PUD/Condo Helpful Hints and Tips for Conventional Financing. PUDS (Established Attached/Detached) CONDOS-Short/Limited Review...

Size: px
Start display at page:

Download "PUD/Condo Helpful Hints and Tips for Conventional Financing. PUDS (Established Attached/Detached) CONDOS-Short/Limited Review..."

Transcription

1 Contents PUDS (Established Attached/Detached)... 2 CONDOS-Short/Limited Review... 3 CONDOS-Full Review P a g e

2 PUDS (Established Attached/Detached) How do I determine if my property is a PUD? If the subject meets ALL of the following it is by Fannie Mae definition, a PUD: Each unit owner s membership in the HOA must be automatic and nonseverable, The payment of assessments related to the unit must be mandatory, Common property and improvements must be owned and maintained by an HOA for the benefit and use of the unit owners, and The subject unit must not be part of a condo or co-op project. Zoning is not a basis for classifying a project or subdivision as a PUD. Units in projects or subdivisions simply zoned as PUDs that include the following characteristics are not defined as PUD projects under Fannie Mae s policies. These projects Have no common property and improvements, Do not require the establishment of and membership in an HOA, and Do not require the payment of assessments. (For further information Please refer to Fannie Mae Section B ) Please note: Attachment type (attached/detached) does necessarily define the property as being a PUD What documentation is required if my property is a PUD? It is not necessary to obtain Declarations and Bylaws on all loan files but may be required in certain circumstances (see below). Please note: The condominium project questionnaire forms are NOT required for attached OR detached PUDs. HOA Blanket Policy. o If the policy does not have walls in coverage, an HO6 policy is required as well (20% of appraised value coverage is required) an individual policy is required for detached units (Fannie Mae section B7-3-04). When will Declarations and Bylaws be required? Declarations and Bylaws will be required under certain circumstances such as: o Shared well and or septic that is maintained by the HOA, o PIW option is being exercised, or 2 P a g e

3 o In the event that the property type is in question Declarations and Bylaws will be required for ALL Florida PUD properties (due to priority of common expense assessments requirements. Fannie Mae Section B ) o Please note Fannie and Freddie Differences Fannie Mae: Florida permits 12 months of common expense assessments take priority to the 1 st lien which makes the property ineligible for Fannie Mae financing. Unless the Declarations specifically indicate that the HOA only allows 6 months the property is ineligible for Fannie Mae financing. Freddie Mac: Allows the 12 months in the state of Florida. ** Freddie Mac Section Other pertinent Fannie Mae information for PUDs: NEW subdivisions require a comparable sale from within that project or subdivision in order to be eligible for secondary market financing o Fannie will accept two pending sales (not listings) in lieu of one closed sale in the subject subdivision or project in the event closed sales are not yet available. When this flexibility is used, the appraiser must also provide at least three closed comparable sales from outside the subject subdivision or project. CONDOS-Short/Limited Review Short/Limited Review What documentation is required? It is not necessary to obtain Declarations and Bylaws on all loan files but may be required in certain circumstances (see below). Fannie Form 1077 (Short/Limited Review Form) must be completed by the HOA HOA Blanket Policy. If the policy does not have walls in coverage, an HO6 policy is required as well (20% of appraised value coverage is required) an individual policy is required for detached units. (Fannie Mae section B7-3-04) When will Declarations and Bylaws be required? Declarations and Bylaws will be required under certain circumstances such as: o Shared well and or septic that is maintained by the HOA 3 P a g e

4 o PIW option is being exercised, or in the event that the property type is in question. Declarations and Bylaws will be required for all Florida Condo properties (due to priority of common expense assessments requirements. Fannie Mae Section B ) o Please note Fannie Mae and Freddie Mac differences: Fannie Mae: Florida permits 12 months of common expense assessments take priority to the 1 st lien which makes the property ineligible for Fannie Mae financing. Unless the Declarations specifically indicate that the HOA only allows 6 months the property is ineligible for Fannie Mae financing. Freddie Mac: Allows the 12 months in the state of Florida. (Freddie Mac Section ) Other pertinent information for Fannie Mae Limited Review Condos: Florida Condos located in new or newly converted projects are ineligible unless the project has been approved through Fannie Mae (PERS) (Fannie Mae section B ). Florida Condos in established projects have specific LTV restrictions See Fannie Mae section B for further information Flood insurance can be included in HOA dues and does not need to be escrowed separately. A legal review of the project is required when the subject is an attached unit in a new or newly converted project (See Fannie Mae section B ). Review for right of first refusal or legal review of the project on the subject when the project is considered established is not required (See Fannie Mae section B ). NEW projects and subdivisions require a comparable sale from within that project or subdivision in order to be eligible for secondary market financing. o Fannie will accept two pending sales (not listings) in lieu of one closed sale in the subject subdivision or project in the event closed sales are not yet available. When this flexibility is used, the appraiser must also provide at least three closed comparable sales from outside the subject subdivision or project 4 P a g e

