For lenders
Lender resources
Condo financing stalls on two things: finding the right person to complete the questionnaire, and getting straight answers about reserves, occupancy and insurance. Community profiles here record both wherever the association has shared them.
Questionnaire routing
Management companies typically designate a specific contact for lender questionnaires, separate from general inquiries, with their own fee and turnaround.
- Questionnaire contact and submission method
- Fee and payment process
- Typical turnaround time
- Whether the association uses a third-party document provider
Warrantability factors
These determine whether a condo is eligible for conventional, FHA or VA financing.
- Owner-occupancy and investor concentration
- Single-entity ownership concentration
- Percentage of units 60+ days delinquent on fees
- Reserve contributions as a percentage of the annual budget
- Pending litigation, especially structural or construction defect claims
- Commercial / non-residential square footage
- Deferred maintenance and any recent structural inspection findings
Insurance requirements
Confirm the master policy type (bare walls, single entity, or all-in), the fidelity bond amount, flood zone status, and whether coverage limits meet agency requirements. The unit owner's HO-6 policy must match the gap the master policy leaves.
Assessments and reserves
A current or pending special assessment affects both the borrower's debt-to-income calculation and the project's eligibility. Confirm the amount, payment schedule, remaining balance and what the association is funding.