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Condos and FHA Compliance  02/2011
Homeowner’s Association Certification
Effective Date: February 2011 
Project Name and Address
1. Are all common elements and/or facilities substantially complete? Yes No
If no, are all common elements and/or recreational facilities associated with the subject phase complete?
Yes No
2. Is the project subject to additional phasing and add-ons? Yes No
If yes, number of additional phases and units to be built: Phases: Units:
3. Is the project a conversion of an existing building? Yes No
If yes, was conversion a full gut-rehabilitiation? Yes No
If yes, what was original
purpose?
4. Date control of the HOA transferred from the developer to unit owners.
Entire Project Subject Phase
5. Date when first units made available for sale
6. Total number of units
7. Number of residential units sold and closed:
8. Number of units under contract:
9. A. Number of units owned as second/vacation homes:
B. Number of units owned as investment properties
(never occupied for personal use):
C. Number of rented units owned by the developer/association:
10. Number of sales in last 90 days:
11. Does any one person or entity own more than one unit? Yes No
If yes, list how many each own:
12. How many units are over 30 days delinquent?
13. Are there any pending special assessments? Yes No
If yes, explain:
14. Is the HOA involved in any litigation, mediation, arbitration or other dispute resolution process? 
Yes No
If yes, explain:
15. Are there any adverse environmental factors affecting the project as a whole or as individual units? Yes No
16. Does the homeowner's association have a reserve fund separate from the operating account?
 Yes No
If yes, is it adequate to prevent deferred maintenance? Yes No Current amount in fund
17. Total income budget for this year: Total Reserves budgeted for the year
18. Do the project legal documents include any restrictions on sale which would limit the free transferability of title?
(i.e. Age Restrictions, First Right of Refusal, other deed/income restrictions) Yes No
19. Is the unit part of a legally established condominium project, in which common areas are
owned jointly by unit owners? Yes No
20. Are the units owned in fee simple or leasehold? Fee Simple Leasehold
21. Are the amenities/recreational facilities owned by the HOA? Yes No
22. If a unit is taken over in foreclosure or deed-in-lieu, is the mortgagee (lender) responsible for delinquent HOA dues?
Yes No
If yes, are they responsible for 0-6 months or 7 + months
23. Does the property operate as a resort hotel; renting units on a daily basis? Yes No
If yes, number of years in operation:
Please check applicable services:
Check-in rental desk Daily maid service
Restaurant / food service Time share Mandatory rental pool
Commercial (boutiques, etc.) percentage of square footage %
24. Is any part of the project used for commercial purposes?
If yes, what percentage of square footage? %
25 Do the project legal documents or local zoning limit the amount of time the owner can live in
their unit?
Yes No
26. HOA is named insured on master insurance policy?
27. Are common elements/limited common elements insured to 100% replacement cost? Yes No
28. Coverage $
Deductible $ Expiration date:
29. Are units or common improvements located in a flood zone? Yes No
If yes, is flood insurance in force? Yes No
Does this cover at least 100% replacement? Yes No
Or, is this the coverage maximum available per condominium federal flood program? Yes No
30. Is the HOA insured for general liability? Yes No If yes, amount per occurrence $
31. Does the HOA provide hazard insurance coverage for the interior (walls-in) of the condominium unit?
Yes No
32. Is the HOA insured for Fidelity Bond? Yes No If yes, amount $
Amount carried by management Co.:
33. Minimum number of days required for written notification to be given to HOA or insurance trustee before any substantial changes or cancellation of the project coverage:
The above information was obtained from the following representative of the project’s Homeowners Association.
#1 – 13 must be completed for the Homeowner’s Association re-certification
Name Phone
Position/Title Date
Reviewer’s Signature Date Phone

Requirements are stringent for FHA loans, mortgage fraud is a felony.
 Check these queries for all loans to protect yourself..
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Lynnsy Logue Real Estate 408 Wilby Dr., Charlotte NC 28270. 704-sixfiveone4fourthree3.
Charlotte Condos
Town Homes,too!
®
704-651-4433
Note 12/2017
This form may change because of financial requirements for all condominiums. It is a good one for reference at all times because of the basic questions: investors, foreclosures, rental percentages, financial status.
Make sure to read all the docs during Due Diligence and better yet, before. They are in many cases on line and accessible.