Listing-Ready Condo Financing Cheat Sheet

Have ready from the association

Buyers’ lenders will usually ask for this.

• Management company contact for the lender questionnairePlus any questionnaire fee and typical turnaround.
• Current budget and reserve information
• Milestone inspection statusIf the building is 3+ habitable stories and is required to have one.
• Structural Integrity Reserve Study (SIRS) statusCompleted date, and whether the summary was distributed to owners.
• Special assessmentsCurrent, approved or under discussion, with amounts and schedules.
• Master insurance policy summaryIncluding wind and flood coverage.
• Rental, pet and vehicle rules

Items that can limit financing

These don’t always stop a sale, but they can narrow the loan options. Flag them early.

• Significant deferred maintenance or unfunded critical repairs
• Pending litigation involving the association
• High share of units owned by one person or entity
• High delinquency on HOA dues
• Large commercial space, or hotel-like or short-term rental operations
• Low reserves or a budget that doesn’t fund reserves

Quick lookups

• FHA condo approval: HUD’s condominium searchentp.hud.gov/idapp/html/condlook.cfm
• SIRS submissions: DBPR condominium SIRS reportingmyfloridalicense.com
• Flood zone: FEMA Flood Map Service Centermsc.fema.gov
• Association status: Sunbiz.org