Understanding Closing Costs
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
This Page’s Content Was Last Updated: March 2026
This Page’s Mortgage Rates Were Last Updated: March 11, 2026 8:49 AM ET
Buying a condo in Florida is very different from financing a traditional single-family home, especially when it comes to lender requirements and approval guidelines. When purchasing a condominium, lenders must complete a full review of the condominium association to ensure the project meets financing standards. This includes analyzing the building’s financial health, verifying adequate insurance coverage, reviewing any pending litigation that could impact the property’s value, and confirming that proper structural reserve requirements are in place for ongoing maintenance and repairs.
Simply Approved Mortgages helps Florida condo buyers successfully navigate both warrantable and non-warrantable condo financing, ensuring clients understand their options and secure the right mortgage solution for their specific property and financial goals.
Florida condo mortgages require additional approval steps, including HOA and building reviews, especially for non-warrantable condos.
A warrantable condo meets Fannie Mae and Freddie Mac guidelines.
These typically include:
Adequate reserves
Low investor concentration
No significant pending litigation
Sufficient insurance coverage
Warrantable condos qualify for:
Conventional loans
FHA loans (if FHA-approved)
VA loans (if VA-approved)
Disclaimer: Advertised rates and fees depend on borrower qualifications and market fluctuations.
A non-warrantable condo does not meet agency guidelines.
Common reasons in Florida include:
High investor ownership
Ongoing litigation
Inadequate reserves
Short-term rental activity
Post-Surfside structural concerns
Non-warrantable condos require alternative financing.
Learn More: 👉 Non-Warrantable Condos
At Simply Approved Mortgages, our mission is to make homeownership more accessible and affordable. We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, which is generally lower than typical industry ranges. This structure may help reduce certain costs embedded in mortgage transactions, while allowing us to maintain a strong focus on transparency, responsible loan structuring, and service quality.
Disclaimer: Simply Approved Mortgages complies with all state and federal licensing requirements that we are licensed in.
Lower rates for qualified buildings
Down payment typically 5%–20%
Must be FHA-approved
3.5% minimum down payment
Learn More: 👉 FHA Loans in Florida
Building must be VA-approved
No down payment for eligible veterans
Learn More: 👉 VA Loans in Florida
For non-warrantable buildings
May require higher down payment
Flexible documentation options
Learn More: 👉 Non-QM Loans in Florida
Condo financing is especially common in:
Miami
Fort Lauderdale
Orlando
Tampa
Jacksonville
Palm Beach
Coastal and high-rise markets may have stricter underwriting requirements.
Lenders may require:
HOA questionnaire
Condo association budget
Insurance documentation
Reserve study
Structural integrity reports (in some cases)
Review timelines may extend approval time compared to single-family homes.
Down payment depends on:
Loan type
Credit score
Condo project approval status
Typical ranges:
3.5% (FHA approved)
5%–10% (conventional approved projects)
20%+ (non-warrantable projects)
Florida condo buyers should budget for:
HO-6 interior insurance
Building master policy review
Wind and flood insurance (if applicable)
Insurance availability can impact loan approval.
Use these tools before applying:
Learn More: 👉 Mortgage Calculator
Learn More: 👉 Home Affordability Calculator
For federal housing guidance and buyer protections, review:
We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, generally lower than typical industry ranges. This approach may support affordability while providing access to competitive mortgage options.
Our team of seasoned professionals is dedicated to simplifying the mortgage process, providing personalized solutions, and ensuring you feel confident every step of the way.
We prioritize honesty and clarity. From disclosing every detail upfront to ensuring no hidden surprises, we build trust through our commitment to your financial success.
At Simply Approved Mortgages, our mission is to make homeownership more accessible and affordable. We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, which is generally lower than typical industry ranges. This structure may help reduce certain costs embedded in mortgage transactions, while allowing us to maintain a strong focus on transparency, responsible loan structuring, and service quality.
We provide access to competitive mortgage options across a variety of loan programs and terms. Our approach focuses on responsible loan structuring based on lender guidelines and borrower qualifications. Explore our mortgage solutions to better understand your available options and how they may support your homeownership goals.
Getting pre-approved for a mortgage is easy with our online application process. Fill out our secure application form, and our team will review your details quickly, so you can start your mortgage journey with confidence.
Once your application is received, a dedicated mortgage specialist will contact you to discuss your needs and preferences. We’ll work together to find the best mortgage options that align with your goals.
After reviewing and selecting the ideal mortgage plan, we’ll guide you through the approval process and ensure everything is in place for a smooth closing. Soon, you’ll be ready to move into your new home!
Prefer personal guidance? A licensed loan officer is available to help.
Yes. Condo projects must meet additional lender and agency guidelines.
High investor ownership, litigation, inadequate reserves, or structural concerns.
Yes. Non-QM and portfolio lenders may provide options.
Sometimes. It depends on the project’s approval status.
Take control of your home-Take the guesswork out of your home-buying journey. Use our Mortgage Calculator to estimate your monthly payments and make informed financial decisions.
Start Now:
Simply input your details and see how much equity you could access today. If you have questions or need assistance, our team is here to guide you every step of the way.
Get a free credit score check to understand where you are and how to move forward.
Small changes in your credit score can lead to significant savings on your mortgage.
Stay on top of your credit health with credit monitoring, so you can catch issues early and maintain a strong score.
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Remember that a good credit score can lower your interest rate on your mortgage.
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Reduce your monthly payment or loan term while unlocking the full potential of your home’s equity!