What must be completed by management to determine project eligibility for non-warrantable condominiums?

To determine project eligibility for non-warrantable condominiums, the completion of a condo questionnaire is essential. This document gathers critical information about the condominium project that helps assess its compliance with lending guidelines. The questionnaire typically includes details about the project’s financial health, owner-occupancy rates, number of units sold, and any pending litigation or special assessments that might affect the property's stability and value.

In the context of non-warrantable condominiums, lenders must ensure that certain criteria are met, as non-warrantable properties do not conform to the standard guidelines for conventional loans. Therefore, the information provided in the condo questionnaire is vital for establishing whether a condo project is eligible for financing or if it may pose additional risks.

While other activities like site inspections, ownership certification, and financial assessments are important in the overall evaluation of a property, the condo questionnaire specifically addresses the unique aspects of a condominium project that impact its eligibility status for financing. This targeted information makes it a critical component in assessing non-warrantable condo projects.