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Florida Condo Financing After the New Condo Laws

Thinking about Florida condo financing? Since the 2021 Surfside collapse, Florida has passed several rounds of condo safety laws. They are making buildings safer, but they also affect which condos lenders will finance. Here is what buyers need to know before they make an offer.

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Can I Still Get a Mortgage on a Florida Condo? Quick Answer

Yes, but the building matters as much as the borrower. Florida now requires milestone inspections for condo buildings of three or more habitable stories once they reach 30 years old, and structural integrity reserve studies (SIRS), with the SIRS deadline extended to December 31, 2025 by the 2025 condo law (HB 913). Lenders and agencies such as Fannie Mae, Freddie Mac, FHA and VA review a building’s condition, reserves, assessments and litigation. Buildings with unresolved critical repairs, low reserves or major special assessments can be hard or impossible to finance with a standard loan, so check the building before you write an offer.

What Lenders Look At on a Florida Condo

  • Inspections: whether a required milestone inspection is done and whether repairs it called for are underway.
  • Reserves: whether the SIRS is complete and the association is funding reserves.
  • Special assessments: current or planned assessments and what they are for.
  • Litigation: lawsuits involving the association, especially over construction defects.
  • Insurance: adequate master policy coverage.
  • Occupancy and ownership: owner-occupancy levels, short-term rentals, and how many units one entity owns.
  • Approvals: FHA and VA loans require the project to be approved, unless an exception applies.

How to Check a Condo Before You Buy

  1. Ask the listing agent for the milestone inspection report (if required), the SIRS, the budget and recent board minutes.
  2. Ask about current or planned special assessments.
  3. Have us run the project through lender review early, before your inspection period ends.
  4. For FHA or VA, check whether the project is approved. See VA-approved condos in Florida.

If the Condo Is Hard to Finance

Some buildings that do not meet agency guidelines can still be financed with portfolio or non-QM loans, usually with different terms. Cash buyers and investors may also use DSCR loans on eligible properties. We will tell you up front which options fit the building you love.

Frequently Asked Questions

Does Florida’s condo law apply to all condos?
The milestone inspection and SIRS requirements apply to buildings with three or more habitable stories. Smaller buildings are generally not subject to them.

What is a SIRS?
A structural integrity reserve study estimates the cost to repair and replace key building components and how much the association should reserve.

Can I get an FHA loan on a condo?
Yes, if the project is FHA-approved or qualifies for a single-unit approval. We check eligibility for you.

Why are some Florida condo prices dropping?
Higher assessments and stricter financing in some older buildings have reduced the pool of buyers who can get standard loans.

Serving all of Florida, including Jacksonville, St Augustine, Nocatee, Ponte Vedra Beach, Fernandina Beach and Palm Coast.

Talk to Sam

Apply online or call Sam Gorniak at (904) 687-9274.

Saverio (Sam) Gorniak, NMLS #1954721. Atlantic Trust Mortgage, NMLS #239592. Equal Housing Opportunity. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, and property eligibility. Programs, limits and terms may change without notice. This page is general information, not tax or legal advice.