The Condo Questionnaire in Florida: What Lenders Ask the Association and Why It Fails

Educational content only. This article is for informational purposes and does not constitute financial, legal, or lending advice. Loan programs, rates, and eligibility requirements change frequently. Consult a licensed mortgage professional before making any borrowing decision. Mortgage Capital | NMLS# 1859012 | Licensed in Florida.

The condo questionnaire Florida lenders send to the association decides whether the building qualifies for your loan before your own file is even reviewed.

Reserves, milestone inspections, litigation and insurance are where it fails. Our condo loan page covers the products.

What it is

A form the lender sends the association or its management company.

Fannie Mae and Freddie Mac have standard versions; lenders add questions.

The Fannie Mae condo questionnaire is the reference form.

The association answers under signature.

The lender underwrites the building from it.

Who pays and how long

The buyer pays the association's fee, often $150 to $400.

Florida law caps some association document fees; questionnaire fees are separate.

Turnaround runs from days to weeks.

See our guide to closing date delays in Florida.

Order it the day you go under contract.

Reserves

The form asks what percentage of the budget goes to reserves and whether a reserve study exists.

Florida's post-Surfside law requires structural reserves after a study.

See our guide to milestone inspections in Florida.

Buildings that waived reserves for years fail here.

A funded plan passes.

Milestone inspections

Buildings three storeys and up must complete milestone inspections at 30 years and every ten after.

The questionnaire asks whether it is done and what it found.

See our guide to special assessment loans in Florida.

Deferred repairs identified in the inspection are a fail.

A completed inspection with a funded repair plan passes.

Litigation

Any pending litigation involving the association must be disclosed.

Construction defect suits and structural claims fail agency review.

Minor suits, such as collections, are usually acceptable.

The lender reads the description.

Ask the association before ordering the form.

Insurance

Master policy coverage, deductible, flood and fidelity coverage.

See our guide to Florida homeowners insurance cost.

Underinsured buildings fail.

Wind deductibles above a threshold fail some lenders.

The certificate is attached.

Owner occupancy and investors

The percentage of units owner-occupied, second homes and rentals.

Investor-heavy buildings fail some programmes.

See our guide to using rental income to qualify in Florida.

Second homes count as owner-occupied at the agencies.

Seasonal buildings often pass on that basis.

Delinquencies

The percentage of units more than 60 days behind on dues.

Above 15 percent fails.

Older buildings with assessment disputes can cross the line.

The association's collections policy matters.

Ask for the current figure.

Single-entity ownership

One owner holding more than a set percentage of units fails.

Developer-held units in new buildings are the common case.

See our guide to new construction mortgages in Florida.

Bulk investors in older buildings too.

The threshold depends on building size.

Commercial space

Mixed-use buildings with too much commercial square footage fail.

See our guide to mixed-use property loans in Florida.

Downtown Miami buildings with retail podiums can cross the line.

The percentage is on the form.

Portfolio lenders are more flexible.

Limited versus full review

A limited review asks fewer questions and applies at lower loan-to-value.

Florida has an exception that forces full review more often.

See our guide to loan-to-value in Florida.

A larger down payment can move you to limited review.

Ask which applies.

When it fails

A portfolio or non-warrantable lender may still write the loan.

See our guide to non-warrantable condo loans in Florida.

Larger down payment, higher rate.

Or walk away inside the inspection period.

The fail is information about the building.

FHA and VA versions

FHA and VA use approved-project lists rather than per-loan questionnaires in most cases.

See our guide to VA condo approval in Florida.

FHA single-unit approval uses a questionnaire-like review.

Most Florida buildings are not on either list.

Check before choosing the programme.

Refinances

The questionnaire is required on a refinance too.

See our guide to refinancing a condo in Florida.

A building that passed at purchase can fail now.

Ask the association before applying.

Timing around a completed inspection helps.

Reading it yourself

Ask the association for a copy of a recent completed questionnaire.

It tells you what every lender will see.

Compare the answers to the budget and the minutes.

Inconsistencies are worth asking about.

The form is the building's report card.

Who fills it out

The management company or a board officer, from the association's records.

Answers are often conservative because the signer is personally attesting.

A vague answer reads as a fail to the lender.

Ask the manager to answer specifically and attach the reserve study and insurance certificate.

A complete package avoids a second round of questions.

Timing with the contract

The Florida contract's financing contingency runs from the effective date.

A slow questionnaire can push the loan approval past the contingency deadline.

Ask for an extension in writing before the deadline, not after.

See our guide to contract contingencies in Florida.

The questionnaire is the item most likely to need one.

Where to start

Ask the association whether the milestone inspection is done, reserves are funded and any litigation is pending.

Order the questionnaire the day you go under contract.

Then start a conversation and we will read it before we order your appraisal.