Condo Mortgages in Florida — Done Right

Why condo financing is its own discipline in Florida

Florida is one of the most condo-heavy states in the country. Broward, Palm Beach, and Miami-Dade together hold thousands of condo buildings — high-rises, mid-rises, beachfront towers, townhome-style associations, gated communities. Each one has its own financial health, insurance policy, reserve fund, and litigation history.

That matters because, unlike single-family homes, condo financing depends on two approvals: the buyer (income, credit, assets) AND the building (financial health, insurance, owner-occupancy, structural condition). A perfectly qualified buyer can still get denied if the building isn’t warrantable. Most buyers learn this the hard way — three weeks into a contract, after the appraisal comes back and the lender pulls funding.

Turtur Home Loans, NMLS #2836215, runs a building warrantability check before you put a property under contract. We tell you upfront whether the building will finance, on what programs, and on what terms.

What “warrantability” actually means

A condo is “warrantable” if it meets Fannie Mae and Freddie Mac’s underwriting standards. A non-warrantable condo can’t be financed with a standard conventional loan and falls into a smaller pool of portfolio lenders. The criteria include:

• HOA financial health — at least 10% of the budget allocated to reserves (often more after Florida’s post-Surfside reforms in 2026).
• Insurance — master policy meeting hazard, wind, flood, and liability minimums. HO-6 (your individual unit) policy required.
• Owner-occupancy ratio — usually at least 50% owner-occupied (not investor-rented).
• Single-entity concentration — no single owner can hold more than 10% of units (20% for smaller buildings).
• Litigation status — active lawsuits involving the HOA can disqualify the building.
• Special assessments — large outstanding or pending special assessments (especially for structural/concrete work) can disqualify financing.
• Project completion — newly built projects must be substantially complete.

A building can flip from warrantable to non-warrantable overnight after a lawsuit is filed or a structural assessment is voted in. Pre-2023 buildings in Florida are now under heavy scrutiny because of the state’s mandatory structural integrity reserve study (SIRS) requirements.

Florida-specific concerns post-2026

Florida’s HOA and condo association reform legislation requires:

• Structural integrity reserve studies for buildings 3+ stories every 10 years.
• Mandatory funding of structural reserves — no more “waiving” reserves at the annual meeting.
• Inspections for buildings 25+ years old (30+ in 3-mile coastal zone).

The financial impact has been significant. Many older Broward and Palm Beach buildings have voted in large special assessments to fund deferred concrete and waterproofing work. Some of these assessments have temporarily knocked buildings out of warrantability until reserve funds are restored. Our pre-offer building check flags any of this for you before you commit.

What programs work for condos in Florida

• Conventional. Best rates if the building is warrantable. Full review or limited review depending on down payment, occupancy, and lender.
• FHA. Only buildings on the FHA-approved list. Florida has hundreds of FHA-approved buildings — but many are not approved. We screen the HUD list for you.
• VA. Similar — VA maintains its own approved condo list. Veterans buying in Florida have more options than they often realize, but the list is narrower than FHA’s.
• Non-warrantable condo loans. When the building doesn’t qualify for conventional/FHA/VA, portfolio lenders fill the gap. These loans typically require larger down payments (15%-25%), come with slightly higher rates, and have stricter reserve requirements.
• DSCR / investor condo loans. For rental property buyers. Qualifies on the unit’s projected rent rather than your personal income. Particularly useful for short-term-rental-friendly buildings in Hollywood, Fort Lauderdale Beach, and Hallandale.

How Turtur vets a building before you offer

When you tell us the address (or even just the building name), we check:

1. HUD’s FHA-approved condo list — confirms FHA eligibility immediately.
2. VA’s approved condo list — for veteran buyers.
3. Fannie Mae’s CPM database — flags buildings already classified as warrantable by major lenders.
4. Florida DBPR records — for active complaints or HOA disputes.
5. Recent special assessment activity — by pulling recent meeting minutes from your real estate agent or HOA management.
6. Insurance master policy summary — request from the management company.

Most of this gets done in under 48 hours. We tell you “yes, finance-able under conventional / FHA / VA with X% down” or “no, you’ll need a non-warrantable program — here’s the rate impact.”

Florida condo costs you should plan for

• Monthly HOA fees in Broward and Palm Beach typically run $300-$1,200/month for mid-tier buildings. Beachfront and high-rise can be $1,500-$3,500/month. HOA fees count as monthly debt in your DTI calculation.
• HO-6 insurance — your individual unit policy. Runs $300-$1,000/year.
• Special assessments — separate from regular HOA dues, usually voted in for specific projects. Always ask for the building’s special assessment history and current pending votes.
• Property tax + homestead exemption — same rules as a single-family home if it’s your primary residence. File for homestead by March 1.
• Doc stamps and intangible tax — Florida-specific closing costs apply identically to condos.

How to start

1. Have a building in mind? Send us the address or building name and we’ll run the warrantability check.
2. Don’t have a building yet? Tell us your target area and budget — we’ll give you a list of buildings that finance cleanly under your preferred program.
3. Already under contract? Forward the management company’s lender questionnaire and we’ll fast-track underwriting.

Fill out the form on this page or call (754) 224-5704. Turtur Home Loans NMLS #2836215 · Didier Latortue NMLS #1649918 — licensed Florida mortgage broker.