08/28/2026
Getting pre-approved can make a condo search feel straightforward. Then the building itself enters the conversation!!
With a condo, we aren't only qualifying the buyer, we also need to evaluate the condominium project.
SOME OF THE AREAS THAT CAN AFFECT FINANCING INCLUDE:
Insurance
- The association's master insurance coverage may need to meet the requirements of the loan program. If coverage is insufficient, the association may be able to work with its insurance agent to update coverage or provide additional documentation.
HOA finances & assessments
- The project's financial condition, delinquent HOA dues, reserves, and special assessments can matter. A special assessment isn't necessarily an automatic deal-breaker, we need to understand why it exists, how it's being funded, and what work it relates to.
Litigation
- Pending litigation involving the association can require additional review. The important questions are what the lawsuit involves, the potential financial exposure to the association, and whether insurance is expected to cover it.
Building condition
- Critical repairs, significant deferred maintenance, structural concerns, or certain evacuation orders can affect eligibility. Sometimes the answer is obtaining documentation showing repairs have been completed or that the issue doesn't rise to the level that makes the project ineligible.
Loan-program eligibility
- A condo that works for one financing program may not necessarily work for another. That's why checking the project early can save a buyer a lot of frustration.
HOW CAN YOU CHECK A CONDO BEFORE FALLING IN LOVE WITH IT? BEFORE YOU FALL IN LOVE WITH THE CONDO, SEND ME THE ADDRESS.
If you're considering a condo, send me the property address and condo/project name. I can help determine what type of project review may be needed and identify potential financing concerns early. See if the Condo is FHA approved or Fannie Mae Approved.
Send this to someone shopping for a condo.
Melinda Tallman Smart Homebuying Florida
