Fillable Condo Limited Review Form (WestGen Lending)

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Condo Limited Review Form (WestGen Lending)

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  • 58 check-boxes
  • 43 other fields

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Condo Limited Review Form - Page 1 of 4
Condo Limited Review Form
General Information
Borrower(s) Name:
Date:
Loan Number
Phase Number (if applicable):
Project Name:
Project Address
Street: City:
State: Zip Code: County:
Subject Property Address
Street: Unit #:
City: State: Zip Code:
Association / Management Company Information
Name of Association / Management Company:
Street: City:
State: Zip Code: Phone Number:
HOA Tax ID:
HOA Management Company Tax ID:
Please have the project management contact
answer all questions, sign, and date the form. Your timely
response is appreciated.
Project Profile:
(To be completed by HOA or Management Company)
Year Built
Monthly HOA
Dues
Total Units in
Project
Primary /
Second Home
Units
Investor Units
Retained by
Developer
This is not a commitment to lend. For use by mortgage professionals only. WestGen Lending is a DBA of GenHome Mortgage Corporation. Available loan amounts and LTV limits subject to GenHome Mortgage C
orporation
underwriti
ng review. GenHome Mortgage Corporation reserves the right to revise programs, rates, and guidelines without notice. All loans are made in compliance with federal, state, and local laws. GenHome Mortgage
Corporation is a California Corporation, Licensed by Department of Business Oversight under California Finance Lenders Law Lice
nse #60DBO102460. NMLS# 317332
Co
ndo Limited Review Form - Page 2 of 4
1. Are the unit’s owners in control of the HOA?
If Yes, as of (mm/yyyy)
Yes No
2. Is the project complete and not subject to additional phasing? Yes No
3. If the subject is a detached unit, is the unit 100% complete? Yes No
4. Does the project provide for hotel type services? Yes No
5. Does the project contain any units that are less than 400 square feet? Yes No
6. Does the project have split ownership arrangements, mandatory or
voluntary rental pooling arrangements, or other restrictions on the unit
owner’s ability to occupy the unit?
Yes No
7. Does the project consist of property that is not real estate (e.g. houseboat,
boat slip,etc.)?
Yes No
8. Is the project/association part of any type of pending or current litigation? Yes No
9. Is the project an investment security? Yes No
10. Is it a live work project?
If yes, is it mostly residential in character and are the unit owner’s operators
of the business?
Yes No
11. Are multi-dwelling units allowed (owner owns more than 1 unit secured by a
single deed and single mortgage)?
Yes No
12. Is the project subject to zoning restrictions that would prohibit the project
from being re-built to current density?
Yes No
13. Does the project have any non-incidental business operation owned or
operated by the HOA?
If yes, what percentage of the projects budget comes from non-incidental
business operations? %
Yes No
14. Is the project a continuing care community or facility? Yes No
15. Is more than 25% of the total square footage of the project used for
nonresidential purposes (commercial space)?
Yes No
16. Are the unit owners required to pay mandatory upfront and/or periodic
membership fees for use of recreational amenities not owned by the HOA.
(i.e. owned by an outside party including builder/developer)?
Yes No
17. Does the project contain manufactured homes? Yes No
18. Is the lender liable for delinquent HOA charges?
If yes, how many months?
Yes No
19. Projects consisting of 21 or more units: Does any individual or entity own
more than 10% of total units?
Yes No
20. Projects consisting of 5-20 units: Does any individual or entity own more
than two units?
Yes No
This is not a commitment to lend. For use by mortgage professionals only. WestGen Lending is a DBA of GenHome Mortgage Corporation. Available loan amounts and LTV limits subject to GenHome Mortgage C
orporation
underwriti
ng review. GenHome Mortgage Corporation reserves the right to revise programs, rates, and guidelines without notice. All loans are made in compliance with federal, state, and local laws. GenHome Mortgage
Corporation is a California Corporation, Licensed by Department of Business Oversight under California Finance Lenders Law Lice
nse #60DBO102460. NMLS# 317332
Cond
o Limited Review Form - Page 3 of 4
21. Projects consisting of 2-4 units: Does any individual or entity own more than
1 unit?
Yes No
22. Are any units subject to Deed or resale restrictions?
If yes, please provide number of below market rate units or number of units
with other restrictions (such as low-income or moderate-income
purchases/age restrictions that may affect resale). ___________ Units
Yes No
23. Is the project a conversion? If yes, give date _____________ (mm/yyyy) Yes No
24. If yes to 22, was it a full gut rehabilitation? Yes No
25. Are the common elements/limited common elements insured to 100%
replacement cost?
Yes No
26. Are the units or common improvements located in a flood zone? Yes No
27. If yes to 25, is flood insurance in force? Yes No
28. If yes to 26, does the flood insurance cover 100% replacement; OR Yes No
29. Is the coverage the maximum available per Federal Flood program? Yes No
Insurer on HOA’s Master Policy:
Phone Number:
Contact and Signature (to be completed by HOA or Management Company)
