What Is a Condo Questionnaire? What Lenders Actually Ask
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A condo questionnaire is a form completed by a condominium association or its manager for a lender’s project review. It asks about ownership, finances, insurance, litigation, assessments, commercial space, delinquency and building condition. The lender uses the answers with other documents to decide whether the condo project meets its current financing requirements.
Our co-op and condo basics hub explains the property types. This page handles the moment the lender stops studying only you and begins studying the building.
| Questionnaire topic | What the lender evaluates | Source of the answer |
|---|---|---|
| Ownership and sales | Concentration and project status | Association or managing agent |
| Insurance and finances | Coverage, reserves and delinquencies | Policies and financial records |
| Condition and litigation | Risks to the collateral | Building records and counsel |
“It’s all about the numbers and the execution,” says NestApple co-founder Georges Benoliel. You can help the execution by ordering the form before the lender has to chase it.
Condo questionnaire requirements let the lender evaluate the project
A condo loan is secured by one unit, but shared finances, insurance and physical conditions can affect that collateral. The lender is underwriting your finances and quietly interviewing the building.
Fannie Mae provides condo and co-op project eligibility resources for lenders evaluating projects. A loan may follow a streamlined or fuller review depending on the transaction and current standards.
The questionnaire supports that review. It doesn’t replace the appraisal, title work, insurance review or other lender requirements.
Condo questionnaire Fannie Mae project questions
Condo questionnaire requirements commonly address the number and use of units, owner occupancy, assessments, budgets, reserves, delinquencies, lawsuits, insurance, structural issues and commercial space. One form asks whether the dream apartment shares a roof with an insurance problem.
A condo questionnaire Fannie Mae form and lender-specific alternatives may request different detail. Fannie Mae publishes a condominium project questionnaire, while Freddie Mac condo guidelines and forms support its own project review process.
Answers should come from authorized building records. Guessing is a poor compliance strategy and an excellent future email chain.
Freddie Mac condo guidelines also require project information
The buyer or loan officer usually orders the questionnaire through the condo association, managing agent or a document vendor. The questionnaire can travel through three inboxes and still claim it took the direct route.
The building completes or certifies the information, may charge a fee and may require an authorization. The lender reviews the return and can ask follow-up questions or supporting documents.
Our property managing agent guide explains the manager’s administrative role. Legal and lending decisions remain with the professionals responsible for them.
An answer can affect loan eligibility
Issues may include inadequate insurance, deferred maintenance, critical repairs, substantial litigation, high delinquency, unstable finances or an ineligible ownership pattern. A perfect borrower cannot personally repair the building’s eligibility.
Some findings can be clarified or cured; others may require a different lender or financing structure. Our non-warrantable condo guide explains what the broader label can mean.
Don’t assume one lender’s decision predicts every lender’s. Do understand that changing lenders doesn’t erase the building fact that caused concern.
How long does it take to get a condo questionnaire?
How long does it take to get a condo questionnaire? Timing depends on the building, manager, vendor, payment, authorization and follow-up. Order it early; forms become contemplative when a rate lock is watching.
Ask about fees and turnaround before your contract milestones become tight. Track whether the lender has everything it needs and whether any response has expired under its policy.
Use NestApple’s mortgage and affordability calculators to model financing and the NYC closing-cost calculators for the wider cash plan. Add the exact questionnaire and document fees from the building.
Common questions
Is a condo questionnaire the same as a board application? No. It is primarily a lender project-review document, although the building may have separate purchase procedures.
Who pays the questionnaire fee? Transaction practice and building policy vary. Confirm responsibility with the lender, contract and managing agent.
Can a cash buyer skip it? A cash buyer may not need lender project approval, but still needs legal, financial and physical building diligence.
Does a completed form guarantee approval? No. The lender evaluates the answers with its current program and other documentation.
The questionnaire is less interested in the countertops than in whether the building beneath them can support the loan.
Nicole Fishman Benoliel co-founded NestApple in 2017. She's a lawyer admitted to the New York bar - her law degree is from La Escuela Libre de Derecho in Costa Rica, with further study at IE Business School in Madrid and an LLM from Fordham in New York. She does not act in a legal capacity at NestApple; every client is referred to an attorney who handles real estate deals full time.
