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?
2. Is the project subject to additional phasing and/or add-ons?
If yes, provide number of additional units to be built:
3. Is the project a conversion of an existing building?
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?
If yes, please list how many each own:
Yes □
No □
Yes □
No □
____________
Yes □
No □
_____________
_____________
_____________
_____________
Yes □ No □
_____________
In determining the percentage of single entity ownership, the following must be considered:
 Units owned by the developer/sponsor that are currently subject to any lease
arrangement, which may or may not contain a provision allowing for the future
purchase of the unit (including but not limited to lease-purchase or lease-to-own
agreements), must be included in the calculation
 Units that are owned by the developer/sponsor that are vacant and being actively
marketed for sale are not included in the calculation
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 □
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14. Are the units held in fee simple title?
Are the units held in leasehold?
15. Are the amenities/recreational facilities owned by the HOA?
16. Does the property operate as a resort/hotel, renting units on a daily/weekly basis?
Does the property offer services such as maid service, restaurant/food service, timeshare, mandatory rental pool and/or commercial space such as stores/boutiques, etc?
If yes, number of years in operation:
17. Is any part of the project used for commercial purposes?
If yes, state the percentage of the total square footage used for commercial purposes:
Yes □
Yes □
Yes □
Yes □
No □
No □
No □
No □
Yes □
No □
_____________
Yes □
No □
____________%
Commercial space managed by or operated under a separate association, as well as rental
apartments and/or parking facilities owned by a third party, must be considered in the
calculation of the percentage of the project’s commercial space.
INSURANCE (Limited and Full Review)
18.
19.
20.
21.
Is the HOA named on the master insurance policy?
Are common elements/limited common elements insured to 100% replacement cost?
Coverage: $__________ Deductible: $____________ Expiration Date: __________
Are units or common improvements located in a flood zone?
If yes, is flood insurance in force?
Does it cover 80% replacement?
If not, is the coverage the maximum available per the Federal flood program?
22. Is the HOA insured for general liability?
If yes, amount per occurrence:
23. Is the HOA insured for Fidelity Bond?
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:
Yes □
Yes □
No □
No □
Yes □
No □
Yes □
No □
Yes □
No □
Yes □
No □
Yes □
No □
$____________
Yes □
No □
_____________
ADDITIONAL ELIGIBILITY (Full Review Only)
25.
26.
27.
28.
Number of units under contract:
Number of units rented:
How many units are over 60 days delinquent:
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?
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?
31. Are individual units separately metered?
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_____________
_____________
_____________
_____________
_____________
Yes □
No □
Yes □
Yes □
No □
No □
_________________________________________________________________
Homeowners Association Representative Signature
______________
Date
_________________________________________________________________
Homeowners Association Representative Name/Title
______________
Phone
_________________________________________________________________
Homeowners Association/Management Company Address
______________
Fax
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