CAI is working to ensure that residents of community associations have access to fair and affordable mortgages through our engagement with federal agencies on reform of Government Sponsored Enterprises (GSEs). Government sponsored entities such as Fannie Mae and Freddie Mac have been important actors in ensuring the flow of capital into the mortgage finance system, ensuring the availability of affordable financing for homebuyers for over a generation.
Freddie Mac, Fannie Mae Release Uniform Condominium Questionnaire Initiative
The Uniform Condominium Questionnaire is intended to reduce the burden on community associations that routinely provide condominium project information to mortgage lenders.
The first option, Form 1076, provides a broad overview of a condominium association's financial, legal, and property status. Once a condominium association has completed a Form 1076 for a lender, it is anticipated the lender will not resubmit Form 1076 for subsequent inquiries.
A second, shorter form, Form 1077, is intended for use by lenders where a condominium association has previously completed a Form 1076. Freddie Mac and Fannie Mae have requested that lenders update Form 1076 on only a periodic basis.
Fannie Mae - FAQs
This document provides responses to common questions related to Fannie Mae's project review methods and policies for determining project eligibility for mortgages secured by units in condo, co-op, and planned unit development (PUD) projects. It includes questions regarding revisions to the Selling Guide in Announcement SEL-2014-13 and in Announcement SEL-2015-12.