Conventional Homeowner’s Association Certification Form
Loan Number: ______Borrower Name: ______
Property Address: ______
Project Name: ______
ELIGIBILITY (Limited and Full Review)
1. Are all common elements and/or facilities 100% complete? Yes □ No □
2. Is the project subject to additional phasing and/or add-ons? Yes □ No □
If yes, provide number of additional units to be built: ______
3. Is the project a conversion of an existing building? Yes □ No □
If yes, provide year converted: ______
4. Date control of the HOA transferred from the developer to the unit owners: ______
5. Total number of units in the project: ______
6. Number of units sold and closed: ______
7. Does any one person or entity own more than one unit? Yes □ No □
If yes, please list how many each own: ______
8. Are there any pending special assessments? Yes □ No □
If yes, please explain: ______
9. Is the HOA involved in any litigation? Yes □ No □
If yes, please explain: ______
10. Are there any adverse environmental factors affecting the project as a whole
or as individual units? Yes □ No □
If yes, please explain: ______
11. Do the project’s legal documents include any restrictions on sale which would limit the
free transferability of title? (i.e. age restrictions, first right of refusal, other deed/income
restrictions) Yes □ No □
If yes, explain: ______
12. Will more than six months of regular common expense assessments have priority over
FNMA’s lien (even if applicable law provides for a longer priority period)? ______
13. Is the unit part of a legally established condominium project, in which common areas are
owned jointly by unit owners?
Yes □ No □
14. Are the units held in fee simple title? Yes □ No □
Are the units held in leasehold? Yes □ No □
15. Are the amenities/recreational facilities owned by the HOA? Yes □ No □
16. Does the property operate as a resort/hotel, renting units on a daily/weekly basis? Yes □ No □
Does the property offer services such as maid service, restaurant/food service, time-
share, mandatory rental pool and/or commercial space such as stores/boutiques, etc? Yes □ No □
If yes, number of years in operation: ______
17. Is any part of the project used for commercial purposes? Yes □ No □
If yes, state the percentage of the total square footage used for commercial purposes: ______%
INSURANCE (Limited and Full Review)
18. Is the HOA named on the master insurance policy? Yes □ No □
19. Are common elements/limited common elements insured to 100% replacement cost? Yes □ No □
20. Coverage: $______Deductible: $______Expiration Date: ______
21. Are units or common improvements located in a flood zone? Yes □ No □
If yes, is flood insurance in force? Yes □ No □
Does it cover 80% replacement? Yes □ No □
If not, is the coverage the maximum available per the Federal flood program? Yes □ No □
22. Is the HOA insured for general liability? Yes □ No □
If yes, amount per occurrence: $______
23. Is the HOA insured for Fidelity Bond? Yes □ No □
If yes, amount: $______Amount carried by management co: $______
24. Minimum number of days required for written notification to be given to HOA or
insurance trustee before any substantial changes or cancellations of the project coverage: ______
ADDITIONAL ELIGIBILITY (Full Review Only)
25. Number of units under contract: ______
26. Number of units rented: ______
27. How many units are over 60 days delinquent: ______
28. Total income budgeted for this year: ______
Total reserves budgeted for this year: ______
29. Does the developer retain any ownership interest in any of the facilities related to the
project? Yes □ No □
30. Are the amenities and facilities (including parking and recreational facilities) subject to a
lease between the unit owners or the homeowners association and another party? Yes □ No □
31. Are individual units separately metered? Yes □ No □
______
Homeowners Association Representative Signature Date
______
Homeowners Association Representative Name/Title Phone
______
Homeowners Association/Management Company Address Fax
04.03.2015