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Condo questionnaire

Started by ctent
almost 15 years ago
Posts: 26
Member since: Dec 2010
Discussion about
When is a condo questionnaire needed by a lender? Only for buildings not already Fannie or Freddie approved (on their approved list)? OR they are always required by the bank as the loan is processed in order to obtain Fannie-Freddie insurance. Many thanks.
Response by sb1
almost 15 years ago
Posts: 3
Member since: Mar 2009

I am wondering about the same thing, having issue getting a loan because of a pending litigation involving HOA showed up on questionnaire which we didn't know about.

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Response by shong
almost 15 years ago
Posts: 616
Member since: Apr 2008

A condo questionnaire is typically required all the time unless a condo was recently approved. Litigation is a big factor is condo approval so an underwriter will ask whether there is any almost all the time. However, just because there is litigation doesn't mean its a dead deal. We would want to see the original complaint, whether insurance can cover it, and what the worst possible outcome could be. Sunny.hong@bankofamerica.com

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