

Section DU Refi Plus Loan Program

CitiMortgage Home Affordable Foreclosure Alternative (HAFA) Matrix

PUBLIC OFFERING STATEMENT PALM SUITES OF ATLANTIC BEACH

Mortgage Loan Information

GUIDELINES FOR FHA CONDOMINIUM PROJECT ELIGIBILITY

5/1 ARM 1 ; 7/1 ARM 2 For Conforming Loan Amounts, see the State/County limits at

RENTAL PROPERTY INFORMATION

July/December Board of Review 2015

Homeownership Division

OKLAHOMA UNIFORM CONTRACT OF SALE OF REAL ESTATE NEW HOME CONSTRUCTION

CRMS Exam Study Guide

LISTING EXPRESS SERVICES COMPARISON CHART

Mortgage Assistance Program Down Payment Assistance

Habitat for Humanity of Southern Brazoria County (HfHSBC) This policy defines the terms and conditions that are required in a Habitat mortgage.

Transcription:

Project Master Association Name: if applicable Project Name: Blustream Loan # Property Address: Phase # HOA Project IRS Federal TIN#: Project Eligibility 1. Is project part of a Master Association that pays more than $50 a month in an assessment fee? If Yes, provide master insurance policy, Conventional Limited/Streamlined Review HOA Questionnaire and budget for the master association. 2. Are all the units within project detached? 3. Is project a condominium hotel? 4. Do all units contain full-sized kitchen appliances? 5. Does project have hotel-type services? a. If Yes, provide types of services. 6. Are short-term rentals permitted? 7. Is year-round occupancy permitted? 8. Is project a timeshare or a segmented ownership? 9. Are there any manufactured housing units within the project? 10. Is project multi-dwelling unit condominium (including lockout units in project) in which ownership of multiple units is evidenced by a single deed or mortgage? 11. Is there a mandatory rental clause? 12. Is project an investment security, common interest apartment? 13. Does the HOA own non-incidental business operations such as a restaurant, spa, health club, etc.? i. If yes, does the HOA receive more than 10% of its budgeted income related to active ownership and/or operation of amenities or services available to unit owners and the general public? ii. If yes, does the HOA receive more than 15% of its budgeted income from: i. Income for the use or recreational amenities or services owned by the HOA for the exclusive use by unit owners in the project or leased to another project according to a shared amenities agreement ii. Income from agreements between the HOA and telephone, cable, and Internet companies for the purpose of providing communication or media services. iii. Income from the leasing of units in the project acquired by the HOA through 1

foreclosure. 14. Does the association contain any commercial space? Yes No a. If Yes, what percentage of square footage is used for commercial purposes? b. If Yes, what is commercial space used for? 15. Is the project a legal non-conforming use of land (if zoning regulations prohibit rebuilding to current density in event of destruction)? 16. Are there recreational leases? If Yes, provide documents. 17. Is the project the subject of any pending, current or recently mitigated litigation? a. If Yes, provide details and documentation. 18. Does the project contain any live-work units? 19. Are there any financing structures being offered on new projects, such as builder/developer contributions, sales concessions, HOA assessments, and/or principal and interest payment abatements? 20. Are mandatory upfront or periodic membership fees for the use of the recreational amenities, such as country club facilities and golf courses, owned by an outside party? Sale and Construction Status 21. Has the homeowners association been turned over to the unit owners? a. If yes, provide date control of homeowners association turned over to unit owners 22. Are all units, common elements, and amenities completed in project? 23. Are all units, common elements, and amenities completed in subject legal phase? a. If No, what is incomplete? b. Number of units complete: c. What common elements & amenities are incomplete? 24. What year was the project built/completed? 25. Number of stories (if project is contained within one building)? 26. Is there a bond letter or completion assurance for the incomplete common elements and amenities? If Yes, provide copy. 27. Is project subject to any additional phasing or annexation? 28. Is project a conversion? a. When was conversion completed? b. Is the project a full gut rehab? 2

c. Is the project a non-gut rehab? d. If property is a non-gut rehab conversion, provide a copy of the engineers report and evidence repairs/renovations have been complete. 29. Is project located within a flood zone? Occupancy Information 30. a. Total # of legal phases in project e. Subject property located in legal phase # b. Total # of units in project c. # of units sold and conveyed (closed) in project f. Total # of units in subject legal phase (if greater than two phases, complete phasing addendum at end of document) g. # of units sold and conveyed (closed) in subject phase d. # of units under contract in project h. # of units under contract in subject phase 31. Breakdown of combined total of units sold/conveyed and under contract in project Breakdown of combined total of units sold/conveyed and under contract in legal phase a. Primary Residence a. Primary Residence b. Second Home b. Second Home c. Investment Property c. Investment Property d. Retained by Developer d. Retained by Developer e. Will Developer sell or maintain units e. Will Developer sell or maintain 32. Does any investor (with the exception of the developer on new construction or new conversion) own more than 0% of the total project? If Yes, how many? Assessment and Budget 33. The amount currently held in reserves for future repair and/or replacement of major components of the project $ 34. Are there monthly assessments delinquent more than 30 days? 35. Are there monthly assessments delinquent more than 60 days? 36. What is the monthly HOA fee for the subject unit? $ 37. Provide the number of units that are delinquent and the dollar amount outstanding. $ / # Indicate unit assessment ranges for this association: a. Indicate range from $ b. Assessment range to $ 3

38. Are there any current special assessments or governing body-approved special assessments not yet due and payable? If Yes, provide details. 39. Are there any mortgages outstanding for the association? (include only loans secured by real estate) 36. Total reserves budgeted for the year: $ Title and Ownership 37. Are units owned fee simple? 38. Are any units owned as leasehold estates? If Yes, provide leasehold agreement. 39. Are any of the common areas still owned by the developer? 40. Do the unit owners have sole ownership and right to use the project s facilities? Legal Information 41. Do the legal documents to the homeowners association contain language that protects the first mortgagee rights? 42. Have the project legal document been legally recorded (Articles of Incorporation, By-laws, Declaration, etc.)? 43. Are there any provisions in the condominium project document at that give a unit owner or any other party priority over any rights of the first mortgagee? 44. If unit is taken over in foreclosure or deed-in-lieu of foreclosure, is the mortgagee (lender) responsible for delinquent HOA assessments? 0 to 6 months 7 to 12 months 45. The project was created and exists in full compliance with applicable laws and regulations including all State law requirements in the jurisdiction that the project is located. Management Information 46. What is the length of the current management contract (in years)? 47. Does the management contract require a penalty for cancellation? If Yes, provide management contract/details 48. Does the management contract require an advanced notice of at least ninety days? 49. Are two or more board members required to authorize disbursements from the reserve account? 50. Does the homeowners association have separate records for the operating reserves accounts? 51. Are monthly bank statements being sent directly to the homeowners association? 52. Does the management firm have the authority to disburse funds from the reserve account? 4

I, the undersigned, certify that to the best of my knowledge and belief the information and statements contained on this form and the attachments are true and accurate. Signature of Association Representative or Preparer Name and Title of Association Representative or Preparer Representative or Preparer s Company Name Address Date of Completion Telephone Number 5

Phasing Addendum Phase # # Units in Phase # Units Conveyed # Units Under Bona-fide Contract # Units OO/2 nd Homes # Units NOO Phase Complete Y/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 TOTAL 6