Origination ActivitiesQuestion 266 of 400
A borrower is buying a condominium. In addition to the standard file, what does the lender typically require during underwriting?
a.Only a driver's license
b.Nothing extra beyond a house purchase
c.A commercial appraisal
d.A condo project review, including the HOA's budget, insurance, and owner-occupancy details
Explanation
Condo financing requires a project review to confirm the homeowners association is financially sound, adequately insured, and meets investor requirements for owner-occupancy and litigation. This is in addition to the borrower's standard qualifying documents.
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