Florida buyers
Buying a Florida Condo in 2026: What Lenders Check Under the New Condo Laws
Since Florida's condo-safety reforms, the building matters as much as the buyer. Here's what lenders review, which documents to request early, and your options if a building doesn't qualify for standard financing.
By Abe Hakawati, NMLS #341393 · Published October 10, 2026 · 7 minute read
What changed in Florida
After the 2021 Surfside collapse, Florida passed condo-safety laws in 2022 and has refined them since, most recently in 2025. In short:
- Milestone inspections: condo and co-op buildings three or more stories tall need a structural inspection once they reach 30 years old, and every 10 years after that.
- Structural integrity reserve studies (SIRS): these buildings must study key structural components at least every 10 years and fund reserves to repair or replace them.
- Reserve funding: associations generally can no longer waive reserves for these structural items, though the 2025 law allows limited flexibility and lets owner-controlled associations use lines of credit or loans to fund required repairs — which must be disclosed in the association's financial statements.
Why this matters for your loan
Lenders — and Fannie Mae, Freddie Mac and FHA behind them — review the condo project, not just you. A building with critical repairs outstanding, underfunded reserves, large special assessments, significant litigation or failed inspections may not qualify for conventional or FHA financing until those issues are resolved.
Many buildings are working through these requirements, which can mean higher monthly dues or special assessments. Those count in your monthly payment and can affect how much you qualify for.
Documents to request early
Florida law gives resale condo buyers a short window to review the association documents and cancel. Your agent or attorney will confirm the exact timing in your contract — use that time to send the documents to us.
- The most recent milestone inspection report (if the building is old enough).
- The structural integrity reserve study and the current reserve balance.
- The current budget and any approved or proposed special assessments.
- Any association lines of credit or loans and what they fund.
- The master insurance policy and its coverage.
- Information on pending litigation.
- The lender's condo questionnaire, completed by the association or management company.
Warrantable vs. non-warrantable condos
| Warrantable | Non-warrantable | |
|---|---|---|
| Meaning | Project meets Fannie Mae / Freddie Mac standards | Project falls outside those standards |
| Typical financing | Conventional; FHA if the project or unit is approved | Portfolio and non-QM loans |
| Down payment | Can be as low as 3%–5% for eligible buyers | Often 20%–30% or more |
| Rate | Standard pricing | Usually higher |
Common reasons a building is non-warrantable include critical repairs, litigation, a high share of units owned by one person or entity, a large commercial component, or condo-hotel features. Non-warrantable isn't a dead end — it just means a different set of lenders.
Our advice
- Get the building reviewed before you fall in love with the unit.
- Budget for dues and possible assessments, not just the purchase price.
- Get an insurance quote for your unit (an HO-6 policy) early.
- If you're buying as an investment, check rental restrictions — see our guide to DSCR loans in Florida.
Common questions
Can I get an FHA loan on a Florida condo?
Yes, if the condo project is FHA-approved or the unit qualifies for a single-unit approval. Many Florida buildings aren't on the approved list, so check early.
What if the building has a big special assessment coming?
Lenders will look at the assessment, how it's being paid and whether it affects the project's eligibility. It also counts in your monthly costs. Sometimes it's negotiated into the price.
Do these rules apply to townhomes?
The milestone and reserve-study rules apply to condo and co-op buildings three or more stories tall. Most townhomes governed by a homeowners association, not a condo association, are outside them — but check how the property is legally set up.
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This article summarizes Florida condominium requirements for general information and is not legal advice. Statutes and agency guidelines change; consult a Florida real estate attorney about a specific property. This article is for general educational purposes and is not a commitment to lend or legal, tax or financial advice. Programs, limits, rates and guidelines change and depend on the complete application. Loans are available only in states where we are licensed (Florida, Texas and California).