Condo Loan Requirements in Florida
Exactly what you and the building need to qualify for a Florida condo loan: warrantability, credit, down payment, and acceptable association finances. Licensed FL mortgage broker NMLS# 1859012.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
A Florida condo loan asks you to qualify twice: you and the building. Beyond your own credit and down payment, lenders review the association\u2019s finances, insurance, owner-occupancy ratio, and reserves through warrantability. Knowing the rules early steers you toward buildings that finance cleanly. Here is the full checklist.
What You Need
On the borrower side, conventional condo loans generally start at a 620 credit score with as little as 3 to 5% down for a warrantable project, though many lenders add a small condo rate adjustment.
Non-warrantable financing usually wants a higher score and 10 to 25% down. HOA dues are counted in your debt-to-income, so they affect how much you qualify for.
What the Building Must Pass
The association has to clear warrantability: acceptable reserves, adequate master insurance, a healthy owner-occupancy ratio, no disqualifying litigation, and no single owner holding too many units.
Florida’s milestone inspection and reserve-study laws now carry real weight, especially for older coastal buildings. We pull this review before you write an offer.
| Requirement | Typical Standard |
|---|---|
| Credit Score | 620+ (higher if non-warrantable) |
| Down Payment | 3–5% warrantable / 10–25% non-warrantable |
| Owner-Occupancy | Healthy ratio for warrantability |
| Reserves | Adequate association funding |
| Insurance | Master policy meets guidelines |
Guidelines vary by lender. Not a commitment to lend. Equal Housing Lender.
Documents to Gather
Your file needs the usual income and asset documentation plus the association’s budget, reserve study, insurance certificate, and questionnaire — items we request from the HOA early.
See the step-by-step path on our how to qualify page.
Condo Loan Requirements — FAQ
A warrantable condo meets Fannie Mae or Freddie Mac project standards, opening conventional, FHA, and VA financing at the best rates. A non-warrantable condo fails one or more tests — too many rentals, pending litigation, low reserves — and finances through specialty programs.
Conventional condo loans generally start at a 620 score with 3 to 5% down for a warrantable project. Non-warrantable financing usually wants a higher score and 10 to 25% down. Your exact terms depend on the unit and the building.
It can. A pending or large special assessment can affect the building’s warrantability and your debt-to-income ratio. We factor any known assessment into your approval so it does not surprise you at the closing table.
See If You and the Building Qualify
Warrantable & non-warrantable · Building pre-check · Licensed FL mortgage broker NMLS# 1859012
Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.