Frequently Asked Questions

Are there any special requirements for loans on condominiums?

Condominium projects are responsible for managing and maintaining the common areas of the project. These responsibilities include landscaping, roofing, exterior walls and outbuildings, and common amenities such as swimming pools, tennis courts and leisure areas.  The entity that is held responsible for collecting Homeowners dues monthly and maintaining the project is the Home Owners Association (HOA).

Empire will request items from the HOA for formal HOA review to determine the viability of the condominium project. These items include the Master Insurance Policy (exterior coverage) & HO6 Interior Insurance Policy (interior coverage), completion of Empire’s HOA Questionnaire, and possibly a current HOA Budget and Financial Statements.

If a condominium project has been approved in the past 12 months by Fannie Mae or Freddie Mac, then a streamlined review process will be ordered requiring only minimal documentation.