Miami Condo Due Diligence

Miami Condo Financing Eligibility & Project Review

A lender underwrites more than the buyer. The condominium project itself can determine whether the intended loan can close.

Updated August 8, 2026Florida condominium focusEdgewater Insider monitors 40 main Edgewater condo buildings

Due Diligence Hub / Financing Eligibility

Condo financing has two underwriting subjects: the borrower and the condominium project. A financially strong buyer can still encounter a loan problem if the project does not satisfy the lender's condo-project requirements.

Physical condition

Critical repairs, regulatory inspections and unresolved structural issues can affect project eligibility.

Association financials

Reserves, assessment delinquencies, special assessments and other project-level financial factors may be reviewed.

Insurance

The lender reviews project insurance separately from the borrower's income, assets and credit.

August 2026 change

Fannie Mae retired Limited Review for new loan applications on or after August 3, 2026

Fannie Mae's 2026 project-standards updates changed the review framework and expanded certain waiver pathways. The practical buyer takeaway is not to memorize review types—it is to have the lender identify the project-review path early and state what condominium documents are still required.

A building is not simply “warrantable” forever

Project eligibility depends on the loan program, lender, review type and current project facts. Association insurance, repairs, reserves, assessments and other conditions can change after a prior loan closed.

Questions for the lender

Get project-specific answers, not general reassurance

What project-review path applies to this loan and this condominium?
Has the lender already reviewed the project recently?
What association documents are still outstanding?
Are there current questions involving insurance, critical repairs or inspections?
Do reserves, assessment delinquencies or special assessments create a project issue?
When will the project review be considered complete?
If the project is not eligible under the intended program, are there realistic alternative loan products?

Primary sources

Official references used for this guide

Rules and lending standards can change. These are the government and agency sources this page was checked against.

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