Project information form used in mortgage underwriting to document a condominium's ownership, finances, condition, insurance, and governance.
A condo questionnaire is a project information form that a lender uses to collect facts about a condominium association and development during mortgage underwriting.
The questionnaire helps the lender investigate risk that is not visible in the borrower’s credit file or an appraisal of one unit. It can identify incomplete construction, association-control issues, delinquent dues, pending assessments, commercial use, concentrated ownership, litigation, or major repairs.
The form is important, but it is not an approval certificate. The lender may need budgets, meeting minutes, inspection reports, insurance policies, governing documents, or other evidence to verify or explain an answer. A blank, inconsistent, or unsupported response can delay the review even when no actual project defect exists.
Borrowers usually encounter the questionnaire after applying for a loan on a specific condo unit. The lender, loan originator, settlement contact, or project-review vendor sends the request to the homeowners association or management company. Some associations charge a document or rush fee, and response times vary.
The buyer often cannot complete the form personally because many questions concern association-wide records. The borrower can help by identifying the correct management contact early and confirming whether a recent package is already available, but the lender decides what documentation is acceptable.
| Topic | What the lender is trying to establish |
|---|---|
| Project identity and status | Number of units, completion, phasing, sales, and whether owners control the association |
| Ownership and occupancy | Investor concentration, single-entity ownership, transient use, and commercial activity |
| Association finances | Budget, reserves, delinquent assessments, special assessments, and financial stress |
| Physical condition | Inspections, deferred maintenance, evacuation orders, and unresolved critical repairs |
| Legal matters | Pending litigation, pre-litigation disputes, and project termination or insolvency concerns |
| Insurance | Master-property, liability, fidelity, flood, and other project coverage information |
The exact questions are not universal. Agency forms, lender forms, shortened addenda, and project-specific follow-up requests may differ.
The reviewer checks the answers against the applicable Condo Project Eligibility rules. A straightforward response may support a Condo Full Review or another permitted review path. A concerning answer can trigger a request for meeting minutes, a Condo Reserve Study, engineering records, an assessment explanation, or policy documents.
The lender also considers how current the information is. A questionnaire completed for an older transaction may not reflect a new assessment, insurance renewal, repair finding, or change in project status.
A management company returns a questionnaire stating that the association recently approved a special assessment for balcony work. The lender does not assume that every assessment makes the project ineligible. It requests the assessment notice, engineering report, repair schedule, amount still to be collected, and related meeting minutes to determine whether the work involves Condo Critical Repairs and whether the project meets the chosen program’s requirements.
A missing answer is not automatically proof of an ineligible project. It is, however, a documentation problem if the lender cannot make a required determination without it.
Condo Review is the entire project-underwriting process. The questionnaire is one information source within that process.
A Condo Reserve Study analyzes long-term capital components and funding. A questionnaire may ask whether a study exists, but it does not replace the study.
The Condo Master Policy is the association’s insurance contract. A questionnaire can summarize coverage, but the lender may still need the policy, declarations, endorsements, and deductible details.
Warrantable Condo describes a financing conclusion, not a form. Completing the questionnaire does not by itself make a project warrantable.