5 CONDOS-Full Review Full Review through Fannie CPM (Condo Project Manager) What documentation is required? It is not necessary to obtain Declarations and Bylaws on all loan files but may be required in certain circumstances (see below). Fannie Form 1076 (Full Form) must be completed by the HOA Master HOA Blanket Policy. o If the policy does not have walls in coverage, an HO6 policy is required as well (20% of appraised value coverage is required) an individual policy is required for detached units. (Fannie Mae section B7-3-04) HOA liability insurance for the entire project, including all common areas and elements, public ways, and any other areas that are under its supervision. o The amount of coverage must be at least $1 million for bodily injury and property damage for any single occurrence. See Fannie Mae Section B for specific requirements. Please note: Information required to meet Fannie guidelines may require obtaining the complete policy or confirmation from the insurance agent as some required information is not always reflected on the insurance dec page-for example cancellation/modification requirements HOA projected budget must be provided and must reflect reserves of at least 10% of the budget (Fannie Mae Section B ) Fidelity Insurance is required for projects with more than 20 units. See Fannie Mae Section B for specific requirements. When will Declarations and Bylaws be required? Declarations and Bylaws will be required under certain circumstances such as: o Shared well and or septic that is maintained by the HOA, o PIW option is being exercised, or o In the event that the property type is in question. Declarations and Bylaws will be required for all Florida Condo properties (due to priority of common expense assessments requirements. Fannie Mae Section B ) o Please note Fannie Mae and Freddie Mac differences: 5 P a g e

6 Fannie Mae: Florida permits 12 months of common expense assessments take priority to the 1 st lien which makes the property ineligible for Fannie Mae financing. Unless the Declarations specifically indicate that the HOA only allows 6 months the property is ineligible for Fannie Mae financing. Freddie Mac: Allows the 12 months in the state of Florida. (Freddie Mac Section ) o Declarations and Bylaws ARE required on all attached units in new projects or newly converted projects containing more than 4 units (Fannie Mae section B ) Other pertinent Fannie Mae information for Full Review Condos: Florida Condos located in new or newly converted projects are ineligible unless the project has been approved through Fannie Mae (PERS) (Fannie Mae section B ). Florida Condos in established projects have specific LTV restrictions See Fannie Mae Section B for further information For investment property transactions on attached units in established projects (including two- to four-unit projects), at least 50% of the total units in the project must be conveyed to principal residence or second home purchasers. o This requirement does not apply if the subject mortgage is for a principal residence or second home. o Financial institution-owned REO units that are for sale (not rented) are considered owner-occupied when calculating the 50% owner-occupancy ratio requirement. (Fannie Mae Section B ) Flood insurance can be included in HOA dues and does not need to be escrowed separately. A legal review of the project is required when the subject is an attached unit in a new or newly converted project. See guide section B Review for right of first refusal or legal review of the project on the subject when the project is considered established is not required (See Fannie Mae section B ). NEW projects and subdivisions require a comparable sale from within that project or subdivision in order to be eligible for secondary market financing. o Fannie will accept two pending sales (not listings) in lieu of one closed sale in the subject subdivision or project in the event closed sales are not yet available. When this flexibility is used, the appraiser must also provide at least three closed comparable sales from outside the subject subdivision or project 6 P a g e

Freddie Mac Condominium Unit Mortgages

Freddie Mac Condominium Unit Mortgages For all mortgages secured by a Condominium Unit in a Condominium Project, you must meet the requirements of Freddie Mac Single-Family Seller/Servicer Guide (Guide) Chapter 5701, Special for Condominiums,

More information

EXPANDED CRITERIA CONDO-PUD MATRIX The Client Guide contains complete condo and PUD eligibility. Consult the Client Guide for complete details.

EXPANDED CRITERIA CONDO-PUD MATRIX The Client Guide contains complete condo and PUD eligibility. Consult the Client Guide for complete details. The Client Guide contains complete condo and PUD eligibility. Consult the Client Guide for complete details. PUD S ATTACHED PUD ESTABLISHED TYPE E - Established Established PUD project is one w here developer

More information

Freddie Mac Condominium Unit Mortgages

Freddie Mac Condominium Unit Mortgages For all mortgages secured by a Unit in a Project, Sellers must meet the requirements of Freddie Mac Single-Family Seller/Servicer Guide (Guide) Chapter 5701, Special for s, and the Seller s other Purchase

More information

Condo - PUD Project Review Manual

Condo - PUD Project Review Manual Table of Contents Condo - PUD Project Review Manual Section 1: PRMG Project Approval Section 2: Limited/Streamlined Condo Project Review Section 3: CPM Review Section 4: Lender Full Condo Review Section

More information

Section Condominium and PUD Approval Requirements

Section Condominium and PUD Approval Requirements Section 1.06 - Condominium and PUD Approval Requirements In This Section This section contains the following topics. Overview... 2 Related Bulletins... 3 Agency... 4 General Information on Condominium

More information

Section Condominium and PUD Approval Requirements

Section Condominium and PUD Approval Requirements Section 1.06 - Condominium and PUD Approval Requirements In This Section This section contains the following topics. Overview... 2 Related Bulletins... 3 Agency... 4 General Information on Condominium

More information

FROM: Russell T. Davis (Signed by Tom Hannah) for Administrator Housing and Community Facilities Programs

FROM: Russell T. Davis (Signed by Tom Hannah) for Administrator Housing and Community Facilities Programs RD AN No. 4303 (1980-D) August 13, 2007 TO: All State Directors Rural Development ATTENTION: Rural Housing Program Directors, Guaranteed Rural Housing Specialists, Rural Development Managers, and Community

More information

Section Condominium and PUD Approval Requirements

Section Condominium and PUD Approval Requirements Section 1.06 - Condominium and PUD Approval Requirements In This Section This section contains the following topics. Overview... 2 Related Bulletins... 3 Agency... 4 General Information on Condominium

More information

This chapter describes Fannie Mae s project standards, policies, and requirements.

This chapter describes Fannie Mae s project standards, policies, and requirements. Chapter 2, Project Standards Chapter B4-2, Project Standards Project Standards Click to see prior version of topic Introduction This chapter describes Fannie Mae s project standards, policies, and requirements.

