What form is used for a detached condo?

[biker4ever]

I was told 1004 but wanted to verify here. Thanks.

 

[Mike Garrett RAA]

The detached condo form...of course!

 

[PropertyEconomics]

The 1004 as a Condo Form? Wow not sure who told you that but they need to go back to school.

 

[Mountain Man]

What's wrong with the 704?

 

[JRS at OBX]

The detached condo form...of course!

And if you can't that form in your software, call your software provider! :icon_mrgreen:

 

[CigarDad]

FHA requires "site" condos to be placed on the 1004 Single Family form.

Mortgagee Letter 2009-46B http://www.HUD.gov/offices/hsg/sfh/condo/faqs_condo.pdf

1. What is the definition of "site" condo?
[FONT=Calibri,Calibri][FONT=Calibri,Calibri]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. [/FONT]
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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?
[FONT=Calibri,Calibri][FONT=Calibri,Calibri]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. [/FONT][/FONT]
[FONT=Calibri,Calibri][/FONT]
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.

 

[redfish]

FHA requires "site" condos to be placed on the 1004 Single Family form.

Mortgagee Letter 2009-46B, Page 14, Section VI Site Condominiums.
VI. Site Condominiums

Although processed as Section 203(b) loans, the applicable ADP codes for Site Condominiums are 731 (Adjustable Rate Mortgages) and 734.

Appraisal data is collected and reported on Fannie Mae form 1004, in accordance withthe Valuation Protocols, Appendix D of HUD Handbook 4150.2.

The Condominium Rider (Attachment D) must be included in the FHA case binder submitted for insurance endorsement.

Wow great info but just because the style of the improvements in the condominium project are detached doesn't mean the project is a site condo.

 

[sunster]

Hey biker, this thread should interest you. I started it a few days ago.

In answer to your question, yes the form 1004 (according to my local HUD office).

http://appraisersforum.com/showthread.php?t=167853

 

[sunster]

Wow great info but just because the style of the improvements in the condominium project are detached doesn't mean the project is a site condo.

Exactly.

But they STILL want it on a form 1004 according to my local HUD office.

http://appraisersforum.com/showthread.php?t=167853

 

[james stephens]

Interesting...

So for FHA a site condo would go on a 1004, however, for conventional and VA loans a site condo would go on a 1073. Is that correct?