Fannie Mae Lender Full Review Condominium Questionnaire For Established Projects Page 3
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532. Does the Homeowners’ Association (HOA) budget provide funding for replacement reserves of at least 10%
of the budget for capital expenditures and deferred maintenance?
YES
or
NO
33. What is the amount currently held in reserves for future repair and/or replacement of major components of
the project? $________________________________
34. What was the Homeowners’ Association (HOA) reserve account balance at the end of 2012?
$____________________________________________
35. Does the Homeowners’ Association (HOA) budget provide adequate funding for insurance deductible
amounts?
YES
or
NO
36. Is hazard insurance in place to cover 100% of the insurable replacement cost of the Project improvements,
including the individual units?
YES
or
NO
37. Is liability insurance in place providing at least One Million Dollars ($1,000,000) of coverage for bodily injury
and property damage per occurrence?
YES
or
NO
38. Is flood insurance (if required) in place providing coverage of at least equal to the lesser of 100% of the
insurable value of the facilities or the maximum coverage available under NFIP?
YES or
NO
39. Is Fidelity Insurance in place covering the maximum amount of funds that will be in the custody of the
Homeowners’ Association (HOA) or Management Company at any time (Required if project is 20 or more
units)?
YES
or
NO
40. Does the Project have attached units?
YES
or
NO
41. Is the Project managed and operated as a hotel or motel, even though the units are individually owned
YES or
NO
42. Does the Project restrict owners’ ability to occupy their unit?
YES
or
NO
43. Does the Project have a mandatory rental pooling agreement that requires unit owners to either rent their
units or give a management firm control over the occupancy of the units?
YES or
NO
44. Does the Project include registration services and offer rentals on a daily basis?
YES
or
NO
June 21, 2013
Page 3 of 5
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