Limited condo questionnaire (Form 1077) after Limited Review ended

A "limited condo questionnaire" usually means the short form: "Condominium Project Questionnaire – Short Form", Fannie Mae Form 1077, which is the same document as Freddie Mac Form 477. The version lenders circulate is dated March 2016. It asks a subset of what the full form (Fannie Mae Form 1076 / Freddie Mac Form 476) asks, and it was built for lighter project reviews of established condo projects.

For a management company's resale desk, two things matter now. First, every short-form question is answered by the full form (one needs a quick division), so a current full 1076 answers a short form completely. Second, Fannie Mae retired the review the short form was mostly used for, which changes what lenders are likely to send you.

Where did the limited questionnaire come from?

Fannie Mae has offered lenders several ways to review a condo project. For years, many loans in established projects went through Limited Review, a lighter check that applied when the loan-to-value ratio was within set limits. Lenders doing a Limited Review did not need the full picture of the project, so many sent the short form instead of the full one. A Limited Review also came with its own rules, including stricter loan-to-value limits for attached units in Florida.

What changed in 2026?

On March 18, 2026, Fannie Mae issued Lender Letter LL-2026-03, "Updates to Project Standards & Property Insurance Requirements". Among other changes, it says: "We are retiring the Limited Review process. Established projects previously eligible for Limited Review must now be reviewed using the Full Review process or, when applicable, the Waiver of Project Review process."

The key dates and details from that letter:

• Effective date. Lenders could stop using Limited Review at once, and must do so for all loan applications dated on or after August 3, 2026.
• Florida. The letter notes that the change also retires the remaining geographic restrictions for Florida, which stayed in effect until Limited Review ended on August 3, 2026.
• Waiver of Project Review is wider. It now covers new and established projects with ten or fewer units. A project of five to ten units must not be part of a master association or larger development.
• Full Review gets stricter on reserves. For applications dated on or after January 4, 2027, a Full Review needs a replacement reserve allocation of at least 15% of the annual budgeted income assessment, up from 10%.

Fannie Mae's Selling Guide now reflects this. Its table of project review methods in B4-2.1-01, updated August 5, 2026, lists Full Review, waiver, PERS and FHA approval, and no Limited Review. Freddie Mac sets its own rules in its Seller/Servicer Guide, so for a Freddie Mac loan the lender's requirements may differ.

What does this mean at the resale desk?

These are lender rules, not association rules, but they change the paperwork that reaches you:

1. Expect fewer short forms on Fannie Mae loans in established projects with more than ten units. A lender doing a Full Review needs more than the short form asks: the full unit table, budget and reserve information, and possibly a reserve study.
2. Expect more budget questions. The reserve requirement is a Full Review test, and the 1076 has no budget or reserve lines, so lenders ask for the budget separately or add questions to their own forms.
3. Small associations may need almost nothing. For a project of ten or fewer units that qualifies for the waiver, the lender may need little from you beyond insurance information. Answer what is asked.
4. A lender may still send a short form for its own reasons or for another loan program. Answer it; it is a subset of the full form.

How does the short form map to the full form?

Because the short form's questions come from the full form, the fastest way to answer one is from the association's latest completed 1076. This table maps each short-form item to the full-form line that answers it.

Note the one computed item. The short form asks a yes-or-no question, "Are 90% or more of the units conveyed?", that the full form answers only as counts. Divide units sold and closed by total units from the full form's table and state the result. Also note that the delinquency count sits on its own near the end of the short form's insurance section, not in its financial section, so it is easy to skip.

The full form asks things the short form does not: the full ownership table (owner-occupants, second homes, investors), section III on recent conversions, and whether unit owners solely own the amenities and common areas. If a lender sends a short form and then asks follow-up questions, those are the likely ones.

Which two questions need extra care?

Two short-form questions carry more weight than the rest, as they do on the full form:

• Litigation (III.2). A "Yes" asks for documentation from the attorney or the HOA, plus the attorney's name and phone number. Whether a particular dispute counts is a decision for the manager and, if needed, the association's attorney.
• Lender liability for delinquent assessments (III.1). The answer depends on the governing documents and often on state law, so it varies by state. Use the answer your association's documents or attorney support, and keep it consistent across forms.

How do you keep one source of truth?

Short form, full form or a lender's own questionnaire, the facts are the same: unit counts, delinquencies, insurance, controls and turnover. Keep one completed, dated 1076 per association, refresh it when those facts change, and answer every other form from it. Our Fannie Mae condo questionnaire guide lists the records to keep alongside it, and condo questionnaire requests covers lenders' custom forms.

Questionnaire Desk works the same way: it reads an association's latest 1076 and answers a lender's PDF form, short or long, from that 1076 and from answers your firm approved before, showing the source of each answer and leaving litigation and other judgment questions for the manager. The Questionnaire Desk sample runs it on a fictional association with no sign-up.

FAQ

What does a condo questionnaire include?

Facts about the project, not the unit: names and addresses, completion and turnover, delinquencies, litigation, unit ownership and occupancy, commercial space, insurance and financial controls. The short form asks a subset of the full form, as the table above shows.

Who fills out the condo questionnaire?

The homeowners' association, usually through its management company's resale desk, with the manager or another authorized person signing. The lender completes only its own contact section.

How long does it take to get a condo questionnaire?

Each management company sets its own turnaround, and many offer a rush option for a higher fee. A desk with a current full 1076 on file can answer a short form quickly, because every item maps to a line on it.