The Quick Read: A lender reads the questionnaire as a health check on the whole building, not on your unit. The answers sort the file into three outcomes: it clears, it clears with conditions, or the building fails and the loan is declined or re-routed. Strong credit and plenty of equity do not rescue a failing project. Every unit in the building shares that fate.
What Is a Condo Questionnaire?
The condo questionnaire is a form the lender sends to the HOA or its management company. It collects facts about the project, such as dues collections, reserves, assessments and repairs. It says almost nothing about your unit.
Jumbo cash-out estimate
Enter the value, the balance, and the cash wanted; choose the occupancy and the structure; the lanes, the payment, and the reserves follow.
Editable benchmark: 7.18% as of November 5, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a jumbo cash-out refinance quote.
Illustrative starting assumptions: a $2,000,000 home value in the jumbo range, a $1,000,000 current balance, a principal residence on a thirty-year fixed structure at the current Freddie Mac conforming benchmark, and property taxes and insurance estimated at typical national rates. Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conforming benchmark, a market reference and not a jumbo cash-out refinance quote; a jumbo loan is priced by the lender at lock. The lanes shown are the wholesale cash-out lanes behind this page as of the snapshot date; the calculator reads each lane’s leverage, loan maximum by occupancy, cash-in-hand cap, and reserves as the lane table states them, and a Lendmire loan officer confirms the lane on the file. The cash available is the loan the lane allows less the balances paid off, before closing costs, which are not included; on most lanes a jumbo cash-out begins one dollar above the conforming limit for the county, and two lanes start at a stated dollar floor instead. The HELOC line is the line program’s combined loan-to-value ceiling applied to the same value and balance. Taxes and insurance are editable estimates. Licensed in sixteen states for consumer mortgages.
The agency-standard version is Fannie Mae Form 1076, which has a counterpart in Form 476 on the Freddie Mac side. A shorter version, Form 476A, asks about the reserve balance, whether a reserve study was done in the past three years, current and planned special assessments, and whether the HOA has borrowed money for improvements or deferred maintenance. The full form also asks how many owners are 60 or more days behind on dues, and whether repairs affecting safety, soundness and structural integrity are complete.
Jumbo lenders often use their own variant of the form. The topics overlap heavily. The wording and the cutoffs do not always match.
Why Does the Lender Review the Building at All?
The lender reviews the building because the building is part of the collateral. Your unit’s value and resale appeal depend on whether the project is financially healthy. A building with thin reserves, unpaid dues and unfinished repairs is more likely to levy big assessments later. It also gets harder to sell or refinance.
That is why a project problem can sink a strong borrower. Think of two tracks running side by side. One track is you: credit, income, equity. The other is the building: reserves, repairs, delinquencies, insurance, litigation. Both have to pass.
On a cash-out, the building matters even more. You are borrowing against equity, usually at high leverage, and the lender wants the collateral to hold its value.
Is Jumbo Different From Agency Condo Rules?
Yes, and that is the most misunderstood part. Jumbo loans are not bought by Fannie Mae or Freddie Mac, so no single standard governs them. A jumbo loan begins one dollar above the county’s conforming limit. That limit changes every year and varies by county, so check the FHFA county lookup instead of assuming one number applies everywhere.
Each jumbo lender sets its own condo overlays. Most borrow heavily from the agency standards because they are the common benchmark. Whether a given lender adopts them, loosens them or adds stricter rules is that lender’s choice. The same building can draw different answers from different lenders.
This is where a broker earns the job. Across the wholesale jumbo programs Lendmire places files with, I see the same building clear in one lane and stall in another. Lendmire’s jumbo cash-out refinance program page lays out the structures, and the right fit depends on your property, credit profile, leverage need and documentation. A broker can shop several wholesale lenders and match the building to the program.
How Does the Lender Read the Questionnaire, Step by Step?
Lenders read it in a rough order. Deal-breakers come first. Judgment calls come second. Here is the sequence a typical review follows.
1. Application. The lender flags the property as a condo. That triggers the project review on top of your personal review.
2. Questionnaire goes out. The lender sends it to the HOA or manager. This step depends on a third party, so ask early whether it has gone out.
3. Project status check. Agency-style reviews check whether the project has been flagged as ineligible. Fannie Mae’s Condo Project Manager tool can mark a project “Unavailable,” and Fannie Mae’s release notes say loans in those projects are ineligible for delivery to Fannie Mae. Reasons include inadequate reserves, critical repairs, and a special assessment tied to unfinished critical repairs.
4. Supporting documents. Typical requests are the budget, reserve study, insurance evidence, board minutes and any inspection report.
