Loan Program
Condo Financing in Florida
Financing a Florida condo means qualifying both you and the building. Lenders review the association's budget, reserves, insurance, litigation, investor concentration, and structural safety requirements. Warrantable condos can use conventional, FHA, or VA loans; non-warrantable condos may need Non-QM or portfolio financing.
Last updated October 7, 2026
Condo requirements
| Project review | Condo questionnaire and association documents |
|---|---|
| Reserves | Adequate budgeted reserves; Florida structural integrity reserve studies where required |
| Inspections | Milestone inspection status for qualifying buildings |
| Insurance | Master policy plus HO-6 walls-in coverage; flood where required |
| Government loans | FHA or VA approval for those programs |
| Other factors | Litigation, special assessments, investor concentration, commercial space |
Florida-specific considerations
After the 2021 Surfside collapse, Florida passed laws requiring milestone structural inspections for many condo buildings three stories or taller and structural integrity reserve studies, with associations required to fully fund certain reserves. Some buildings now face large special assessments, which lenders review carefully.
Fannie Mae and Freddie Mac may temporarily mark buildings with significant unaddressed repairs as ineligible. That's why it's smart to have Jennyffer check a building's financing status before you write an offer, particularly for older coastal high-rises in Miami-Dade, Broward, and Palm Beach counties.
Who a Condo loan is for
- First-time buyers starting with a condo
- Second-home and snowbird buyers
- Investors buying condo rentals
- Downsizers and retirees
Step-by-step process
- 01
Building check
Review approval status and known issues.
- 02
Pre-approval
Budget for HOA dues and possible assessments.
- 03
Questionnaire
The association completes the lender's condo questionnaire.
- 04
Underwriting
Review both borrower and project.
- 05
Closing
Sign and close.
Related programs
Related guides
Condo loan FAQs
What is a condo questionnaire?
A form completed by the condo association that answers lender questions about budget, reserves, insurance, litigation, ownership mix, and building condition. It's a key part of condo approval.
How do special assessments affect financing?
Lenders review the purpose, amount, and payment schedule of special assessments. Large assessments for critical repairs can make a project temporarily ineligible for some loan types.
Can I use FHA or VA for a condo?
Yes, if the building is FHA-approved or VA-approved, or the unit qualifies for FHA single-unit approval.
What is a milestone inspection?
A Florida-required structural inspection for many condo buildings three stories or taller at certain ages. Results and any required repairs can affect financing.
What insurance do I need for a condo?
An HO-6 policy covering your unit's interior and personal property, plus flood insurance if required. The association's master policy covers the building.
What if the building is non-warrantable?
Non-QM or portfolio programs may still offer financing, typically with larger down payments.
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Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, and property eligibility. Program availability, terms, and guidelines may change without notice. Information is for educational purposes only.