Florida Condo SIRS, Milestone Inspections, and Mortgage Approval
Updated October 2026
Florida condominium financing starts with the building
A buyer can qualify personally and still encounter a condominium project that does not meet mortgage requirements. In Florida, structural inspections, reserves, insurance, and special assessments deserve attention before the offer becomes difficult to unwind. The unit's renovated kitchen does not answer questions about the building's financial or structural condition.
SB 4-D and SB 154 established and refined milestone-inspection and reserve requirements for covered condominium and cooperative buildings generally three or more stories high. Subsequent legislation also affects implementation, so use the association's current obligations and records rather than an old deadline summary.
Separate structural condition from reserve funding
A milestone inspection evaluates structural condition. Covered buildings generally reach the initial inspection at 30 years, with a local enforcement agency able to require 25 years based on local conditions, followed by recurring inspections. Construction age, local notices, and transitional provisions affect the actual due date.
A Structural Integrity Reserve Study, or SIRS, evaluates specified building components and reserve funding needs. It is not the same document as a milestone report, and neither automatically makes a project mortgage-eligible.
| Request from the association | Why the lender needs it |
|---|---|
| Milestone reports and required repairs | Identify structural findings and unresolved work |
| Current SIRS and adopted budget | Evaluate reserve obligations and funding |
| Special-assessment notices | Determine payment burden and project issues |
| Master insurance and deductibles | Check project coverage adequacy |
| Board minutes and litigation details | Surface developing financial or repair concerns |
Understand project-review systems
Fannie Mae's Condo Project Manager and Freddie Mac's Condo Project Advisor are different tools; there is no single shared “Fannie/Freddie Condo Project Manager.” Lenders use agency requirements and applicable review pathways to determine eligibility. An agent's description of a building as “warrantable” is not a substitute for the lender's project review.
Ask the lender to review available project documents early and identify missing information. For FHA financing, consult HUD resources about condominium approval pathways. Check Florida OIR resources when evaluating insurance questions.
Budget beyond principal and interest
Combine today's rates with the monthly payment calculator, then add association dues and assessment installments. Confirm whether dues are scheduled to increase to fund reserves. The CFPB provides mortgage comparison tools. Keep separate estimates for the unit's insurance, taxes, and association obligations so an attractive listing price does not hide an expensive monthly commitment.
Compare Current Mortgage Rates
Compare current APRs, points, fees, and estimated monthly payments from participating lenders below.
Loan Program Comparison: 2026 Benchmarks
Florida Condo SIRS, Milestone Inspections, and Mortgage Approval — Choose a mortgage by comparing eligibility, upfront cash and total monthly costs, not the advertised rate alone. Conventional, FHA, VA and USDA serve different borrowers. Confirm county limits, taxes, insurance and lender requirements before comparing personalized Loan Estimates for your household.
Historical 2025 one-unit comparison: conforming $806,500; FHA floor $524,225. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Editorial Methodology & Primary Sources
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
- Consumer Financial Protection Bureau (CFPB) — Loan Estimates, APR and borrower disclosures; Regulation Z.
- U.S. Department of Housing and Urban Development (HUD / FHA) — FHA program guidance.
- U.S. Department of Veterans Affairs (VA) — VA loan eligibility and benefits.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — published rate benchmarks.
- U.S. Census state tax collections — state property tax benchmarks; confirm parcel-specific assessments and exemptions with the state revenue department and local assessor.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.