Florida condo financing for hard-to-finance buildings
Buying or refinancing a condo in Miami or anywhere in Florida? Many buildings no longer qualify for standard conventional loans. LendingHouse finances non-warrantable condos, new construction condos and condo-hotels (condotels), and can walk you through options for primary homes, second homes and investment units.
Condo financing we can review
New construction condos
Financing for units in newly built or recently converted buildings, including projects that are not yet agency-approved.
Condo-hotels (condotels)
Units in buildings with hotel-style rental programs, front desks or on-site management, which most lenders won’t finance.
Non-warrantable condos
Units in buildings that do not meet Fannie Mae or Freddie Mac project guidelines.
Investment condos (DSCR)
Business-purpose loans for rental condos that use the property’s rental income. Investment properties only.
Second homes
Financing for a Florida condo you plan to use part of the year.
Self-employed buyers
Bank statement and other non-QM options when your income does not fit a W-2.
Warrantable condos
Conventional, FHA and VA options for buildings that meet agency requirements.
Condo refinances
Rate-and-term or cash-out refinances for condos you already own.
Why Florida condos are harder to finance
Since the Surfside collapse, Florida requires milestone structural inspections and structural integrity reserve studies for many condo buildings. Buildings with deferred repairs, low reserves, large special assessments, litigation or a high share of investor-owned units can lose eligibility for conventional financing. That doesn’t always mean the unit can’t be financed. It means the building needs a closer look and possibly a different loan program.
Non-warrantable and non-QM programs can have different down payment, reserve and pricing requirements than conventional loans, and may cost more.
Tell us about the condo
Share the building or address if you have one and how you plan to use it. A licensed loan officer will review it and reach out. An initial conversation is free and does not require you to apply.
- Step 1
Share the building and your goal
- Step 2
We review the building and programs
- Step 3
Choose an option and apply
Get your condo reviewed
Florida condo financing FAQs
Do you finance new construction condos?
Yes. New construction and recently converted condo projects often lack agency approval because of presale levels, developer-owned units or incomplete phases. LendingHouse can review the project and discuss portfolio and non-QM options for primary homes, second homes and investment units.
Do you finance condo-hotels (condotels)?
Yes. Condotel units are in buildings with hotel-style rental programs or services and generally do not qualify for conventional financing. LendingHouse can review the building and your plans for the unit and walk you through available options.
What is a non-warrantable condo?
A non-warrantable condo is a unit in a building that does not meet Fannie Mae or Freddie Mac project requirements. Common reasons include pending litigation, a high share of investor-owned units, a single owner holding many units, commercial space, short-term rental activity, or concerns about building condition or reserves. These units usually need financing outside standard conventional programs.
Why are so many Florida condos hard to finance?
Since the Surfside collapse, Florida law has required milestone structural inspections and reserve studies for many condo buildings, and agencies have tightened their review of building condition and reserves. Buildings with deferred maintenance, large special assessments or incomplete inspections can lose eligibility for conventional financing.
Can I finance a condo as an investment property?
Yes. Investment condo purchases and refinances can be financed with business-purpose programs such as DSCR loans, which look at the property’s rental income. These programs are for investment properties only.
Can I buy a condo as a primary residence or second home?
Yes. Depending on the building and your situation, options may include conventional, FHA or VA financing for approved projects, or portfolio and non-QM programs for non-warrantable buildings.
What will I need to get started?
Share the building or address if you have one, how you plan to use the property, and a little about your income. A licensed loan officer will review the building and your goals and walk you through options. Requirements, down payments, reserves and pricing vary by program and building.
LendingHouse NA, LLC, NMLS #2141418. Equal Housing Lender. This is not a commitment to lend. Financing is subject to applicable credit, underwriting, property and project review, valuation and program requirements. Programs, rates, terms and availability vary by state and may change. Not all applicants or properties will qualify. DSCR and other business-purpose loans are for investment properties only.