In an effort to provide greater consistency and clarity for mortgage lenders as they work to collect information to determine eligibility for mortgages secured by units in condominiums, government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac recently released two standardized Condominium Project Questionnaires.

Based on lender and industry feedback received over the years, the GSEs created the form questionnaires to streamline the lender process and allow condos and homeowners associations (HOAs) – as well as their management firms – to avoid the arduous task of filling out and updating numerous varying versions of eligibility forms.

Provided here are links to both forms:

  • Full Form – Fannie Mae Form 1076/Freddie Mac Form 476: Form 1076:  This form provides a list of eligibility questions to support a full condo project approval process for new and established condo projects.
  • Short Form – Fannie Mae Form 1077/Freddie Mac Form 477: Form 1077:  This form provides a shorter list of questions to facilitate a limited or streamlined review of a condo project.

Although the forms are presently optional, the GSEs strongly encourage lenders to begin using them as they are expected to ultimately be included in Fannie Mae and Freddie Mac’s respective selling guides. The motivation behind the forms is to reduce the current burden on HOAs and lenders alike by providing a common understanding of the key information needed to evaluate a condo project in a user-friendly and easy to update manner.