FHA - CONDO - Q -what form 1004, 1073

[bobsofi]

!!! HI ALL !!!

Don't do that many FHA condos

Seems when I do, I do them on 1073

Then this boiler statement comes into my world from an AMC

" IF SITE CONDOMINIUM: Please note..If CONVENTIONAL SITE CONDO, please complete on form FNMA 1073. IF FHA SITE CONDO, please complete on FANNIE MAE FORM 1004 (as per FHA Guidelines). "

??? ??? ???

 

[Thomas Fiehler]

You use the same forms that a conventional loan would require. Only thing is to add the REL comment.

 

[Randolph Kinney]

!!! HI ALL !!!

Don't do that many FHA condos

Seems when I do, I do them on 1073

Then this boiler statement comes into my world from an AMC

" IF SITE CONDOMINIUM: Please note..If CONVENTIONAL SITE CONDO, please complete on form FNMA 1073. IF FHA SITE CONDO, please complete on FANNIE MAE FORM 1004 (as per FHA Guidelines). "

??? ??? ???

See page 16: http://HUD.gov/offices/hsg/sfh/condo/faqs_condo.pdf

SITE CONDO’S

1. What is the definition of “site” condo?

FHA definition: A site condominium is defined as a single family totally detached dwelling (no shared garages or any other attached buildings) encumbered by a declaration of condominium covenants or condominium
form of ownership.

2. If form 1004 (Single Family Appraisal) can be used in completing site condo appraisals is it necessary to include the condo rider in the case binder?

Yes, the Condominium Rider, Attachment D of ML 2009-46 B is required and must be included in the FHA case binder submitted for insurance endorsement.

3. What appraisal form will be used in completing an appraisal for site condos, FNMA 1073 or 1004?

Appraisal data is collected and reported on Fannie Mae form 1004.

4. When completing an appraisal for a site condo what comps will be used, site condo’s or single family?

Site condo comparables should be used in completing the appraisal report. If the appraiser uses comparables other than site condos they must provide an explanation on the appraisal report.

 

[bobsofi]

!!! Thanks !!!

we have site condos in this neck of the woods, and that would likely come up... sooner or later...

 

[Road Rage]

We now do these on the 1073. This is a recent development this year.

Go to page 51 on the guide. This ML and guide replaces the old ones.

http://portal.HUD.gov/hudportal/documents/huddoc?id=11-22ml.pdf

http://portal.HUD.gov/hudportal/documents/huddoc?id=11-22mlguide.pdf

 

[Mike Garrett RAA]

Another fine reason...