Buy A Condo In Florida


When financing a condo in Florida, choosing the right lender can make or break a transaction due to the caveats and pitfalls inherent to these properties.

Typically, mortgage underwriters review borrowers for credit, income and assets, and analyze properties to determine whether they are in safe condition and have sufficient value. But a condominium loan may come with an added layer of scrutiny.

On all conforming mortgages, which are secured by Fannie Mae or Freddie Mac, a review of the condo’s stability and financial status is required. For example, only a certain percentage of the units may be owned by investors, and only so many units may have delinquent bills.

A review further aims to analyze the condominium association’s budget, verify it has reserves from collecting dues and confirm any pending litigation.

One way to ease the underwriting process is with a limited condo review, which has several eligibility criteria required by Fannie and Freddie. It works in the same fashion as the above but is less intense. Make sure a mortgage professional is well-versed on this before having him or her take a loan application.

The topic of financing condos in Florida is complex. While this only scratched the surface, it should point you in the right direction.

Florida Mortgage Firm specializes in Florida condominium loans, and due to our knowledge and experience in this field, we commonly approve many of these loans others can’t.

Here are some other articles about buying condos in Florida:

  1. Buy a condo with the FHA or VA loan
  2. Buy a condo with a conventional loan

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