Detached Condominium

[DWiley]

Detached single family with condominium ownership. I know that either can be used but just taking a census if you complete them on the 1073 or 1004?

The GSE Selling Guides give options for form use for detached condos, but that option is an option for the lender. Hence, my advice would be to ask the lender (or the lender's agent) which form they prefer. That might save you from having to convert to a different form.

 

[gregb]

The GSE Selling Guides give options for form use for detached condos, but that option is an option for the lender. Hence, my advice would be to ask the lender (or the lender's agent) which form they prefer. That might save you from having to convert to a different form.

What do the GSE Appraisal Guides say?

 

[Dublin ohio]

That is not true and you cannot site any Fannie guideline that defines a site condo as only having the footprint of the unit as the site.

My bad, misinterpreted the guidelines. But they are still somewhat ambiguous. So it could be a detached unit where they only have the footprint of the unit or actually have a physical site similar to an SFR

 

[gregb]

What does it matter if the improvements are detached or attached? Missing the significance, if there is one as it relates to a condo ownership interest.

 

[timd354]

Ok, mensa! VA does not give the appraiser a choice.

Thanks for letting me know that the Fannie guidelines don't govern the VA, i never would have figured that oout without your genius observation.

 

[gregb]

Thanks for letting me know that the Fannie guidelines don't govern the VA, i never would have figured that oout without your genius observation.

You are welcome. You be pretty slow at times. Still having spelling problems, but you are exempt as a PMI genius.

 

[Alsie35]

The lender, in my experience, will always ask for a 1073 IF the property is a Condominium. There are a few detached condo projects around here and that's always how I've done them. (Of course this becomes academic under the new "Form").

 

[Fernando]

What does it matter if the improvements are detached or attached? Missing the significance, if there is one as it relates to a condo ownership interest.

If it's a condo, 1073.
Don't need to overthink it.

 

[sputnam]

If it's a condo, 1073.
Don't need to overthink it.

For once.... I agree with 'Nando

 

[Dublin ohio]

If it's a condo, 1073.
Don't need to overthink it.

The GSE Selling Guides give options for form use for detached condos, but that option is an option for the lender. Hence, my advice would be to ask the lender (or the lender's agent) which form they prefer. That might save you from having to convert to a different form.