CONDO QUESTIONNAIRE ANSWER KEY - Angel Oak MS
CONDO QUESTIONNAIRE
ANSWER KEY
1. Project is: Condo and PUD's are allowed. HOA certification not needed for a PUD
10a. Total income budgeted this year, total reserves budgeted: At least 10% of the total budget should be allocated for reserves. (Exceptions may be considered)
2. Unit is: Attached and Detached projects are allowed
3. Units are: If Leasehold, project is ineligible
4. Unit owners in control of HOA? Developers or unit owners may be in control. If Developer is still in control, condo is considered new and requires a FNMA PERS approval
11. Is project part of a "Master" or "Umbrella" Association? If yes, additional information may be required for eligibility
12. Does any one person or entity own more than one unit? No single entity may own more than 20% of the total units
13. Are there any pending or outstanding special assessments? If yes, obtain details and determine the impact on all units and marketability
5a. Are all units complete? Are all common elements and
14. Is the HOA involved in any litigation, mediation,
amenities with the subject phase complete?
arbitration, or other dispute resolution process?
All units, common areas, and recreational facilities
If yes, obtain details (attorney opinion letter) and
must be 100% complete for the subject phase
determine risk. If litigation affects the structure or
6a. Is the project a legally phased project? If yes, is the project
marketability, the project in ineligible
subject to additional phasing / annexation / add-ons?
15. Are there any adverse environmental factors affecting
Additional phasing and add-ons are allowed. Condo is
the project as a whole or as individual units?
considered new and requires PERS approval
If yes, the appraiser must address the impact on value
7a. Is the project a conversion of an existing building?
and marketability
If yes, was conversion a full gut-rehabilitation?
16. Does the homeowners' association have a reserve fund
Condo conversions that are at least 3 years old
separate from the operating account?
are eligible
At least 10% of the total budget should be allocated
8. Project pre-sale and owner occupancy questions are for
for reserves
residential units only:
17. Do the project legal documents include any restrictions
The date when first units were made available is used to
on sale which would limit the free transferability of title?
determine if the project is selling at an acceptable rate
If yes, the only restrictions allowed are age restrictions
9a. How many units are over 30 days delinquent? If units are delinquent, what is the balance owed? If more than 15% of the total units or 10% of the total budget are greater than 29 days delinquent, project is ineligible.
18. Is the unit part of a legally established condominium project, in which common areas are owned jointly by unit owners? If no, project is ineligible
? Angel Oak Mortgage Solutions LLC NMLS #1160240, Corporate office, 980 Hammond Drive, Suite 850, Atlanta, GA, 30328. This communication is sent only by Angel Oak Mortgage Solutions LLC and is not intended to imply that any of our loan products will be offered by or in conjunction with HUD, FHA, VA, the U.S. government or any federal, state or local governmental body. This is a business-to-business communication and is intended for licensed mortgage professionals only and is not intended to be distributed to the consumer or the general public. Each application is reviewed independently for approval and not all applicants will qualify for the program. Angel Oak Mortgage Solutions LLC is an Equal Opportunity Lender and does not discriminate against individuals on the basis of race, gender, color, religion, national origin, age, disability, other classifications protected under Fair Housing Act of 1968.
CONDO QUESTIONNAIRE ANSWER KEY
MS523_0719
CONDO QUESTIONNAIRE
ANSWER KEY
19a. Do unit owners have sole ownership & exclusive right to 25. HOA is named insured on master insurance policy?
project facilities?
If no, project is ineligible
If no, project is ineligible
26. Are common elements / limited common elements
19b. Are any project facilities (parking, recreation facilities)
insured to 100% replacement cost?
leased to the HOA?
If no, project is ineligible
If yes, project is ineligible
27. Are units or common improvements located in a
20a. Does the project consist of manufactured housing units?
flood zone?
If yes, project is ineligible
If yes, flood insurance is required
20b. Are any units less than 600 square feet? If yes, project is ineligible
28. Is the HOA insured for general liability? If no, project is ineligible
20c. Are any of the units used for "live-work" (e.g., the unit 29. Does the HOA provide hazard insurance coverage for the
owner lives in a loft area and runs a business on the
interior (walls-in) of the condominium unit?
ground floor)?
If no, the borrower must obtain a separate HO-6 policy
If yes, project is ineligible
30. Is the HOA insured for Fidelity Bond?
20d. Is the project a Continuing Care Retirement Community
Fidelity bond coverage is required for projects over 20
or Life Care Facility where residents sign long-term
units, must be $1 million per occurrence and must be
contracts for housing, medical, assisted-living, and
at least equal to the greater of 3 months HOA dues or
other services?
reserves or minimum required by state law.
If yes, project is ineligible
31. Minimum number of days required for written
21. If a unit is taken over in foreclosure or deed-in-lieu, is
notification to be given to HOA or insurance trustee
the lender responsible for delinquent HOA dues?
before any substantial changes or cancellation of the
If yes, the mortgagee may not be responsible for more
project coverage.
than the greater of 6 months, or the maximum amount
Minimum of 10 days required
permitted under applicable state law
32. We certify that the right of first refusal does not
22. Does the property operate as a resort hotel; renting
adversely impact the rights of a mortgage or its assignee
units on a daily basis?
to foreclose or take title to a condo unit pursuant
If yes, only allowed on a case by case basis with prior
to the remedies in the mortgage; accept a deed or
management review and approval
assignment in lieu of foreclosure in the event of default
23. Is any part of the project used for commercial purposes? If yes, only allowed on a case by case basis with prior management review and approval
by a mortgagor; and sell or lease a unit acquired by the mortgagee or assignee. If no, project is ineligible
24. Do the project legal documents or local zoning limit the amount of time the owners can live in their unit? If yes, project is ineligible
? Angel Oak Mortgage Solutions LLC NMLS #1160240, Corporate office, 980 Hammond Drive, Suite 850, Atlanta, GA, 30328. This communication is sent only by Angel Oak Mortgage Solutions LLC and is not intended to imply that any of our loan products will be offered by or in conjunction with HUD, FHA, VA, the U.S. government or any federal, state or local governmental body. This is a business-to-business communication and is intended for licensed mortgage professionals only and is not intended to be distributed to the consumer or the general public. Each application is reviewed independently for approval and not all applicants will qualify for the program. Angel Oak Mortgage Solutions LLC is an Equal Opportunity Lender and does not discriminate against individuals on the basis of race, gender, color, religion, national origin, age, disability, other classifications protected under Fair Housing Act of 1968.
Level 3 Correspondent Process 2 July 2019
MS523_0719
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