Answers
Buying a Miami condo with a mortgage
How lenders review condo budgets, reserves and repairs, and what Florida's milestone inspections and reserve studies add.
Short answer
Under Fannie Mae's Selling Guide, a condo project in need of critical repairs is ineligible [1]. A special assessment tied to a critical repair that is not remediated also makes a project ineligible [1]. Florida law requires milestone inspections and structural integrity reserve studies for buildings of three habitable stories or more [3][4].
Read more
Yes, a condo can be bought with a mortgage, but the building is reviewed along with you.
For many loans the lender examines the condominium project's budget, reserves, repair needs and special assessments [1][2].
Florida law also requires milestone inspections and structural integrity reserve studies for buildings of three habitable stories or more [3][4].
On this page
01
Why does the building matter when I finance a condo?
With a house, the lender mostly looks at you and the property. With a condo it also looks at the condominium project and its association.
Under Fannie Mae's Selling Guide, a project in need of critical repairs, meaning repairs or replacements that significantly impact the safety, soundness, structural integrity or habitability of the buildings, is ineligible [1].
Read more
If a structural or mechanical inspection was completed within three years of the lender's project review, the lender must obtain and review the report, and the report cannot indicate that critical repairs are needed, that an evacuation order is in effect or that regulatory action is required [1].
For each special assessment, the lender must review its purpose, its approval and execution status, the original and remaining amounts and the expected payoff date, and a special assessment tied to a critical repair that is not remediated makes the project ineligible [1].
For projects that receive a full review, the lender must also review the association's budget, which should provide for replacement reserves of at least 10 percent, or use an acceptable reserve study in its place, and no more than 15 percent of the units can be 60 days or more past due on common expense assessments [2].
These are Fannie Mae's rules.
Other lenders and programs have their own; a VA-backed loan, for example, can be used to buy a condo in a VA-approved project [5].
02
What is a milestone inspection in Florida?
Florida law requires a milestone inspection for buildings that are three habitable stories or more in height and wholly or partly condominium or cooperative property.
Read more
The first is due by December 31 of the year the building reaches 30 years of age, measured from the certificate of occupancy; a local enforcement agency may set 25 years based on local conditions such as proximity to salt water; and the inspection repeats every 10 years [3].
Phase one is a visual examination of habitable and nonhabitable areas by a licensed architect or engineer.
A phase two inspection must be performed if substantial structural deterioration is identified in phase one [3].
Within 45 days after receiving the report, the association must distribute the inspector-prepared summary to each unit owner [3].
03
What is a structural integrity reserve study?
A residential condominium association must have a structural integrity reserve study completed at least every 10 years for each building three habitable stories or higher.
It covers items such as the roof, the structure including load-bearing walls and primary structural members, fireproofing and fire protection, plumbing and electrical systems, waterproofing and exterior painting, and windows and exterior doors [4].
Read more
Reserves must be maintained for the items identified in the study that the association is responsible for, based on the findings and recommendations of its most recent study [4].
For associations that existed on or before July 1, 2022 and are controlled by unit owners, the statute sets December 31, 2025 for the first study and says that in no event may it be completed after December 31, 2026 [4].
The association must distribute a copy within 45 days of receiving it [4].
04
How do these rules affect me as a buyer?
05
What are the steps to finance a condo?
A general path, not a promise about any building or lender.
06
What condo documents should I ask about?
These are common items to request; the lender confirms what it needs.
Questions
Frequently asked questions
Can a condo unit in Florida be financed with a mortgage?
Yes, condo units can be financed. Fannie Mae's guide sets out a full review of the condominium project, and a VA-backed loan can buy a condo in a VA-approved project [2][5]. Whether a given building and unit qualify depends on the building's records and on the lender.
Sources: Full Review Process (page dated 08/05/2026); VA-backed purchase loan
What is a milestone inspection and which buildings need one?
It is a structural inspection required for condominium and cooperative buildings three habitable stories or more in height, due by December 31 of the year the building reaches 30 years of age (25 years if the local enforcement agency sets it) and every 10 years after that [3].
What is a structural integrity reserve study?
It is a study of the building's major structural and safety components that a residential condominium association must complete at least every 10 years for each building three habitable stories or higher. Reserve funding must be based on the findings of the most recent study [4].
Can a special assessment affect my loan?
It can. Under Fannie Mae's guide the lender reviews each special assessment's purpose, status, amounts and payoff date, and a special assessment tied to a critical repair that is not remediated makes the project ineligible [1].
Can you tell me whether a specific building will qualify?
Not from a web page. A project's eligibility depends on its own records and on the lender's review of its budget, reserves, repairs and assessments [1][2].
Sources: B4-2.1-03, Ineligible Projects (08/05/2026); Full Review Process (page dated 08/05/2026)
Sources (6)
- B4-2.1-03, Ineligible Projects (08/05/2026). Fannie Mae Selling Guide. Critical repairs; inspection reports; special assessments. Accessed .
- Full Review Process (page dated 08/05/2026). Fannie Mae Selling Guide. Replacement reserves; delinquency limits. Accessed .
- Florida Statutes s. 553.899, Mandatory structural inspections for condominium and cooperative buildings (2025). The Florida Senate. Accessed .
- Florida Statutes s. 718.112, Bylaws (2025). The Florida Senate. Subsection (2)(g), structural integrity reserve study; (2)(f)2.a., reserves. Accessed .
- VA-backed purchase loan. U.S. Department of Veterans Affairs (VA). Requirements; what you can use the loan to do. Accessed .
- Compare: shop for your mortgage. Consumer Financial Protection Bureau (CFPB). Accessed .