+2 votes
I want to place a contract on a condo property and my lender refuse to place the loan, before we find out the delinquency report.  Time is of the essence, because I cannot put an offer in yet and I afraid that the property will be taken by another offer.  How do I find out about the delinquency rate?
asked Nov 19, 2017 in USDA Loans by Barbara Hudson

2 Answers

+1 vote
Your agent could call the HOA or management firm directly and ask about the delinquency. Once you know the figure, get a condo questionnaire from your lender. Here's an example from Fannie Mae: https://www.fanniemae.com/content/guide_form/1077.pdf

Keep in mind that your lender might require a different questionnaire depending on the kind of loan for which you are applying. But this is a good place to start.
answered Nov 21, 2017 by TimLucas (10,040 points)
0 votes
The property manager of the condominium homeowners association has that information.  Get a condo questionnaire form from your loan officer and have the HOA manager complete it. It normally takes a few minutes.  Condominium Questionnaire Forms are normally a page or two.

Gustan Cho NMLS 873293
answered Feb 10, 2018 by GustanCho (106,540 points)

Welcome to The Mortgage Reports Q&A Forum. Have your questions answered by experienced mortgage and real estate professionals.
515 questions
662 answers
884 users