More information

Slide 1. Qualifying for Homeownership Challenges & Solutions

Slide 1. Qualifying for Homeownership Challenges & Solutions Slide 1 Qualifying for Homeownership Challenges & Solutions Danielle Blake Senior Vice President of Government Affairs & Housing MIAMI Association of REALTORS (305) 468-7015 danielle@miamire.com Area Median

More information

Condominium Financing/Review

Condominium Financing/Review Condominium Financing/Review Lisa Welch Vice President Project Approval Manager lwelch@merrimackmortgage.com Course Outline & Overview Condominiums Defined Conventional Financing for Condominiums Questionnaire

More information

Freddie Mac Condominium Unit Mortgages

Freddie Mac Condominium Unit Mortgages For all mortgages secured by a Condominium Unit in a Condominium Project, the Seller must perform an underwriting review of the Condominium Project to ensure the mortgage and the project meet the requirements

More information

SUBJECT: SELLING UPDATES

SUBJECT: SELLING UPDATES TO: Freddie Mac Sellers June 27, 2018 2018-10 SUBJECT: SELLING UPDATES This Guide Bulletin announces: Property eligibility and appraisal requirements Eligibility of Condominium Units for automated collateral

More information

Agency Guideline Revisions Note: SunTrust Mortgage specific overlays are underlined.

Agency Guideline Revisions Note: SunTrust Mortgage specific overlays are underlined. Accessory Units Correspondent Section 1.07 Appraisal Guidelines & Correspondent Section.01 Agency Loan Programs- Guideline Standard Agency Agency Plus Home Possible Mortgage Section 1.07 Appraisal Guidelines

More information

Condominium Project Questionnaire - Full Form

Condominium Project Questionnaire - Full Form Condominium Project Questionnaire - Full Form Instructions Lender: Complete the first table below and enter the date on which the form should be returned to you. Homeowners Association (HOA) or Management

More information

4. Date control of association transferred from developer to unit owners: 5. Are all common elements and amenities complete within the HOA?

4. Date control of association transferred from developer to unit owners: 5. Are all common elements and amenities complete within the HOA? 195 W. Main, Suite 112 Lehi UT 84043 support@homecerts.com Questions about this form? Please email us at support@homecerts.com HOA Questionnaire 1. Complete legal name of the association: 2. Association

More information

Section Leasehold Estate Guidelines

Section Leasehold Estate Guidelines Section 1.10 - In This Section This section contains the following topics: Overview... 2 General... 2 Related Bulletins... 3 Identifying a Leasehold Estate... 4 Occupancy/Property Types... 5 Eligible Occupancy/

More information

CONDO/PUD PROJECT QUESTIONNAIRE

CONDO/PUD PROJECT QUESTIONNAIRE CONDO/PUD PROJECT QUESTIONNAIRE B Loan Number: I: BASIC PROJECT INFORMATION 1 Project Legal Name 2 Project Physical Address 3 Subject Unit # 4 Subject Unit Phase 5 HOA Management Address 6 HOA Name (if

More information

CA-A Uniform Mortgage Questionnaire. A) General Information

CA-A Uniform Mortgage Questionnaire. A) General Information Uniform Mortgage Questionnaire PLEASE NOTE: This Uniform Mortgage Questionnaire has been developed by FirstService Residential, the largest manager of private residential communities in North America,

More information

Condo Questionnaire. Legal Name of Project HOA IRS TAX ID Number Address City, State, Zip State Zip Code Total Size (Sq Ft) Year Built/Converted

Condo Questionnaire. Legal Name of Project HOA IRS TAX ID Number Address City, State, Zip State Zip Code Total Size (Sq Ft) Year Built/Converted Condo Questionnaire Loan Number Applicant Name Unit Number Dear Association Representative: In order to offer a mortgage to your member, and also for future purchasers in your project, we ask for your

More information

CONDOMINIUM PROJECT APPROVAL CHECKLIST. Project Name: Project Address: City: State: Zip Code: Name: Phone Number: Address: City: State:

CONDOMINIUM PROJECT APPROVAL CHECKLIST. Project Name: Project Address: City: State: Zip Code: Name: Phone Number: Address: City: State: CONDOMINIUM PROJECT APPROVAL CHECKLIST Project Name: Project Address: City: State: Zip Code: Project Contact Name: Phone Number: Address: City: State: Please ensure that the project meets all applicable

More information

SUBJECT: DUTY TO SERVE AFFORDABLE HOUSING PRESERVATION AND RURAL HOUSING

SUBJECT: DUTY TO SERVE AFFORDABLE HOUSING PRESERVATION AND RURAL HOUSING TO: Freddie Mac Sellers and Servicers September 26, 2018 2018-16 SUBJECT: DUTY TO SERVE AFFORDABLE HOUSING PRESERVATION AND RURAL HOUSING Making housing available and affordable nationwide is fundamental

More information

SECTION 5 ELIGIBLE RESIDENCE

SECTION 5 ELIGIBLE RESIDENCE 5.01 Qualifying Residences Qualifying Residences must be located within the State of North Dakota. The Residence must be a fully completed, one- to four-unit Residence including townhouses, condominiums,

More information

Standard Lender Information Report * Sample Only - Not Valid Data *

Standard Lender Information Report * Sample Only - Not Valid Data * Standard Lender Information Report * Sample Only - t Valid Data * Home/Unit Information Assessments & Fees Description Amount Payable Regular Assessment: $435.00 Monthly Reserves contribution. $5,000.00

More information

HUD Section 8 Financing Financing Solution for HUD Section 8 Properties

HUD Section 8 Financing Financing Solution for HUD Section 8 Properties HUD Section 8 Financing Financing Solution for HUD Section 8 Properties With flexibility and certainty of execution, we provide financing for multifamily properties supported by the U.S. Department of

More information

Fannie Mae Condo Buyer s Guide: What you need to know when buying a condo

Fannie Mae Condo Buyer s Guide: What you need to know when buying a condo 1 Fannie Mae Condo Buyer s Guide: What you need to know when buying a condo American Bancshares Mortgage, LLC is an Equal Housing Lender NMLS # 217378 ( D/B/A ABSM and ABSM, LLC in states outside of Florida).

