HomeBridge is pleased to announce enhancements to our condo project Questionnaire requirements as detailed below.
Fannie Mae and Freddie Mac Established Condominium Projects
A Limited Review Questionnaire is no longer required on established condominium projects for both Fannie Mae and Freddie Mac transactions. The HomeBridge underwriter will complete an internal checklist to ensure the project meets Fannie Mae or Freddie Mac eligibility for an established project and insurance requirements.
NOTE: Transactions that receive a property inspection waiver (PIW) from DU or an automated collateral evaluation (ACE) from LPA will continue to require a Limited Review Questionnaire be completed by the HOA.
Fannie Mae 2-4 Unit Condominium Projects
The 2-4 unit Questionnaire is no longer required for Fannie Mae transactions (it will still be required on Freddie Mac transactions). The HomeBridge underwriter will complete an internal checklist for 2-4 unit projects on Fannie Mae transactions to ensure compliance with Fannie Mae requirements for 2-4 unit projects.
The 2-4 Unit Condo Project Questionnaire has been updated to indicate Freddie Mac only.
These enhancements apply to new submissions and loans currently in the pipeline.
If you have any questions, please contact your Account Executive.