Condo Questionnaire: What Buyers Should Ask Early
A condo questionnaire is a lender's structured way of gathering facts about the building and association; it is not just another buyer form.
What the questionnaire is for
A lender needs to understand the project in addition to underwriting the borrower. Depending on the loan and review type, a condominium questionnaire or equivalent project data can help identify ownership composition, delinquent assessments, insurance coverage, pending litigation, commercial uses and repairs. Fannie Mae publishes Form 1076 for established projects and related review guidance. Lenders may use a substantially similar form when permitted.
Who completes it and why timing matters
Association management, an authorized board representative or another knowledgeable source generally provides the project information. Some associations charge fees or have turnaround times. A buyer's loan officer may need follow-up evidence beyond the questionnaire. Do not assume the real estate listing agent has all required answers or that a previous lender's approval still applies.
The questions that can reveal major risks
Ask whether the project has open critical repairs, evacuation orders, pending assessments, material litigation, insurance gaps or unusually high delinquency rates. A lawsuit over a small vendor dispute differs from one alleging structural deficiencies. The lender must evaluate the actual facts under the applicable rules; there is no one-sentence answer that covers every legal issue.
The lender may also need documents
A questionnaire can lead to requests for current budgets, master insurance policies, meeting minutes, engineering reports, reserve studies and legal documentation. Fannie Mae's full review requirements and ineligible-project rules specify relevant project standards. The buyer should ask which review method applies and whether the lender has enough information to make a preliminary project determination.
Example: a five-day financing window
A buyer enters a contract with a five-business-day financing-related deadline. Management estimates ten business days to deliver the questionnaire. Even an otherwise qualified borrower could face timing risk. Before making an offer, ask how quickly the association responds, whether the lender has recent project data and what the contract allows if documents arrive late. Discuss deadline changes with the real estate agent or attorney.
What a questionnaire cannot guarantee
A completed questionnaire does not guarantee the project meets all eligibility standards. Information may be outdated, incomplete or contradicted by other documents. The lender remains responsible for the applicable project decision. Buyers should also independently review restrictions and financial risks, which may go beyond the mortgage lender's minimum requirements.
A simple request list
Request the questionnaire, current budget, master insurance, reserve study where applicable, special-assessment notices, relevant board minutes, litigation disclosures and engineering or inspection reports. Give the package to the lender early. Ask who will follow up on missing items and when a project eligibility decision can realistically be expected.
Frequently asked questions
Who fills out the condo questionnaire?
Typically an authorized association or management representative provides the information requested by the lender.
Can I get financing without a questionnaire?
Some transactions may qualify for different review methods or waivers, but the lender determines the documentation required.
Does a completed questionnaire mean the condo is approved?
No. The lender must evaluate the information and applicable project rules.
Should I order the questionnaire before making an offer?
Ask the association about availability and turnaround time as early as practical.
What if the HOA refuses to provide documents?
Ask the lender what evidence is mandatory; missing required documentation can delay or prevent financing.
The bottom line
A condo questionnaire is a lender's structured way of gathering facts about the building and association; it is not just another buyer form. Verify the current requirements and compare actual terms before making a commitment.
It's good to know a guy.
Book a free 15-minute consultation ↗ or send a mortgage inquiry securely ↗.
Related mortgage resources
Sources
- Fannie Mae — Full Review Process
- Fannie Mae — Ineligible Projects
- Fannie Mae — Project Eligibility Review Service