More information

Section 1.16a Resale/Deed Restrictions Guidelines

Section 1.16a Resale/Deed Restrictions Guidelines Section 1.16a Resale/Deed Restrictions Guidelines In This Section This section contains the following topics: Overview... 2 Introduction... 2 Related Bulletins... 2 General... 2 Identification and Eligibility

More information

A Consumer s Guide to. Buying a Co-op

A Consumer s Guide to. Buying a Co-op A Consumer s Guide to Buying a Co-op A Consumer s Guide to Buying a Co-op In the United States, more than 1.2 million families of all income levels live in homes owned and operated through cooperative

More information

FHA Condominium Certifications: The Requirements and Prohibitions

FHA Condominium Certifications: The Requirements and Prohibitions FHA Condominium Certifications: The Requirements and Prohibitions Introduction FHA Condominium Certifications: The Requirements and Prohibitions The Federal Housing Administration ( FHA ) is a government-owned

More information

Appraisal Review: Analyzing the 1004

Appraisal Review: Analyzing the 1004 Appraisal Review: Analyzing the 1004 1 LIVE ONLINE PARTICIPANT GUIDE Version: 8.12 Table of Contents The Purpose of the Appraisal... 3 Define Market Value... 3 Scenario 1 (John Johnson report) - 1004 Uniform

More information

SIRVA Mortgage Order Instructions

SIRVA Mortgage Order Instructions SIRVA Mortgage Order Instructions Appraiser Trainees: This client does not permit Trainees to sign the appraisal report, however USPAP requirements apply when significant assistance has been provided by

More information

RHODE ISLAND HOUSING Application for Letter of Eligibility

RHODE ISLAND HOUSING Application for Letter of Eligibility RHODE ISLAND HOUSING Application for Letter of Eligibility GENERAL INFORMATION 1. Name of Development: 2. Address of Site: Plat, Lot(s) 3. City/Town: Zip Code: 4. Development Entity: Name of Principal:

More information

Technical Description of the Freddie Mac House Price Index

Technical Description of the Freddie Mac House Price Index Technical Description of the Freddie Mac House Price Index 1. Introduction Freddie Mac publishes the monthly index values of the Freddie Mac House Price Index (FMHPI SM ) each quarter. Index values are

More information

Chapter 22 Closing the Real Estate Transaction

Chapter 22 Closing the Real Estate Transaction Chapter 22 Closing the Real Estate Transaction OUTLINE: I. Preclosing Procedures A. Closing is the consummation of the real estate transaction 1. Promises made in sales agreement fulfilled 2. Mortgage

More information

THE FUNDAMENTALS OF MANUFACTURED LENDING

THE FUNDAMENTALS OF MANUFACTURED LENDING THE FUNDAMENTALS OF MANUFACTURED LENDING Last Revised: 06/07/17 DISCLAIMER These materials are intended for AFR internal use and client training procedures only. This is neither legal advice nor a substitute

More information

MANUFACTURED HOME GUIDELINES

MANUFACTURED HOME GUIDELINES Table of Contents 1. Loan Eligibility..... 2 2. Eligible Mortgages... 2 3. Ineligible Mortgages... 2 4. Manufactured Home Standards... 2 5. Definition of Common Terms... 3 6. Property Eligibility... 4

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER November 6, 2009 MORTGAGEE LETTER 2009-46 B TO: SUBJECT: ALL APPROVED

More information

Table of Contents. I. Scope [ 1.1] II. Introduction [ 1.2] A. In General [ 1.3] B. Statutes [ 1.4]

Table of Contents. I. Scope [ 1.1] II. Introduction [ 1.2] A. In General [ 1.3] B. Statutes [ 1.4] Table of Contents CHAPTER 1 OVERVIEW OF WISCONSIN CONDOMINIUM LAW by Scott L. Langlois I. Scope [ 1.1] II. Introduction [ 1.2] A. In General [ 1.3] B. Statutes [ 1.4] III. Definitions [ 1.5] A. Condominium

More information

ARTICLE IX.1. PRIVATE STREETS

ARTICLE IX.1. PRIVATE STREETS ARTICLE IX.1 PRIVATE STREETS PAGE 43 ARTICLE IX.1. PRIVATE STREETS SECTION A. GATED COMMUNITIES. (Entire Article Established by Ord. 2524, 06/06/00) 1. Residential subdivisions may be developed with private

More information

MANUFACTURED HOME GUIDELINES

MANUFACTURED HOME GUIDELINES Table of Contents 1. Manufactured Housing Overview... 3 2. Loan Eligibility and Product Codes... 3 3. Eligible Mortgages... 3 4. Ineligible Mortgages... 3 5. Manufactured Home Standards... 4 6. Definition

More information

APPRAISAL OF REAL PROPERTY

APPRAISAL OF REAL PROPERTY Home Appraisals, Inc. (866) 533-7173 APPRAISAL OF REAL PROPERTY File # LOCATED AT Field Review Form Sample FOR OPINION OF VALUE 35, AS OF 11/1/7 TABLE OF CONTENTS One-Unit Field Review... 1 General Text

