Helping you get condos financed in Florida

Condo Approval Process

What does “Approved Condo” mean?

In order for any lender/bank to provide a mortgage on a condo unit, the condo project must meet certain criteria set forth by Fannie Mae (for a conventional mortgage) or HUD (for a FHA mortgage).

The majority of mortgages issued by banks and lenders are originated with the intent to sell the loan to Fannie Mae, Freddie Mac, or HUD.  When a lender issues a loan secured by a condo unit to a consumer they must warrant to Fannie Mae, Freddie Mac, or HUD that the entire project meets the criteria established by the entity purchasing the loan.  An approved condo is referred to as a Warrantable Condo.

Condo Approval Processes

The condo approval process varies depending on the loan type. 

Choose a loan type below to learn more about the approval process for each loan type.

1. Conventional Loan
   

2. FHA Loan - Coming soon
   

3. VA Loan - Coming soon
   

4. USDA Loan - Coming soon
   

5. HomePath Mortgages - No condo approval required.
   

Or go directly to the condo approval process you are searching for.

1. HUD approval - Coming soon
   

2. Limited-Review
   

3. Full Lender Review
   

4. CPM Review, including PEWs
   

5. SAD Review
   

6. PERS Review
   

Click here for information from Fannie Mae about these options.

FloridaHomePath.com, LLC is not a mortgage lender.  FLCondoTeam.com is a site for information purposes only.  All information provided is based on Fannie Mae condo project requirements.  Click here for Fannie Mae resources.  Lenders and banks reserve the right to have more restrictive requirements at their sole discretion. 

** All loan information is updated frequently.  Contact a Mortgage Professional to confirm loan details.  All material is subject to change without notice.

FloridaHomePath.com is not owned or affiliated with Fannie Mae.  Flcondoteam.com is owned and operated by FloridaHomePath.com, LLC.  See our privacy policy and terms of service.

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Established versus New/Newly Converted Condo

Before we can explain the approval methods, we need to define the two types of condominiums as defined by Fannie Mae.

Established Condominium - An Established Condo project is a project where all of the following conditions have been meet.

1. 90% or more of the units have been conveyed to unit owners.
   

2. The project is 100% complete, including all common elements
   

3. The project is not subject to additional phasing or annexation.
   

4. Control of the homeowners’ association has been turned over to the unit owners.
   

New/Newly Converted Condominium - Any condominium project that does not satisfy all the requirements listed above, or has been converted within the last 3 years.