HOA forms can cost $100 to $550 and add over a week to your closing time. Avoid your lender charging you those fees and adding that time to your loan process by doing the following. Not for cash out loans.
If you have a rate and term
refinance, up to 80 % LTV/CLTV/HLTV that
is going from Fannie to Fannie or Freddie to
Freddie, I have a lender that does not require a Condo Questionnaire to be completed. Use
these links to determine if either agency
owns their current loan. If so, print the results and send to your loan officer.
Other ways to
avoid completing the Condo Questionnaire (Limited or Full):
1.
If the Project is currently approved by
Flagstar (use the Search tab on our website to determine if the project is
approved)
2.
If the Project is HUD/FHA approved (https://entp.hud.gov/idapp/html/condlook.cfm) Print this page and upload with your loan
submission.
If your loan does not require
the questionnaire to be completed, you would simply provide your master
insurance policy and (if applicable) HO-6 insurance for our project review team
to review. If you have a
PIW/PIA, your HO-6 coverage (if required) must be equal to 20% of the accepted
value from the PIW/PIA.
As always, if you have any
questions, please call or email me!
