Condo loans in Florida, with the building in focus.

Start with the address and legal property type, not the listing’s marketing description. Then establish whether you will live there, use it as a second home, or rent it out. Those facts help narrow the program before you compare rates.

A condo described as “approved” still needs a transaction-specific check. Ask which program reviewed it, what documentation was used, and whether that information remains current.

How much down payment does a Florida condo need?

There is no single minimum for every condo. The following are educational program starting points, not a Bennett Capital Partners loan offer. The borrower, unit and project must qualify, and the lender may require more.

These primary-home examples do not establish terms for a second home, investment condo, jumbo loan or non-warrantable project. Ask for the actual down payment, reserves, credit requirements and mortgage-insurance costs for your building and intended use.

Official references: Fannie Mae HomeReady, HUD FHA financing, FHA condo approval and VA purchase loans.

Florida inspections, reserves and mortgage approval are different reviews.

A completed inspection or SIRS is not a mortgage approval. Applicability and deadlines depend on the building and current law; ask the association and local enforcing authority which requirements apply. Use Florida DBPR’s inspection guidance for the state requirements.

Use the current agency review path.

Fannie Mae retired Limited Review for applications dated on or after August 3, 2026. Established projects use Full Review or an applicable Waiver of Project Review; a waiver is not a waiver of all eligibility and insurance requirements. Its Full Review reserve-allocation threshold increases to 15% of annual budgeted income assessment for applications on or after January 4, 2027. An acceptable reserve study may support an alternative under the applicable rules. When the lender relies on a study, the budget must include its highest recommended allocation; baseline funding is not accepted.

These are Fannie Mae policies, not a universal rule for every loan or a substitute for Florida law. Have the lender confirm the application-date requirements and review method. See Fannie Mae’s project standards update and our condo guidelines guide.

New construction needs its own project review.

A developer’s sales approval or deposit schedule does not establish mortgage eligibility. Ask about construction completion, legal phases, presales, association control, insurance and the expected closing date. Confirm the financing and rate-lock plan before relying on a projected delivery date.

Ask the seller or management company who can supply the current project package, how long it takes, and what it costs. A missing insurance endorsement or incomplete questionnaire can become a closing issue even when your personal documentation is ready.

Reference: Fannie Mae project standards. Requirements are checked for the selected program and transaction.

The exact package depends on the review path. Have the lender confirm current requirements instead of ordering an old checklist or relying on a past buyer’s approval.

Buying in Aventura? Use our Aventura condo records guidance to separate City files, association documents and lender review.

Buying farther south along the coast? Review our Sunny Isles Beach condo financing guidance.

Condo affordability can change materially with association dues and insurance. Review the unit policy separately from the association’s master policy, and ask whether an announced assessment is a lump sum or a recurring installment.

Also plan for upfront lender and settlement costs, project review charges, prepaid items, and funds needed after closing. For a purchase, an old tax bill may not reflect your future assessment.

Find out the exact reason. Missing documents, insurance gaps, a rental structure, and an unresolved safety issue are different problems. Some need additional information, some may fit a specialty program, and some prevent financing until corrected.

Use non-warrantable condo financing for a documented agency eligibility issue. Use condotel financing when the project operates as a hotel. Neither category is a promise that every building can be financed.

There is no single condo mortgage rate. Compare the interest rate, APR, points, lender fees, mortgage insurance and cash to close. Association dues and assessments affect your budget even when they are not included in the quoted loan payment.

Compare offers using the same occupancy, loan amount, down payment, rate-lock period, and points. Ask whether the quote assumes agency eligibility that has not yet been confirmed. A preliminary rate is less useful if the project later requires a different loan.

The appraisal, association documents, insurance review, and borrower underwriting can move on separate schedules. Before making a financing-dependent offer, discuss the contract deadline and the time needed to obtain project records. Your real estate adviser can help address the contract terms.

Bennett Capital Partners works from Miami with Florida condo buyers and owners. Request a condo review with the building address, intended use, purchase price or estimated value, and the association contact.