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Florida Condo Financing Made Simple
Fast pre-approval, clear HOA requirements, and the right loan option for your condo.
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What Is a Florida Condo Loan?
A Florida Condo Loan, also known as a Warrantable Condo Loan, is a mortgage for condominiums that meet Fannie Mae, Freddie Mac, FHA, or VA condo requirements. Warrantable condos are approved for financing, making it easier for buyers to secure low down payment options and competitive rates.
Florida Condo Loan Down Payment Options
| Loan Type | Down Payment | Minimum Loan Amount |
|---|---|---|
| First-Time Homebuyer Conventional | 3% | $100,000 |
| FHA Condo | 3.5% | $100,000 |
| Non-First-Time Homebuyer Conventional | 5% | $100,000 |
| Second Home Condo | 10% | $100,000 |
| Jumbo Condo | 10% | $100,000 |
| Investment Property Condo | 20% | $100,000 |
Florida condo buyers can take advantage of low down payment options depending on the loan type and property use.
How Florida Condo Loans Are Approved
We have multiple ways to get Florida condo loans approved, even for projects not on the standard approved lists.
Check Approved Lists:
- Fannie Mae Approved Condo List, NA
- FHA Approved List, https://entp.hud.gov/idapp/html/condlook.cfm
- VA Approved List, https://entp.hud.gov/idapp/html/condlook.cfm
Spot or Full Reviews:
- FHA spot approval if the project isn't listed
- VA allows closing on all condos listed on FHA's list
- Fannie Mae full or limited review if the project isn't listed
Non-Conforming Solutions:
- Work with lenders that do not require Fannie Mae or Freddie Mac approval
This flexibility helps Florida buyers secure financing even when a condo complex isn't pre-approved, saving time and stress.
Florida Condo Loan Rates
Finding the lowest condo mortgage rates in Florida is critical. Even a small rate difference can save hundreds per month and thousands over the life of the loan. We compare multiple lenders so you get the best rate possible for your Florida condo loan.
Is a Florida Condo Loan Right for You?
Condo loans are ideal for Florida buyers who:
- Are buying a primary residence, second home, or investment condo
- Want low down payment options
- Need financing for a condo complex that may not be on the standard approved lists
- Want competitive Florida rates with minimal hassle
Talk With a Florida Condo Loan Specialist
Licensed Florida Mortgage Loan Originator
Helping buyers secure condo loans across Florida, from Miami to Tampa, Orlando, Jacksonville, Naples, and West Palm Beach
Frequently Asked Questions About Florida Condo Loans
Why are condo loans in Florida different from buying a single-family home?
Florida condo loans involve two approvals, your mortgage approval and the condo project's eligibility. Lenders look at the unit and also review the condo association and building details. Items like HOA financials, insurance coverage, owner-occupancy, and rental restrictions can all impact whether a lender will finance the condo, even if you personally qualify.
What does "warrantable" vs "non-warrantable" mean for Florida condos?
A warrantable condo generally meets standard lending guidelines, which often makes financing easier and more competitive. A non-warrantable condo typically has one or more factors that make it harder to finance, such as high investor ownership, pending litigation, budget issues, or insurance concerns. In Florida, these issues can come up more often, so confirming condo eligibility early can help avoid delays and last-minute financing changes.
What HOA or condo documents do lenders usually need in Florida?
Lenders commonly request condo questionnaire details plus key HOA documents like the budget, insurance information, and association contact details. Some Florida condos may require additional review depending on the building, location, or insurance and reserve considerations. Getting these documents organized early can help keep your loan and closing timeline on track.
How much down payment do I need for a Florida condo loan?
Down payment requirements depend on the loan program, whether the condo is warrantable, your credit profile, and how you plan to occupy the unit. In Florida, condos used as second homes or investment properties often require higher down payments than primary residences. We can confirm your best options once we know the condo address, purchase price, and occupancy plan.
What are the most common reasons Florida condo deals get delayed or denied?
The most common issues include condo project eligibility, incomplete HOA documentation, insurance limitations, litigation concerns, and unexpected changes to the lender's condo review requirements. Florida condos can also be sensitive to HOA financial health and reserve funding, which lenders may evaluate closely. A smart first step is to verify condo eligibility and documentation requirements as early as possible, ideally before you remove contingencies.
Disclaimer: Condo project eligibility, lender guidelines, and underwriting requirements can change without notice. For the most up-to-date Florida condo loan requirements and to confirm financing options for a specific building, please contact us.