Florida condo loans
Here’s the thing about Florida condos: the unit can be perfect and you can be fully qualified — but the building has to clear a set of rules no other state has. Milestone inspections, SIRS reserve studies, special assessments, coastal insurance. We know which lenders finance which situations, so a tough building doesn’t have to kill your deal.
Andes Mortgage · NMLS #2187991
Licensed in GA, FL, TX, SC, AL
Mortgage pros since 2013
Don’t overcomplicate it. Florida financing comes down to two questions: does your file qualify, and can the building pass review? After the state’s post-Surfside safety laws, the building is where most Florida condo deals get complicated — a missed milestone inspection, an underfunded reserve study, or a fresh special assessment can turn an easy loan into a non-warrantable one. The good news: non-warrantable Florida condos are financed every day. You just need a lender who knows the terrain.
Florida rules that affect condo financing
After the 2021 Surfside collapse, Florida added structural-safety and reserve requirements that directly influence whether a building is financeable. Here’s what to watch.
Often financeable
- A special assessment that's understood and funded
- High rental / investor concentration in the building
- A completed milestone inspection with no open critical repairs
- Reserve funding still ramping up to the new requirements
- Condotel or short-term-rental projects on the coast
- Non-structural litigation — e.g. an insured slip-and-fall claim
Typically deal killers
- A failed milestone inspection with unresolved findings
- Open Phase 2 critical or structural repairs
- An evacuation or unsafe-structure order
- Structural-integrity litigation against the association
- Missing or insufficient master insurance
- Severe HOA financial distress
The right column is about safety, not appetite — an open structural problem usually can’t be financed by anyone until it’s fixed. Everything on the left is a program problem, which is exactly what we solve. See how non-warrantable condo financing works →
How we finance Florida condos
Portfolio and Non-QM financing for Florida condos that don’t comply with agency requirements. Primary, second homes and investment properties.
Qualify on the condo’s rent, not your personal income. Perfect for Florida’s rental and short term rental investors. Close in an LLC.
Financing for Florida condo-hotels and resort projects other lenders won’t touch – with rental income counted on eligible loans.
Florida draws buyers from around the world. We finance eligible projects for US non-citizens, including investment purchases.
If the building passes review and it’s considered a warrantable condo, you get the best rates and lowest down payments through conventional, FHA or VA financing.
Answer a few questions and we’ll route you to the Florida condo program that fits your building and income.
Florida got a break in the 2026 condo rule change
When Fannie Mae overhauled condo reviews in 2026, it retired the special PERS review that new Florida attached projects used to require — they now use the standard lender review like everywhere else. But the same update tightened reserve rules, which stacks on top of Florida’s SIRS requirements. See what the 2026 condo changes mean →
Found out your condo is non-warrantable?
Non-warrantable condos are financed every day through portfolio and Non-QM programs — for primary homes, second homes and investments. See exactly how it works and which project problems we can solve.
Florida’s structural-safety and reserve requirements are established by state law (including Florida Statute 553.899 and Chapter 718) and have been amended several times; deadlines and scope depend on the specific building. The financing paths described reflect the conventional, portfolio and Non-QM condo programs Andes Mortgage brokers through its wholesale lenders, along with current Fannie Mae, Freddie Mac, FHA and VA standards. Loan-to-value limits, credit-score minimums and project requirements are program-dependent and confirmed for your building at the time of quote. This page is educational, not legal advice, and is not a commitment to lend.
Last verified: August 2026 · Guidelines subject to change without notice
Marcos Zambrano
President, Andes Mortgage · MLO NMLS #988935 · Mortgage professional since 2013
Florida condo loan FAQ
Can I finance a condo in Florida that hasn't done its milestone inspection?
Sometimes. It depends on the building’s age, the loan program, and whether the inspection is simply pending versus overdue with findings. A completed inspection with no critical repairs is usually fine; an overdue inspection or open structural repairs is the problem. Send us the building and we’ll tell you where it stands.
What is a SIRS and how does it affect my loan?
A Structural Integrity Reserve Study sets the reserves a Florida association must hold for major structural components. It affects your loan indirectly: a project that’s badly underfunded against its SIRS can be considered non-warrantable, which moves it to a portfolio or Non-QM program rather than conventional financing.
Can I get a loan if the building has had a special assessment?
Often, yes. A special assessment that’s disclosed and funded is usually workable — though a large one can affect your debt-to-income or the building’s eligibility. The key is understanding what the assessment is for; one tied to unresolved structural repairs is a bigger issue than one for cosmetic upgrades.
Are older Florida coastal condos financeable?
Many are — through portfolio and Non-QM programs built for exactly these buildings. The deciding factors are the milestone-inspection results, reserve funding and master insurance. If those are in order, age and location alone don’t stop a loan.
Can I finance a condotel or a short-term rental condo in Florida?
Yes. Florida is one of the biggest markets for condotel and vacation-rental financing, and we have dedicated programs for it — often letting you use the short-term rental income to qualify. See our condotel loan options.
Did the 2026 rule change affect Florida condos?
Yes, in both directions. Fannie Mae retired the special PERS review for new Florida attached projects, which simplifies those approvals. But it also tightened reserve requirements, which stack on top of Florida’s SIRS rules. Here’s the full breakdown.
Let's find out if your condo can close
Start with the Mortgage Match™ and we’ll route you to the right condo program — or send us the building for a free pre-screen.
Andes Mortgage LLC · NMLS #2187991 · Marcos Zambrano MLO NMLS #988935. Licensed for consumer lending in Georgia, Florida, Texas, South Carolina and Alabama. Business-purpose (DSCR) lending available in additional states.
This page is for informational purposes only and is not a commitment to lend, an offer of credit, or a guarantee of any rate, term or program. Loan approval, loan-to-value limits, credit-score minimums, reserve requirements and condo-project eligibility are subject to full underwriting, current lender and agency guidelines, and verification of the specific project. Rates and programs are subject to change without notice. Equal Housing Lender.