How to Fill Out Freddie Mac Form 476: Condominium Project Questionnaire

To fill out Freddie Mac Form 476, the Condominium Project Questionnaire – Full Form, an authorized HOA representative or management company employee works through seven sections of project data — legal identity, completion status, conversion history, finances, ownership breakdown, insurance, and preparer contact — using current governing documents, financials, insurance certificates, and litigation records, then signs and returns the form to the lender by the deadline printed at the top.¹ The borrower does not complete this form. The lender does not complete it either, beyond pre-filling its own contact block. The HOA does, and how well it does directly controls whether the unit owner’s loan closes on time.

What to Pull Together Before You Start

Form 476 is not a document you can complete from memory. Every section asks for specific figures, dates, or attachments, and stopping midway to hunt down a reserve study or an insurance certificate is what turns a two-hour job into a two-week job. Before you open the PDF, have these on your desk:

The project’s governing documents and recorded declaration, including any master or umbrella association information.
The HOA and management company tax identification numbers.
The current operating budget, most recent financial statements, and a current aging report showing which unit owners are 60 or more days behind on assessments.
Certificates of insurance for hazard, general liability, fidelity bond, and (if applicable) flood coverage, showing carrier names, policy numbers, coverage limits, and deductibles.
The most recent reserve study and current reserve account balance.
Any building inspection reports, engineer’s reports, code violation notices, or board minutes documenting deferred maintenance, special assessments, or HOA loans.
Litigation files or a letter from the HOA’s attorney describing any active or pending disputes.

The form’s instructions prohibit entering “contact agent” in any field.¹ Every question needs an actual answer, so partial records will not get you through. The current version of the form is dated December 2021 and is available as a free PDF from Freddie Mac’s single-family forms library, though in most cases the lender will send you the form with its contact block already filled in.

Working Through the Seven Sections

Section I: Basic Project Information

Enter the project’s legal name, physical address, HOA management address, HOA name (if different from the project name), and tax identification numbers for both the HOA and the management company. If the project sits under a master or umbrella association, name it here.¹

Section I then presents a checklist of project characteristics. Check any that apply: hotel, motel, or resort activities including rental pooling or restrictions on the owner’s ability to occupy the unit; deed or resale restrictions; manufactured homes; mandatory fee-based memberships for amenities or services; non-incidental business income; and supportive or continuing care for seniors or residents with disabilities. Checking a box does not automatically disqualify the project, but it routes the file for closer review, and a project with mandatory rental pooling faces a much harder path than a standard owner-occupied community.

Section II: Project Completion

Answer whether the project is fully built — all units, common elements, and shared amenities across every phase. If it is not 100% complete, answer the follow-ups: how many phases are done, how many are planned, and the total number of units at buildout. Report whether the developer has transferred HOA control to unit owners, and if not, the estimated date of transfer.¹

These answers drive whether the lender classifies the project as established or new. An established project is complete, has at least 75% of units conveyed to purchasers, and is under unit-owner control of the HOA; anything short of all three is new, and new projects face stricter underwriting.²

Section III: Newly Converted or Rehabilitated Projects

Complete this section only if the project was converted within the past three years from a prior use such as an apartment building, hotel, retail or office space, or industrial facility. Enter the year the property was originally built, the year of conversion, and whether the conversion involved a full gut rehabilitation that replaced all major mechanical components. Answer whether a licensed engineer’s report confirms the structure is sound and whether replacement reserves have been allocated for capital improvements.¹

A conversion that was not a full gut rehab draws extra scrutiny. Expect the lender to look closely at the engineer’s report and at whether reserves are sized for aging systems that were left in place.

Section IV: Financial Information

Report the number of unit owners who are 60 or more days delinquent on common expense assessments. This is a unit count, not a dollar figure. Answer whether a lender that acquires a unit through foreclosure or deed-in-lieu would be responsible for delinquent assessments, and whether the HOA is involved in any active or pending litigation. If litigation exists, attach documentation — the complaint, board minutes, or a letter from the HOA’s attorney describing the dispute.¹

Section V: Ownership and Other Information

Break down how the units are distributed: owner-occupied, second homes, investor-owned rentals, developer-held, and HOA-owned. Report the percentage of total square footage used for commercial or non-residential purposes, and whether unit owners have full rights to all amenities.

Two numbers in this section carry outsized weight. Commercial space cannot exceed 35% of the project’s total above- and below-grade square footage.³ And single-entity concentration limits apply: in projects with 5 to 20 units, no single entity may own more than two units, and in projects with 21 or more units, no single entity may own more than 25% of the units.

