Initial Questionnaire For HUD/FHA/VA Condominium Approval

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The purpose of this questionnaire is to insure that your complex meets the general HUD/FHA or VA requirements for condominium community approval. Your answers to these basic questions will also indicate what information and documents HUD will want for certification. After we review your answer to these questions, we will notify you of our estimation regarding your FHA or VA approval chances.

Have You Talked to the Management Company or the HOA Board About Obtaining FHA or VA approval for Your Entire Complex and are They OK With It?

What Type of Approval Are You Applying For?

What Is The Legal Name of The Condominium Complex?

What Type of Business is The HOA?

What Is The Street Address of the Condo Complex?

In What City Is the Condo Complex Located?

What State Does the Condo Complex Resides In?

What Is the ZIP Code of The Condo Complex?

Is the complex Made Up of Only Single Family Total Detached Dwellings With No Shared Garages or any Other Attached Structures Such as Archways or Breezeways? In Other Words, is Each Unit a Completely Standalone Building with no Contact with Other Buildings?

Does the Condo Complex Have Adequate Hazard and Liability Insurance - Enough to Cover Replacement Costs for All Buildings in the Complex?

Does The Complex Reside In A Flood Zone?

If the Condo Complex Has 21 Units or More - Does It Have Adequate Fidelity or Employee Crime Insurance/Bond? (HUD/FHA Requires that You Have At Least Enough Insurance/Bond To Cover All the Money You Have in Your Reserve Account(s) PLUS 3 Months of HOA Dues.) If You Use a Management Company - They Must be Covered Under this Policy OR Have Their Own Policy That Meets HUD Requirements.

Does the 2019 Year to Date Profit and Loss Statement Show A Loss?

Does the 2018 Year End Profit and Loss Statement Show A Loss?

Does The Condo Complex's Legal Documents Contain a Right of First Refusal or A Restrictive Covenant (Lease Restrictions, Tenant Screening, Etc.) ?

You Answered Yes - What Are The Details Regarding The Right Of First Refusal or the Restrictive Covenant?

Is There Commercial Usage Within the Condo Complex?

Is There any Litigation, Active, Pending or Being Contemplated?

Is There any Special Assessments, Active, Pending or Being Contemplated?

How Many Units are in The Condo Complex (Must Be 2 or More)?

How Many Total Units are Owner Occupied?

Does Any Person or Entity Own More Than 10% of the Total Units in the Condo Complex?

How Many Owners are in Arrears (More That 60 Days Past Due) in Regards to HOA Dues?

Has the Developer/Builder Turned Over Control of the HOA?

Are There Sufficient Reserves (At Least 10% of The Yearly HOA Dues) Held In a Dedicated Reserve Account?

Name of the Primary Contact Person - Remember if Complete Contact Information is Not Entered, We Can't Get Back to You to Let You Know if Your Complex Will Qualify for Approval!

Title of the Primary Contact Person (HOA Board Member, Homeowner, Realtor, Mortgage Broker, etc.)

Phone Number of the Primary Contact Person (We Will Never Give this Info Out)

Email Address of the Primary Contact Person (We Will Never Give this Info Out Or Send You Spam)

Today's Date

Remarks

By Submitting This Form, I Certify That, To The Best Of My Knowledge And Belief, The Information Submitted Is True And Correct.

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