What does a condo underwriter do?

Condo/Co-op Project Underwriter will focus on reviewing and evaluating project documents for all new and existing condominium and cooperative share projects to ensure compliance with agencies such as…

What is required for a full condo review?

The criteria for a full review is that the condominium needs to have 51% or more of its units be an owner occupant. This means it needs to be a warrantable condominium unit. Mortgage lenders do not want to see any more than 15% of the condo homeowners association dues delinquent for more than 30 days.

Does Fannie Mae require condo questionnaire?

The Condominium Project Questionnaire (Form 1076) helps lenders collect data to determine condo project eligibility. This form is optional; however, lenders are encouraged to use and retain the form in the loan file. A substantially similar form may also be used in its place.

What is a form 1008?

Lenders use this form to summarize key information utilized in the comprehensive risk assessment of the mortgage loan and the final underwriting decision — such as loan purpose, property type, proposed monthly payments, and debt ratio — for manually-processed applications related to conventional first and second …

What is the difference between a limited review and a full review on a condo?

A Limited Condo Review is a streamlined program offered by Fannie Mae & Freddie Mac for loans categorized as lower risk. Condominiums underwritten under the Limited Review program are several times MORE LIKELY TO BE APPROVED than those submitted under the Full Review program.

What is a condominium questionnaire?

A condo questionnaire is a document lenders require to fund a property designated as a townhouse or condominium that’s part of a homeowner’s association. The document offers evidence that condominium projects such as Eighty Seven Park Miami comply with the lender’s underwriting prerequisites.

What is the 1003 form?

The 1003 Form is Fannie Mae’s form number for the Uniform Residential Loan Application (URLA). Freddie Mac refers to this as Form 65. The URLA, 1003, and Form 65 are all the same forms and serve as a mortgage loan application.

How do I get a limited review for a condo?

Putting more than 20% down usually allows you to have a limited review if it’s an owner-occupied condo. But that doesn’t guarantee that the project is eligible for limited review. New condo projects, which may have ineligibility issues, could change it to a full condo project review.

What is a streamlined condo review?

Streamlined Review Process for Established Projects To expedite the process of getting a condo mortgage, Freddie Mac has a streamlined review process for established condo projects. Unit falls under the established project category. The mortgage must meet the required LTV/TLTV/HTLTV ratios for the occupancy type.

What is a 1003?

The 1003 loan application, or Uniform Residential Loan Application, is a standard form most U.S. mortgage lenders use. This form is required by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) for mortgages that they purchase from lenders.

What is condo full review and limited review?

The two types of approval are a limited review and a full review. Getting a full review approval usually allows the homebuyer to finance up to 95% to 97% of the LTV if the condo is owner-occupied, or up to 90% of the LTV if it’s a secondary home, and up to 85% of the LTV if the condo is an investment property.

What is calculated in your debt to income ratio?

To calculate your DTI, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out.