Warrantable condo mortgages in Florida.

A seller may describe a building as warrantable because a prior transaction used conventional financing. That can be useful background, but the lender must establish eligibility for your transaction using current information. The requested occupancy and loan terms may also matter.

Conventional eligibility is not interchangeable with FHA or VA project approval. Choose the financing program first, then confirm its actual borrower and property requirements.

For Fannie Mae applications dated August 3, 2026 or later, Limited Review has been retired. The lender uses Full Review or an applicable waiver. For a Freddie Mac loan, the lender follows its separate condominium project-review requirements. Lender-specific requirements may also apply.

Sources: Fannie Mae Full Review and review-waiver requirements.

Ask the association how quickly it can provide records. A good financing timeline accounts for outside parties as well as your own application.

Issues that can prevent agency financing.

Ask for the specific rule and supporting records. A missing document is different from a confirmed project restriction.

• Unresolved critical repairs or unsafe conditions
• Litigation that affects safety, structural soundness or use
• Single-entity ownership or commercial space above applicable limits
• Hotel-style operation or other prohibited project characteristics
• Insufficient reserves, insurance or excessive assessment delinquencies

These are review triggers, not a complete eligibility test. See Fannie Mae’s ineligible-project rules. If a restriction is confirmed, review non-warrantable condo financing; a specialty loan cannot resolve every building condition.

Start with the association or property manager. Ask the lender which documents are necessary before paying for reports or a questionnaire.

A milestone inspection addresses structural condition; a structural integrity reserve study addresses future repair and replacement funding. See Florida DBPR’s inspection and reserve-study guidance. Financing approval does not replace an inspection or legal review.

Insurance: confirm both policies

• Master policy: Fannie Mae requires at least 100% of estimated replacement cost. A per-unit deductible cannot exceed $50,000; separate per-occurrence limits also apply.
• Unit-owner policy: Required when the master policy leaves interior improvements uncovered or has a per-unit deductible. Coverage must meet the greater of the uncovered improvements’ restoration cost or that per-unit deductible.

Ask your insurance professional to assess the actual policies. Sources: master-policy requirements and unit-owner coverage.

Before you commit to the purchase

• Confirm the timing. Ask the manager about questionnaire fees and turnaround before relying on a closing date.
• Identify unresolved conditions. Get the review path, outstanding-items list, responsible parties and any occupancy restrictions. Confirm when documents or approvals expire.
• Discuss contract protection. Review financing deadlines and assessment allocation with your real estate agent or attorney.

Down payment, closing costs, prepaids, escrows, and reserves are different items. A purchase contract may also allocate an existing assessment or other association charges. Make sure the preliminary cash figure explains what is included.

For the monthly payment, include association dues, property taxes, required insurance, and any mortgage insurance or assessment installment. Ask for the difference between a qualification calculation and your expected household expenses.

Compare the same loan amount, occupancy, lock period, and points. Confirm whether the offer assumes project approval that is still pending. For a lower-down-payment conventional loan, ask whether mortgage insurance applies and how it affects the payment and overall cost.

A refinance comparison should also account for the existing loan, remaining term, closing expenses, and your expected holding period. A lower monthly payment is not, by itself, proof of lower total cost.

New information about the project can affect a loan review. If the lender identifies an issue, request the specific reason and what would resolve it. A document problem may need a different response from a material property condition.

If agency eligibility cannot be established, specialty condo financing may merit review where available. Do not assume that a higher rate or more equity makes every building eligible. For an overview of the categories, see Florida condo loans.

Bennett Capital Partners helps coordinate the borrower and project reviews from our Miami office. Request a warrantable condo review with the address, intended use, price or value, requested loan, and association contact.

New construction or a newly converted building can require a different document package from an established association. Tell the lender the project phase, construction status and developer involvement. A completed individual unit does not by itself settle the status of the entire project.