Condo · Conventional

Conventional Condo Loan in Florida

A conventional loan on a condo can start as low as 3%–5% down with PMI that cancels at 20% equity. Here is how conventional financing handles a condo in Florida.

Required

Project Review

Min Down

Yes

HOA

Warrantability key

Florida

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NMLS# 1859012 · Equal Housing Lender

Condo · Conventional

Conventional Condo Loan in Florida

Conventional financing on a condo avoids FHA's upfront premium and lets PMI fall off at 20% equity, which often makes it cheaper for buyers with a 680+ score. Down payments depend on occupancy and property type. For a condo, we run conventional against FHA so you see the real monthly difference, not just the headline rate.

Financing a Florida condo means qualifying twice: you and the building. Lenders run a condo project review for warrantability, and Florida's post-Surfside reserve and inspection rules have made that review the make-or-break step.

A warrantable condo — adequate reserves, low investor concentration, no major litigation, manageable delinquencies — finances with conventional or FHA at low down payments. A non-warrantable condo needs a portfolio or non-QM loan, usually with more down. In Florida, failed milestone inspections and underfunded reserves are the common reasons a project fails review.

As a broker we know which lenders approve which Florida buildings and we order the project review early, before you waste an inspection on a unit whose building will not pass. That alone saves Florida condo buyers weeks.

Condo at a Glance

✓Both you and the building must qualify (warrantability).

✓Warrantable condos: conventional or FHA from 3% down.

✓Non-warrantable condos: portfolio / non-QM loans available.

✓Florida reserve and inspection rules drive project approval.

Read the full condo financing guide, or compare other angles: Requirements · Financing Guide · FHA · DSCR.

Condo Snapshot

Project ReviewRequired

Min Down3%

HOAYes

FloridaWarrantability key

How It Works

Apply Online

5 min · soft credit pull only

Match Loan

We shop lenders for the property

Processing

Our team handles paperwork

Typically 14–21 days

FAQ

Conventional Condo Loan Questions

Is a conventional loan good for a condo?

For stronger credit, often yes. Conventional skips FHA's upfront mortgage insurance and its PMI cancels, so the long-run cost on a condo can be lower. We compare both for your exact numbers.

What makes a Florida condo warrantable?

A warrantable condo has adequate reserves, no major litigation, owner-occupancy and investor limits within guidelines, and low HOA delinquencies. Florida's milestone inspection and reserve-funding laws now weigh heavily. We pull the project review before you commit.

Can I get a mortgage on a non-warrantable condo?

Yes, through portfolio or non-QM lenders that approve the unit even when the project fails standard review. You usually need more down and accept a slightly higher rate. We match the building to a lender that will finance it.

Keep Going

Condo Guide Condo · Requirements Condo · Financing Guide Condo · FHA Condo · DSCR All Property Types Apply for Pre-Approval

Conventional Condo Loan?

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Figures are illustrative only and vary by property, credit score, loan amount, income, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.