More information

June 12, 2009 MORTGAGEE LETTER

June 12, 2009 MORTGAGEE LETTER U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER June 12, 2009 MORTGAGEE LETTER 2009-19 TO: ALL APPROVED MORTGAGEES

More information

MAKING CLT LEASEHOLD MORTGAGE FINANCING WORK

MAKING CLT LEASEHOLD MORTGAGE FINANCING WORK MAKING CLT LEASEHOLD MORTGAGE FINANCING WORK And Make Life a Bit Easier For You (and Your Lending Partners) Burlington Associates in Community Development BALANCING INTERESTS 1. The CLT 2. The homebuyer

More information

Shared Equity Homeownership: Background, Selling Guide Analysis, & Recommendations Related to Duty to Serve Affordable Preservation

Shared Equity Homeownership: Background, Selling Guide Analysis, & Recommendations Related to Duty to Serve Affordable Preservation Shared Equity Homeownership: Background, Selling Guide Analysis, & Recommendations Related to Duty to Serve Affordable Preservation BACKGROUND The National Community Land Trust Network The National Community

More information

Paramount Residential Mortgage Group Appraisal Guidelines

Paramount Residential Mortgage Group Appraisal Guidelines Paramount Residential Mortgage Group Appraisal Guidelines Each appraisal assignment is to include a complete and thorough effective analysis of the subject s market area to determine if property values

More information

Chapter 22 Closing the Real Estate Transaction

Chapter 22 Closing the Real Estate Transaction Chapter 22 Closing the Real Estate Transaction LECTURE OUTLINE: I. Preclosing Procedures A. Closing is the point at which ownership of a property is transferred in exchange for the payment of the selling

More information

Professional Short Sale Negotiators Short Sale Option Agent Listing Packet

Professional Short Sale Negotiators Short Sale Option  Agent Listing Packet Presents Short Sale Option www.lotusrealtygroup.com Agent Listing Packet 400 S Sierra Ave. Suite 102, Solana Beach, CA 92075 SUPPLEMENTAL COMMISSION AGREEMENT WITH LISTING BROKER/AGENT ( Listing Broker/Agent

More information

By . July 17, 2008

By  . July 17, 2008 By E-mail July 17, 2008 RE: Increase in Payment and Debt Ratios for Manually Underwritten Loans; Properties Owned by Community Land Trusts; Implementation of Monthly Closing Interest Rate Calculator; Update

More information

PART VII: HOMEOWNERSHIP [24 CFR through ]

PART VII: HOMEOWNERSHIP [24 CFR through ] PART VII: HOMEOWNERSHIP [24 CFR 982.625 through 982.643] 15-VII.A. OVERVIEW [24 CFR 982.625] The homeownership option is used to assist a family residing in a home purchased and owned by one or more members

More information

HOA 101: Agenda. A. Types of Common Interest Developments. C. Laws Governing Common Interest Developments

HOA 101: Agenda. A. Types of Common Interest Developments. C. Laws Governing Common Interest Developments HOA 101: Agenda 1. Introduction to Common Interest Developments A. Types of Common Interest Developments B. The Governing Documents 1. Articles of Incorporation 2. Bylaws 3. The Declaration 4. Rules and

More information

Chapter 8 Qualifying Property

Chapter 8 Qualifying Property The 3 "Cs" of Lending Capacity to Pay does the borrower make enough money to repay loan? lenders use qualifying ratios Creditworthiness [Character] is the borrower likely to repay loan on time? lenders

More information

Selling Part VII - Property and Appraisal Analysis

Selling Part VII - Property and Appraisal Analysis Selling Part VII - Property and Appraisal Analysis This Part--Property and Appraisal Analysis--details our general requirements for analyzing the property appraisal aspects of conventional mortgages secured

More information

Condominiums They re Baaaaack! (Well, back to haunt us)

Condominiums They re Baaaaack! (Well, back to haunt us) Condominiums They re Baaaaack! (Well, back to haunt us) Unusual Issues in the Current Market 2016 WLTA Fall Education Seminars Spokane (Sept 24) & Lynnwood (Oct 15) David E. Lawson Fidelity National Title

More information

Chapter 15 SPECIAL HOUSING TYPES [24 CFR ]

Chapter 15 SPECIAL HOUSING TYPES [24 CFR ] Chapter 15 SPECIAL HOUSING TYPES [24 CFR 982.601] INTRODUCTION The VSHA will permit the use of any special housing types, as defined in this Chapter, in its program. The VSHA will not set aside any program

More information

A lease may be written or verbal.

A lease may be written or verbal. Leases 1 A lease may be written or verbal. 2 The property owner is called the landlord (lessor). 3 The landlord retains a leased fee estate. 4 The landlord also has a reversionary estate. 5 The tenant

More information

Monthly Indicators. September Monthly Snapshot + 2.0% + 7.4% %

Monthly Indicators. September Monthly Snapshot + 2.0% + 7.4% % Monthly Indicators For residential real estate activity by members of the Florida REALTORS 2012 Most housing metrics should follow their usual, autumnal movements higher inventory and days on market, fewer

More information

ALI-ABA Course of Study Drafting Documents for Residential and Mixed-Use Condominiums and Planned Communities: Practice and Principles

ALI-ABA Course of Study Drafting Documents for Residential and Mixed-Use Condominiums and Planned Communities: Practice and Principles ALI-ABA Course of Study Drafting Documents for Residential and Mixed-Use Condominiums and Planned Communities: Practice and Principles February 7-9, 2008 New Orleans, Louisiana PROGRAM FACULTY PARTICIPANTS

More information

Monthly Indicators + 7.3% + 6.6% + 8.3% Single-Family Market Overview Condo Market Overview New Listings Pending Sales.