5. Special assessment analysis. The lender works out what the assessment pays for.
6. Reserve test. The lender compares the budgeted reserve contribution to the standard it follows.
7. Delinquency, concentration, litigation and insurance. These come straight off the questionnaire.
8. Appraisal. The appraiser documents special assessments and deferred maintenance that may affect value.
9. Decision. The project passes, fails, or the lender asks for cures.
The questionnaire does not replace the appraisal or title work. It sits beside them.
What Does Each Answer Tell the Lender?
| Questionnaire topic | What the lender looks for | Flag signal | Cash-out consequence |
|---|---|---|---|
| Delinquent dues | Share of owners behind 60+ days | Many units behind | Weak cash flow; stricter review |
| Reserves | Budget contribution and a recent study | Thin or unsupported reserves | Condition or decline |
| Special assessments | Purpose, status, amount left | Tied to unfinished safety repairs | Often ineligible until done |
| Critical repairs | Safety, soundness, structure | Open items or deferred work | Project fails until fixed |
| Owner mix | Owner-occupied vs investor units | Heavy investor share | Possible non-warrantable status |
| Litigation | Suits against the HOA | Structural or defect claims | Added review or decline |
| Insurance | Coverage type and deductibles | Gaps or large deductibles | Condition to fix or evidence |
| Commercial space | Share of the building | Large commercial footprint | Possible non-warrantable status |
Special assessments get the closest read
A special assessment alone does not kill a loan. Its purpose and status matter. Under Fannie Mae Selling Guide B4-2.1-03, lenders review four things for every one: the purpose, when it was approved and whether the work is planned or underway, the original amount and the amount still to collect, and the expected payoff date.
The same section lists “projects in need of critical repairs, including material deficiencies and significant deferred maintenance” as ineligible. Critical repairs are those that significantly affect safety, soundness, structural integrity or habitability. Routine repairs are not critical. An assessment for routine work can be acceptable. One tied to unfinished critical repairs is not.
Reserves tell the lender how the building copes
Fannie Mae has said it sees a link between underfunded capital reserves and projects that later need critical repairs, in Lender Letter LL-2026-03. That letter is also changing project standards, so agency reserve rules are moving. Jumbo lenders often watch those changes and adjust their own overlays. Confirm current requirements with the lender reviewing your file.
What Is Warrantable, and What Happens When a Building Is Not?
A warrantable condo meets the standard project tests, so it can follow the usual review. A non-warrantable condo trips one or more of them, such as heavy investor concentration, large commercial space, pending litigation or weak finances.
Non-warrantable does not always mean dead. Some wholesale jumbo lanes allow non-warrantable condominiums, and Lendmire places files on two lanes like that. They come with their own leverage limits and reserve requirements. Expect the lane’s terms to be tighter than for a warrantable project, subject to lender guidelines and full file review.
How Does the Same Answer Weigh on a Cash-Out?
A cash-out asks for more than a purchase does. Across the wholesale jumbo programs I place files with, cash-out runs at lower leverage than purchase, and the largest lanes carry a cash cap. Those limits stack on top of a project problem.
Here is how that plays out on the same hypothetical unit.
Clean file. The building has healthy reserves, few late payers, no litigation and routine special assessments only. The project passes, and the file turns on your credit, ratios and equity.
Same file, one flag. A special assessment is in place for facade work, and the repairs are unfinished. The lender asks whether the work is critical. If it affects safety or structure, the project fails until the repairs are complete and documented. A cash-out on that unit waits, or moves to another lender.
The headline jumbo lane starts at a 660 decision score. Across the wholesale lanes, 90% LTV is the leverage ceiling. Several lanes cap combined leverage at 89.99% CLTV, and the rest stop at 80%. Because cash-out sits below purchase leverage, expect the figure that applies to your refinance to be lower than those purchase-level ceilings. Loans run to $5,000,000 on the largest lanes. The ratio ceiling is 50% on the fixed lanes, 45% on the adjustable lanes and 43% on the interest-only lanes. Reserves are counted in months of the full payment and rise with the amount. Above a lane’s threshold amount, expect two appraisals. All of this is subject to lender guidelines and full file review.
Occupancy matters too for a condo cash-out: primary, second home and investment each get lane-specific leverage.
How Do Special Assessments Change Your Own Numbers?
They raise your qualifying obligations. Under the ability-to-repay rule, a lender must consider your monthly mortgage payment plus related obligations. The CFPB’s compliance guide says those include taxes, fees and special assessments imposed by a condominium, cooperative or homeowner’s association.