Section VI: Insurance Information and Financial Controls

Report whether the project is in a flood zone, then provide detailed policy information for each required coverage type: hazard (property), general liability, fidelity bond, and flood if applicable. Enter carrier names, policy numbers, coverage limits, and deductible amounts for every policy. General statements that coverage exists will not clear this section.¹

The section also asks about HOA account management practices — who has access to the accounts and what internal controls are in place. Fidelity bond coverage protects against employee or board-member theft, and the lender wants to confirm it is in force and adequately sized.

Section VII: Contact Information

The preparer enters name, title, phone number, email, company name, and company address. The person signing must be authorized to speak for the HOA or management company — typically a board officer, property manager, or management company employee.

If the Lender Also Sends Form 476A

Form 476A is the Condominium Project Questionnaire Addendum, covering building safety, structural integrity, and deferred maintenance. It applies to both condominium and cooperative projects and must be completed alongside Form 476 when the lender requires it.⁴ It has three areas.

For inspections and deficiencies, report the date of the last inspection by a licensed architect, engineer, or other building inspector and whether that inspection found any issues related to safety, soundness, structural integrity, or habitability. If it did, indicate whether recommended repairs are complete and, if not, what work remains and when it will be finished. Attach a copy of the inspection report and the board minutes documenting findings and the action plan. Separately, disclose any known deficiencies related to building safety or habitability even if no formal inspection flagged them, and any outstanding or anticipated zoning, code, or other jurisdictional violations. If violations exist, attach the government notice.

For deferred maintenance and reserves, answer whether the project has a funding plan and schedule for repairing or replacing deferred maintenance items, whether a reserve study has been completed within the past three years, and the current total reserve account balance.⁴

For special assessments and HOA loans, disclose any current or planned special assessments including total amount, payment terms, and purpose, and any loans the HOA has taken to finance improvements or deferred maintenance including amount borrowed and repayment terms.

Answers That Can Sink Eligibility

Form 476 collects the data; it does not tell you which answers will disqualify the project. Lenders check your responses against Freddie Mac’s rules in Chapter 5701 of the Single-Family Seller/Servicer Guide, and a handful of thresholds do most of the damage:

More than 15% of units 60 or more days delinquent on assessments makes the project presumptively ineligible.
Commercial or non-residential space above 35% of total square footage disqualifies the project.³
Single-entity ownership above two units in a 5–20 unit project, or above 25% in a 21+ unit project, triggers ineligibility, with a narrow exception for purchases that reduce the concentration.
Pending litigation or alternative dispute resolution involving safety, structural soundness, or habitability generally makes the project ineligible unless the matter qualifies as minor — for example, the insurance carrier has committed to cover defense and any judgment, or the dispute is a non-monetary neighbor complaint.
Hotel operation or mandatory rental pooling creates significant barriers.

If any of these numbers sits near the line, precision on the form matters more than presentation. Reporting a 14% delinquency rate from a six-month-old aging report only to have the lender discover the current rate is 17% wastes time and delays closing.

Mistakes That Hold Up Closings

A few error patterns come up over and over. Stale financial numbers top the list: the budget or reserve balance on the questionnaire does not match the HOA’s most recent financial statements, and the lender flags the discrepancy. Use current figures, and check that numbers reconcile across sections.

Incomplete insurance information is next. Section VI wants carrier names, policy numbers, limits, and deductibles for every required policy. If you cannot produce that detail, the file sits.

Delinquency miscalculation is a recurring trap. The form asks for the number of unit owners 60 or more days delinquent, not the dollar amount owed. Boards that report dollar-based delinquency, or that rely on outdated aging reports, produce percentages that do not reflect reality — and if the reported rate crosses 15%, the loan may be denied until corrected figures are provided.

Inconsistent answers across sections are the last common problem. When the treasurer fills in the finances, the secretary covers governance, and the insurance broker completes Section VI, contradictions creep in. One person should review the entire form before it goes back.

After You Submit

The lender reviews your responses against Freddie Mac’s project eligibility standards. If everything checks out, the project clears review and the borrower’s loan moves through normal underwriting. If the lender spots issues — a delinquency rate near the threshold, missing insurance documentation, unresolved litigation — expect follow-up questions or requests for supporting documents.

Established projects meeting all standard criteria clear review relatively quickly. New or recently converted projects, and those with pending litigation or financial red flags, take longer. The borrower’s timeline depends partly on how fast the HOA returns the form with complete, accurate information.²

Lenders may require a fresh questionnaire for each loan transaction. In a building with frequent sales, that can mean dozens of forms a year. A master file with current financials, insurance certificates, reserve study data, and litigation status lets you turn each request around in a day or two rather than a week.

1
Freddie Mac. Condominium Project Questionnaire – Full Form
2
Freddie Mac. Condominium Unit Mortgages
3
Freddie Mac. Policy on Point: Understanding Condominium Project Reviews
4
Freddie Mac. Condominium Project Questionnaire Addendum