Condos, townhomes and HOAs

The condo questionnaire: what lenders ask your HOA and why it matters

When you finance a condo, the lender is underwriting the building as well as you. Many lenders send the homeowners association a project questionnaire, often Fannie Mae Form 1076, asking about finances, ownership, insurance and building condition. Its answers can decide whether your loan goes ahead.

Reviewed November 2026 · Written for Buy Home Tips from the sources listed below

A condo buyer owns a unit and shares ownership of the building and common areas with everyone else. If the association is underfunded, in a lawsuit or facing major repairs, every owner feels it. That is why lenders look at the project as a whole before approving a condo loan.

Why the project gets reviewed

Fannie Mae's project standards describe how lenders review condo, co-op and PUD projects and which review method applies. Depending on the project type and loan, a lender may do a limited review, a full review or rely on another approval. For FHA loans, HUD keeps a searchable list of FHA-approved condominium projects.

The questionnaire is how many lenders gather the information. It is completed by the HOA or management company and sent back to the lender, often for a fee.

What Form 1076 asks

The standard Fannie Mae Form 1076, also Freddie Mac Form 476, covers:

Basic project information, including any hotel or rental-pooling arrangements, deed or resale restrictions, mandatory paid memberships and non-incidental business income.
Completion and control, including whether all phases are finished and whether the developer has handed control of the HOA to the owners.
Conversions, whether the building was converted from another use within the past three years.
Finances, including how many owners are 60 or more days delinquent on assessments and whether the HOA is in active or pending litigation.
Ownership, including how many units are owner-occupied, second homes or investor-owned and whether one person or entity owns many units.
Commercial space in the building.
Insurance and financial controls, including flood coverage and whether operating and reserve funds are kept in separate accounts.

The building safety addendum

Since December 2021, Form 1076 includes an addendum on building condition. It asks when the last building inspection was done and whether it found safety, soundness, structural integrity or habitability problems, whether recommended repairs are complete, whether there are code violations and whether the HOA has a funding plan and schedule for deferred maintenance.

It also asks whether a reserve study has been completed in the past three years, the current reserve balance, any current or planned special assessments, and whether the HOA has borrowed to fund improvements or deferred maintenance.

Answers that commonly cause trouble

Lenders look closely when a questionnaire shows:

many owners behind on dues;
litigation involving the HOA;
a high share of investor-owned units, or one owner holding many units;
significant commercial space;
unfinished phases or a developer still in control;
building safety findings or unfunded repairs; and
large special assessments.

These do not automatically sink a loan, but they can lead to more document requests, a different loan type or a denial.

Waived reviews

Not every condo needs the full treatment. Fannie Mae's project standards waive project review for detached condo units and for new or established two- to ten-unit condo projects that are not part of a larger development, with some basic requirements still applying. Ask your lender which review applies.

How to avoid delays

Ask the listing agent for the management company's contact early, ask your lender to send the questionnaire as soon as you are under contract and read the HOA documents yourself. Our guide to HOA documents explains what to look for in the budget, reserve study and minutes.

The bottom line

Lenders review the condo project as well as you. The questionnaire asks about finances, ownership, insurance and building condition. Order it early, read the answers yourself and plan for questions about reserves, litigation and assessments.

Getting through the condo review

Ask the listing agent early who manages the HOA.
Ask your lender whether it needs a full or limited review.
Expect an HOA fee for completing the questionnaire.
Request the reserve study, budget and recent board minutes.
Ask about current and planned special assessments.
For FHA or VA, check whether the project is already approved.

Questions buyers ask

What is a condo questionnaire?

It is a form the lender sends the HOA or management company to collect information needed to decide whether the project is eligible for financing. Fannie Mae Form 1076, also Freddie Mac Form 476, is a common version.

What does the condo questionnaire ask?

It covers basic project information, completion and developer control, owner delinquencies of 60 days or more, litigation, ownership and rentals, commercial space, insurance and financial controls, and, in a 2021 addendum, building safety, reserve studies and special assessments.

Why do lenders care about the HOA's finances?

Fannie Mae's project standards reflect that the quality of a condo loan depends partly on the project. A project with weak reserves, heavy delinquencies or serious building issues can be a risk to every unit owner.

Is a condo questionnaire needed for every condo?

Not always. Fannie Mae waives project review for some types, such as detached condo units and two- to ten-unit condo projects that are not part of a larger development, with some basic requirements still applying.

Sources checked for this page

Checked November 2026. Programs and limits change; confirm with the source before you rely on a figure.