So HOA dues and assessments count in your debt-to-income picture, not only in the project review. On a jumbo file with a 50%, 45% or 43% ratio ceiling depending on the lane, a new assessment can tighten the file even when the building itself passes.
Where the General Rule Breaks
- Jumbo lenders do not all follow agency rules. Some adopt them. Some loosen them. Some add overlays. Jumbo-specific percentages vary by lender, so ask the lender for its condo requirements in writing.
- Waivers belong to agency loans. Fannie Mae allows a waiver of project review for some Fannie-to-Fannie limited cash-out refinances. It does not apply to a jumbo cash-out, so expect the full review.
- Detached condo units. Agency rules can skip the critical-repairs review on a detached unit. Jumbo lenders may still ask the full set of questions.
- A planned but unapproved assessment. If the HOA discloses that one will likely be needed, the lender must still judge whether the project has critical repairs.
- Flags can be cured. A project can come off an ineligible list once problems are fixed and documented. A HOA law firm’s fact sheet describes that general process.
- A silent HOA. If the manager does not return the form, the file stalls. A lender cannot guess the answers.
Lendmire’s article on super jumbo cash-out seasoning and reserve rules covers what changes as the loan amount climbs.
What Can You Do Before the File Goes In?
- Ask the lender early whether the questionnaire has gone out, and to whom.
- Pull the HOA’s recent budget and reserve study so you can answer the manager’s questions fast.
- Look for open special assessments in board minutes before you apply.
- Check insurance for gaps or large deductibles that may need fixing.
- Read the form’s answers when the HOA returns it. Incomplete or wrong answers cause conditions or denials.
- Ask about form fees. There may be charges for the questionnaire or HOA documents. They show up on the Loan Estimate and Closing Disclosure.
- Have a Plan B. If one lender declines the project, a different lender’s overlays may read the same building differently.
Key Terms Defined
Condo questionnaire: The form the lender sends to the HOA to collect project-level facts about finances, repairs and ownership.
Project review: The lender’s check of the building itself, separate from your personal credit and income review.
Warrantable condo: A project that meets the standard tests and can follow the usual review path.
Non-warrantable condo: A project that trips one or more tests, such as high investor concentration, large commercial space or pending litigation.
Special assessment: A one-time charge the HOA levies on owners to pay for repairs or other costs beyond the regular budget.
Reserve study: An expert report estimating what the building will need to fund future major repairs.
Critical repairs: Repairs that significantly affect safety, soundness, structural integrity or habitability.
Overlay: A rule a lender adds on top of agency standards.
Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
Frequently Asked Questions
Is the condo questionnaire required on a jumbo cash-out?
Usually, yes. The lender needs project facts, and the questionnaire is the standard way to get them. Some lenders use their own version, and what they require depends on the program and the project type.
Who fills it out, and what if the HOA won’t?
The HOA or its management company completes it. If they do not respond, the file stalls, because the lender cannot underwrite the building without answers. Ask the manager directly and ask your lender what it will accept in the meantime.
Do jumbo lenders follow Fannie Mae condo rules?
Some adopt them, some loosen them and some add overlays. Fannie Mae does not buy jumbo loans, so each lender decides. That is why the same building can get different answers from different lenders.
Can a special assessment kill my refinance?
Not by itself. The lender looks at what it pays for and whether the work is finished. One tied to unfinished safety or structural repairs can stop the project. One that funds routine work may be acceptable.
What if one lender declines my building?
Another lender’s overlays may read it differently, and a non-warrantable lane may fit. A broker that shops multiple wholesale lenders can match the building to the program. The best program for your situation depends on the building, your leverage need and your profile, and every program is subject to lender guidelines and full file review.
If you are weighing a cash-out refinance against keeping the loan you have, Lendmire can help you compare the programs and the equity each one reaches.
For your own numbers, request a scenario review with Lendmire.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps homeowners and home buyers in 16 states with FHA, VA, conventional and jumbo purchase and refinance loans arranged through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and the agency guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. Fannie Mae (document 37326)
2. Fannie Mae Selling Guide B4-2.1-03, Ineligible Projects
3. Fannie Mae Lender Letter LL-2026-03
4. CFPB ATR/QM Small Entity Compliance Guide
5. Fannie Mae Selling Guide B4-2.1-02 Waiver of Project Review
This article is part of Lendmire’s jumbo cash-out refinance program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can You Get Approved for a Jumbo Cash-Out Refinance Replacing Your Mortgage? · Jumbo Cash-Out Refinance Requirements to Consolidate Debt
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.