Fannie Mae Condo Questionnaire Guidelines
5 Steps to Completing Your Fannie Mae Condo Questionnaire
The condo collapse in Florida has had ripple effects throughout the nation. Learn how to stay proactive and don't let damage sneak up on you! We are Building Doctors. We aren't your attorney or legal advice, but we can help provide some guidance on how to tackle these new condo loan questionnaires. Let us walk you through it!
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WHAT IS FANNIE MAE FORM 1076A?
...And why does it matter?
New requirements on mortgage approvals for condominium units are being imposed based on project inspections and HOA Board planning as a result of recent changes in the Fannie Mae and Freddie Mac secondary loan markets, implemented in early 2022.
While Fannie and Freddie don’t make laws or set building codes, they wield incredible power in the lending market because they control the flow of financing to people looking for a mortgage, especially on a more affordable home, such as a condominium. If you sit on an HOA Board, or plan to sell your condo anytime soon, beware of these changes and take action now.
Most of today’s mortgages are sold on the secondary market to a variety of investors through government bonds. To be sold, they now need to conform to the guidelines in the latest questionnaires, Fannie Mae 1076A or Freddie Mac Form 476A.
These new forms came into effect in early 2022 as a response to the collapse of a 12-story, 136-unit building in Surfside, Florida. The main contributing factor in the collapse was long-term degradation to the reinforcing concrete and steel, due to water intrusion, which was identified years before and nothing was done about it.
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Let us take you through it step by step!
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STEP 2: What is the Fannie Mae Form 1076a?
TO DO: Watch the webinars
In this webinar, a Building Inspector/Consultant, Real Estate Broker, and Loan Originator discuss the changes to the condo buying and selling process and explain the implications of the new forms for Condo HOA Boards.
Get a first glimpse of Fannie Mae Form 1076a and a solid explanation of what it means.
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STEP 3: Let's break it down
TO DO: Read the article
In this article, Jens explains each question on Form 1076a in detail and gives instructions on how to answer them truthfully for your residents to get the best results.
Read through the article and follow along on form 1076a
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STEP 5: Fill it out or get some help
TO DO: Ask for help
Get started on filling out your questionnaire so your HOA members can sell their unit when they're ready! If you get stuck, give us a call.
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