Monthly Indicators + 7.3% + 6.6% + 8.3% Single-Family Market Overview Condo Market Overview New Listings Pending Sales. Monthly Indicators 2018 The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year

More information

FAQs About Habitat Homeownership

FAQs About Habitat Homeownership FAQs About Habitat Homeownership 1. What is the difference between renting and homeownership? Homeowners build equity in their homes. Equity is built through monthly payments that go towards paying your

More information

ANNOUNCEMENT #10-03, February 2, 2010

ANNOUNCEMENT #10-03, February 2, 2010 ANNOUNCEMENT #10-03, February 2, 2010 To: All Michigan Mutual Brokers Re: Condominium Projects Topics included in this announcement per HUD Mortgagee Letters 2009-46A and 46B: Elimination of the Spot Loan

More information

A statistical system for. Residential Property Price Indices. David Fenwick

A statistical system for. Residential Property Price Indices. David Fenwick A statistical system for Residential Property Price Indices Eurostat IAOS IFC Conference on Residential Property Price Indices Hosted by the Bank for International Settlements 11-12 November 2009, Basle

More information

Appraisal and Property Related Frequently Asked Questions (FAQs) Updated September 2014

Appraisal and Property Related Frequently Asked Questions (FAQs) Updated September 2014 Appraisal and Property Related Frequently Asked Questions (FAQs) Updated September 2014 This FAQ document provides responses to common questions related to Fannie Mae s property eligibility and appraisal

More information

3-2 ORDERING THE APPRAISAL AND OBTAINING A CASE NUMBER. To order an appraisal and receive a case number, a lender should do the following:

3-2 ORDERING THE APPRAISAL AND OBTAINING A CASE NUMBER. To order an appraisal and receive a case number, a lender should do the following: CHAPTER 3. PROPERTY ANALYSIS 3-1 PURPOSE. This chapter explains the procedures for the lender to follow in submitting the property for valuation analysis. The procedures for the local HUD office to follow

More information

2. Is the information in the contract section complete and accurate? Yes No Not Applicable If Yes, provide a brief summary.

2. Is the information in the contract section complete and accurate? Yes No Not Applicable If Yes, provide a brief summary. The purpose of this appraisal field review report is to provide the lender/client with an opinion on the accuracy of the appraisal report under review. Property Address City State Zip Code Borrower Owner

More information

CENTER FOR PROFESSIONAL EDUCATION 9590 West 14 th Avenue Lakewood, CO (720)

CENTER FOR PROFESSIONAL EDUCATION 9590 West 14 th Avenue Lakewood, CO (720) CENTER FOR PROFESSIONAL EDUCATION 9590 West 14 th Avenue Lakewood, CO 80215 (720) 889-0797 Approved and Regulated by Division of Private Occupational Schools, Department of Higher Education, State of Colorado

More information

203K Standard Renovation Loan

203K Standard Renovation Loan 203K Standard Renovation Loan RI Mortgage Broker Licene # 20082309LB MA Mortgage Broker License # MB3915 FL Mortgage Broker License # MBR475 PA Mortgage Broker License # 60246 Atlantic Mortgage & Finance

More information

Pro-Series Webinar: Fannie Mae Update Collateral Policy and Technology Guidance For Appraisers

Pro-Series Webinar: Fannie Mae Update Collateral Policy and Technology Guidance For Appraisers Pro-Series Webinar: Fannie Mae Update Collateral Policy and Technology Guidance For Appraisers March 29, 2017 Presenters: Julie Jones & Jeremy Staudenmaier Webinar Audio (phone only): 1 - (866) 218-8865

More information

4 PROPERTY REQUIREMENTS

4 PROPERTY REQUIREMENTS 4 PROPERTY REQUIREMENTS IN GENERAL Only Single-Family Residences located in the state of Washington may be financed under the Program. QUALIFYING SINGLE-FAMILY RESIDENCES Single-family detached, attached,

More information

Colorado Appraisal Consultants

Colorado Appraisal Consultants Colorado Appraisal Consultants SUBJECT Individual Condominium Unit Appraisal Report File # The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately

More information

Questions and Answers on: R E A L E S T A T E C L O S I N G S

Questions and Answers on: R E A L E S T A T E C L O S I N G S Questions and Answers on: R E A L E S T A T E C L O S I N G S In the typical residential real estate sales transaction, a buyer offers to purchase property from a seller. After negotiating the price and

More information

CONDOMINIUM PROJECT APPROVAL and PROCESSING GUIDE

CONDOMINIUM PROJECT APPROVAL and PROCESSING GUIDE CONDOMINIUM PROJECT APPROVAL and PROCESSING GUIDE June 30, 2011 Table of Contents INTRODUCTION Chapter 1: Project Approval Process and General Requirements 1.1 Overview... 6 1.2 Approval Processing Options...

