PUD/Condo Helpful Hints and Tips for Conventional Financing. PUDS (Established Attached/Detached) CONDOS-Short/Limited Review...
|
|
- Curtis Cox
- 5 years ago
- Views:
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
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 informationEXPANDED 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 informationFreddie 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 informationCondo - 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 informationSection 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 informationSection 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 informationFROM: 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 informationSection 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 informationThis 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 informationSlide 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 informationCondominium 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 informationFreddie 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 informationSUBJECT: 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 informationAgency 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 informationCondominium 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 information4. 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 informationSection 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 informationCONDO/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 informationCA-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 informationCondo 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 informationCONDOMINIUM 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 informationSUBJECT: 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 informationSECTION 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 informationStandard 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 informationHUD 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 informationFannie 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 informationSection 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 informationA 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 informationFHA 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 informationAppraisal 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 informationSIRVA 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 informationRHODE 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 informationTechnical 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 informationChapter 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 informationTHE 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 informationMANUFACTURED 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 informationU.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 informationTable 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 informationARTICLE 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 informationMANUFACTURED 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 informationAPPRAISAL 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 informationJune 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 informationMAKING 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 informationShared 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 informationParamount 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 informationChapter 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 informationProfessional 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 informationBy . 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 informationPART 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 informationHOA 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 informationChapter 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 informationSelling 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 informationCondominiums 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 informationChapter 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 informationA 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 informationMonthly 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 informationALI-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 informationMonthly 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 informationFAQs 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 informationANNOUNCEMENT #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 informationA 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 informationAppraisal 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 information3-2 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 information2. 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 informationCENTER 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 information203K 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 informationPro-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 information4 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 informationColorado 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 informationQuestions 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 informationCONDOMINIUM 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 informationForeclosure 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 informationOverall 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 informationCONDOMINIUM 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 informationExam 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 informationFROM: 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 informationCONDOMINIUM 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 informationAppraisal 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 informationPUBLIC 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 informationBYLAWS 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 informationFannie 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 informationRegistration 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 informationIssues 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 informationTable 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 informationExterior 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 informationCommon 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 informationSTATE 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 informationSec 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 informationMarket 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 informationMISSION 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 informationFannie 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 informationSTATE 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 informationIntroducing 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 informationCITY 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 informationBuyer 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 informationRequest 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 informationRate (%) 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 informationTHIRD 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 informationCORRECTION 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 informationManufactured 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