Company Name
Contact:
Title
Email:
Phone Number:
Fax Number:
By s
igning below, I certify that the information represented on this form is true and correct to the best of
my knowledge.
NOTE: Broker to submit property insurance policies to document subject condominium meets
all FNMA property insurance requirements. (See FNMA website for full requirements:
https://www.fanniemae.com/content/guide/selling/b7/3/04.html)
Signature:
Date:
This is not a commitment to lend. For use by mortgage professionals only. WestGen Lending is a DBA of GenHome Mortgage Corporation. Available loan amounts and LTV limits subject to GenHome Mortgage C
orporation
underwriti
ng review. GenHome Mortgage Corporation reserves the right to revise programs, rates, and guidelines without notice. All loans are made in compliance with federal, state, and local laws. GenHome Mortgage
Corporation is a California Corporation, Licensed by Department of Business Oversight under California Finance Lenders Law Lice
nse #60DBO102460. NMLS# 317332
click to sign
signature
click to edit
Condo Limited Review Form - Page 4 of 4
Master or blanket type of insurance policy that covers 100% of the insurable replacement cost of the
project improvements, including the individual units in the project. The maximum deductible must be no
greater than 5% of the face amount of the policy
HO-6 Po
licy required if the unit interior improvements are not included under the terms of this policy
type, the borrower is required to have an HO-6 policy with coverage, as determined by the insurer,
which is sufficient to repair the condo unit to its condition prior to a loss claim event
Flood
Insurance Coverage Requirements
(See FNMA Website: https://www.fanniemae.com/content/guide/selling/b7/3/07.html
)
The minimum amount of flood insurance required for most first mortgages secured by one- to four-unit
properties, individual PUD units, and certain individual condo units (such as those in detached condos,
townhouses, or rowhouses) is the lowest of:
• 100% of the replacement cost of the insurable value of the improvements;
• the maximum insurance available from the NFIP, which is currently $250,000 per dwelling; or
• the unpaid principal balance of the mortgage.
If a first mortgage is secured by a unit in an attached condo, co-op, or PUD project and any part of the
improvements are in an SFHA, the lender must verify that the HOA or co-op corporation maintains a
master or blanket policy of flood insurance and provides for premiums to be paid as a common expense.
Sta
nd-alone flood insurance dwelling policies for an attached individual condo unit are not
acceptable. A master condo flood insurance policy must be maintained by the HOA, subject to the
coverage requirements below. (For detached units, refer to the requirements described in Coverage for
First Mortgages above.)
Condo
projects:
The HOA must obtain a Residential Condominium Building Association Policy or equivalent private flood
insurance coverage for each building that is located in an SFHA. The policy must cover all of the common
elements and property (including machinery and equipment that are part of the building), as well as each
of the individual units in the building.
The
master flood insurance policy must be at least equal to the lower of
• 80% of the replacement cost, or
• the maximum insurance available from NFIP per unit (which is currently $250,000).
If
the condo project master policy meets the minimum coverage requirements above but does not meet
the one- to four-unit coverage requirements (described in Coverage for First Mortgages), a supplemental
policy may be maintained by the unit owner for the difference.
The c
ontents coverage should equal 100% of the insurable value of all contents (including machinery and
equipment that are not part of the building), owned in common by association members. If the condo
project has no master flood insurance policy or if the master flood insurance policy does not meet the
requirements above, mortgages securing units in that project are not eligible for delivery to Fannie Mae.
Note: DU Refi Plus and Refi Plus loans secured by units in a condo project are not required to meet the
flood insurance requirements for master flood insurance policies stated in this section. Rather, if no master
policy is in place, a standalone dwelling policy may be maintained by the unit owner to meet the full one-
to four-unit requirements. If the master policy is deficient (by any amount), a supplemental policy may be
maintained by the unit owner for the difference between the master policy and the one- to four-unit
requirements.
This is not a commitment to lend. For use by mortgage professionals only. WestGen Lending is a DBA of GenHome Mortgage Corporation. Available loan amounts and LTV limits subject to GenHome Mortgage C
orporation
underwriti
ng review. GenHome Mortgage Corporation reserves the right to revise programs, rates, and guidelines without notice. All loans are made in compliance with federal, state, and local laws. GenHome Mortgage
Corporation is a California Corporation, Licensed by Department of Business Oversight under California Finance Lenders Law Lice
nse #60DBO102460. NMLS# 317332
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Condo Limited Review Form (WestGen Lending)

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Completed 25 August 2021

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