More information

Foreclosure Funds, Presidential Powers, Non-Owners at Meetings, and Attorney-Client Privilege NEW NEIGHBORHOODS

Foreclosure Funds, Presidential Powers, Non-Owners at Meetings, and Attorney-Client Privilege NEW NEIGHBORHOODS NEW NEIGHBORHOODS Foreclosure Funds, Presidential Powers, Non-Owners at Meetings, and Attorney-Client Privilege BY GARY A. POLIAKOFF, J.D. AND RYAN POLIAKOFF DEAR POLIAKOFFS, In the event that a property

More information

Overall Trend Section Example Seller Concessions Foreclosure Sales and Summary/Analysis of Data... 13

Overall Trend Section Example Seller Concessions Foreclosure Sales and Summary/Analysis of Data... 13 Appraisal and Property-Related Frequently Asked Questions (FAQs) This FAQ document provides responses to common questions related to Fannie Mae s property eligibility and appraisal policies. Following

More information

CONDOMINIUM DISCLOSURE STATEMENT FOR CROSSWATER CONDOMINIUMS

CONDOMINIUM DISCLOSURE STATEMENT FOR CROSSWATER CONDOMINIUMS CONDOMINIUM DISCLOSURE STATEMENT FOR CROSSWATER CONDOMINIUMS This Disclosure Statement discloses certain pertinent information about Crosswater Condominiums (the Condominium ), located at the premises

More information

Exam Emphasis: Approximately 15 questions

Exam Emphasis: Approximately 15 questions Exam Emphasis: Approximately 5 questions Agency Relationships - or WB forms.. The listing broker is the seller s. 2. A licensee writes an offer for a buyer on the licensee s listing. The buyer is the licensee

More information

FROM: CITY MANAGER DEPARTMENT: PLANNING AND COMMUNITY ENVIRONMENT DATE: APRIL 11, 2005 CMR:213:05

FROM: CITY MANAGER DEPARTMENT: PLANNING AND COMMUNITY ENVIRONMENT DATE: APRIL 11, 2005 CMR:213:05 TO: HONORABLE CITY COUNCIL FROM: CITY MANAGER DEPARTMENT: PLANNING AND COMMUNITY ENVIRONMENT DATE: APRIL 11, 2005 CMR:213:05 SUBJECT: PRESERVATION OF TWO BELOW MARKET RATE UNITS AT 777-57 SAN ANTONIO ROAD

More information

CONDOMINIUM INFORMATION STATEMENT FOR THE HILLSIDE

CONDOMINIUM INFORMATION STATEMENT FOR THE HILLSIDE CONDOMINIUM INFORMATION STATEMENT FOR THE HILLSIDE A Condominium Project in Travis County, Texas YOU SHOULD READ THIS DOCUMENT BEFORE EXECUTING A PURCHASE CONTRACT Pursuant to Sections 82.151 through 82.156

More information

Appraisal Engagement Instructions

Appraisal Engagement Instructions Appraisal Engagement Instructions OVERVIEW The appraisal report must be prepared by a state licensed or certified appraiser and must comply with the Appraiser Independence Requirements (AIR), Uniform Standards

More information

PUBLIC OFFERING STATEMENT The Landings at Sugar Creek Condominium Pursuant to N.C.Gen. Stat. 47C et seq.

PUBLIC OFFERING STATEMENT The Landings at Sugar Creek Condominium Pursuant to N.C.Gen. Stat. 47C et seq. PUBLIC OFFERING STATEMENT The Landings at Sugar Creek Condominium Pursuant to N.C.Gen. Stat. 47C-4-103 et seq. 1. Name and address of the Declarant and the Condominium. a. Name of Declarant: Gray Eagle

More information

BYLAWS OF PRAIRIE PATHWAYS II CONDOMINIUM OWNER S ASSOCIATION, INC.

BYLAWS OF PRAIRIE PATHWAYS II CONDOMINIUM OWNER S ASSOCIATION, INC. BYLAWS OF PRAIRIE PATHWAYS II CONDOMINIUM OWNER S ASSOCIATION, INC. ARTICLE I: Plan of Administration Condominium Unit Ownership / Description of Real Property Certain property located in the Village of

More information

Fannie Mae Update: Collateral Policy & Technology Guidance for Appraisers. Presenter: Julie Jones August 23, 2017

Fannie Mae Update: Collateral Policy & Technology Guidance for Appraisers. Presenter: Julie Jones August 23, 2017 Fannie Mae Update: Presenter: Julie Jones August 23, 2017 2017 Fannie Mae. Trademarks of Fannie Mae. 1 Disclaimer An Important Note about the Seminar Content While every effort has been made to ensure

More information

Registration Classroom Rules and Procedures Introduction

Registration Classroom Rules and Procedures Introduction Course Schedule SECTION 1. (Day 1 Morning) Introduction Registration Classroom Rules and Procedures Introduction Part 1. The Appraiser and Public Trust Ethical and Competent Practice Exercising Sufficient

More information

Issues In Condominium Law Chapter 242 Of The Acts Of 1998

Issues In Condominium Law Chapter 242 Of The Acts Of 1998 November 2000 November 2000, Davis, Malm & D'Agostine, P.C. Issues In Condominium Law Chapter 242 Of The Acts Of 1998 Robert J. Galvin Davis, Malm & D'Agostine, P.C. Chapter 183A, the Massachusetts condominium

More information

Table of Contents F H A/VA M ANUF ACTURED HOME GUID E L I N E S

Table of Contents F H A/VA M ANUF ACTURED HOME GUID E L I N E S Table of Contents 1. Table of Contents... 1 2. FHA/VA Loan Eligibility... 3 3. FHA/VA FICO Score... 3 4. FHA/VA Eligible Mortgages... 3 5. FHA/VA Ineligible Mortgages... 4 6. FHA/VA Eligible Property Types...

More information

Exterior Only Inspection Residential Appraisal Report File #

Exterior Only Inspection Residential Appraisal Report File # SUBJECT Summary Appraisal Report Brian J. Davis & Associates Exterior Only Inspection Residential Appraisal Report File # Page #3 The purpose of this summary appraisal report is to provide the lender/client

More information

Common Interest Ownership Act Key Points

Common Interest Ownership Act Key Points Common Interest Ownership Act Key Points Declaration A common interest community may be created only by recording a declaration executed in the same manner as a deed. In a cooperative, it is created by

More information

STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION DIVISION OF FLORIDA CONDOMINIUMS, TIMESHARES AND MOBILE HOMES

STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION DIVISION OF FLORIDA CONDOMINIUMS, TIMESHARES AND MOBILE HOMES STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION DIVISION OF FLORIDA CONDOMINIUMS, TIMESHARES AND MOBILE HOMES IN RE: PETITION FOR BINDING ARBITRATION - HOA Indian Lake Estates, Inc.,

More information

Sec Short-term rental of apartment units or townhomes. [Miami Beach]

Sec Short-term rental of apartment units or townhomes. [Miami Beach] Sec. 142-1111. - Short-term rental of apartment units or townhomes. [Miami Beach] (a) Limitations and prohibitions. (1) Unless a specific exemption applies below, the rental of apartment or townhome residential

More information

Market Conditions Addendum to the Appraisal Report

Market Conditions Addendum to the Appraisal Report Market Conditions Addendum to the Appraisal Report File No. The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent

More information

MISSION STATEMENT LCLB PURPOSE PRIORITIES & POLICIES. 1. Policies Governing the Acquisition of Properties

MISSION STATEMENT LCLB PURPOSE PRIORITIES & POLICIES. 1. Policies Governing the Acquisition of Properties MISSION STATEMENT The LAWRENCE COUNTY LAND BANK (LCLB) will strategically acquire distressed properties and return them to productive, tax-paying use. The LCLB will: reduce blight; stabilize neighborhoods

More information

Fannie Mae Update. July 30, AI Annual Conference Fannie Mae.

Fannie Mae Update. July 30, AI Annual Conference Fannie Mae. Fannie Mae Update July 30, 2018 Disclaimer While every effort has been made to ensure the reliability of the session content, Fannie Mae s Selling and Servicing Guides and their updates, including Guide

More information

STATE OF NEW JERSEY. SENATE, No th LEGISLATURE. Sponsored by: Senator JOHN H. ADLER District 6 (Camden)

STATE OF NEW JERSEY. SENATE, No th LEGISLATURE. Sponsored by: Senator JOHN H. ADLER District 6 (Camden) SENATE, No. STATE OF NEW JERSEY th LEGISLATURE INTRODUCED FEBRUARY, 00 Sponsored by: Senator JOHN H. ADLER District (Camden) SYNOPSIS The "New Jersey Real Estate Timeshare Act." CURRENT VERSION OF TEXT

More information

Introducing Transparency and Rationality into the Home Buying Process A RESNET Policy Proposal October 2013

Introducing Transparency and Rationality into the Home Buying Process A RESNET Policy Proposal October 2013 Introducing Transparency and Rationality into the Home Buying Process A RESNET Policy Proposal October 2013 Published by: Residential Energy Services Network, Inc. http://resnet.us Copyright, Residential

More information

CITY OF JACKSONVILLE, FLORIDA

CITY OF JACKSONVILLE, FLORIDA PROPERTY APPRAISER DEPARTMENT VISION: To earn the public s trust. DEPARTMENT MISSION: We will: Produce a fair, equitable and accurate tax roll as required by law. Focus on our customers the taxpayers.

More information

Buyer s Initials Seller s Initials DRAFT G. SHORT SALE APPROVAL CONTINGENCY

Buyer s Initials Seller s Initials DRAFT G. SHORT SALE APPROVAL CONTINGENCY G. SHORT SALE APPROVAL CONTINGENCY 1. Approval of Seller s Lender(s) and Requirements for Seller s Approval of Short Sale. This Contract is contingent upon: (a) Seller s lender(s) and all other lien holder(s)

More information

Request for Qualifications ( RFQ ) to Select Program Eligible Developers

Request for Qualifications ( RFQ ) to Select Program Eligible Developers Philadelphia Redevelopment Authority Neighborhood Stabilization Initiative Request for Qualifications ( RFQ ) to Select Program Eligible Developers Issue Date: December 11, 2015 Closing Date: January 4,

More information

Rate (%) Fannie Mae TBA ,500,000 41,161,914 Federal Home Loan Bank Discount Notes 0.00

Rate (%) Fannie Mae TBA ,500,000 41,161,914 Federal Home Loan Bank Discount Notes 0.00 Schedule of Investments as of 2018-06-30 (Unaudited) Fannie Mae TBA 3.00 2048-07-01 42,500,000 41,161,914 Federal Home Loan Bank Discount Notes 0.00.00 2018-07-02 39,590,000 39,590,000 07/02/2018 United

More information

THIRD AMENDMENT TO MASTER DEED OF THE VILLAS AT STRATFORD PLACE. (Act 59, Public Acts of 1978) as amended

THIRD AMENDMENT TO MASTER DEED OF THE VILLAS AT STRATFORD PLACE. (Act 59, Public Acts of 1978) as amended THIRD AMENDMENT TO MASTER DEED OF THE VILLAS AT STRATFORD PLACE (Act 59, Public Acts of 1978) as amended Third Amendment to Clinton County Condominium Subdivision Plan No. 51, including; (1) Third Amendment

More information

CORRECTION DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS FOR GUINN ESTATES, UNIT II

CORRECTION DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS FOR GUINN ESTATES, UNIT II 20150100005110 CORRECTION DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS FOR GUINN ESTATES, UNIT II (formerly known as Guinn Farms, Unit 2) This Declaration of Covenants, Conditions and Restrictions

More information

Manufactured Home Requirements

Manufactured Home Requirements Manufactured Home Requirements All end agency (FHA/FNMA/VA/USDA) guidelines must always be met. This is provided as guidance, but if the end agency requirements are more restrictive, those must be followed.

More information