Can you get a mortgage on a condo in Southwest Florida right now? Yes. But in Florida the building has to qualify too, not just you.

If the building is three habitable stories or more, your lender looks hard at four things: the milestone inspection, the structural integrity reserve study (SIRS), any special assessments and any critical repairs. Under Fannie Mae’s guidelines, a building with unfinished critical repairs is ineligible until the work is done and documented. So before you write an offer on a condo in Naples, Bonita Springs, Estero or Fort Myers, find out where the building stands.

I’m Steve Calabrese, a loan officer with Highlands Residential Mortgage here in Bonita Springs. Here’s how it works.

Why condo financing changed in Florida

After the Surfside collapse in 2021, Florida passed new condo safety laws. Two terms matter for anyone buying a condo today.

Milestone inspection. Buildings three habitable stories or more need a structural inspection by a licensed engineer or architect once the building reaches 30 years old, then every 10 years after that. If the inspection finds problems, the association has to fix them.

Structural integrity reserve study (SIRS). Associations for buildings three habitable stories or more have to study the major structural pieces of the building (roof, structure, waterproofing, plumbing, electrical and more) and fund reserves to replace them. In 2025 the legislature passed HB 913, which pushed the deadline for the first SIRS to December 31, 2025. Associations can no longer simply vote to skip funding those reserves the way many did for years.

The goal is safer buildings. The side effect is that a lot of associations are catching up on deferred work at the same time. That means special assessments, higher dues and in some cases buildings that lenders won’t touch until repairs are finished.

What lenders actually check

Most conventional condo loans get sold to Fannie Mae or Freddie Mac, so their rules drive the decision. Fannie Mae’s Selling Guide (section B4-2.1-03, updated November 2026) says a project is ineligible when it needs critical repairs. That means repairs that significantly impact the safety, soundness, structural integrity or habitability of the building, or the financial viability or marketability of the project.

Examples Fannie Mae lists:

• Material deficiencies that could lead to failure of a critical element or system within a year
• Mold, water intrusion or damaging leaks
• Advanced physical deterioration
• A failed state, county or local mandatory inspection tied to structural safety
• Unfunded repairs costing more than $10,000 per unit that should be done in the next 12 months

The guide calls out sea walls, elevators, waterproofing, stairwells, balconies, foundations, electrical systems and parking structures. Sound familiar? That list reads like a walk down the coast from Naples to Fort Myers Beach.

A few other rules come into play:

• If the building had a structural or mechanical inspection in the last three years, the lender has to get the report and review it.
• The lender has to review every special assessment: what it’s for, how much is left and when it’s paid off. If an assessment is tied to a critical repair that isn’t fixed yet, the project is ineligible.
• If the building is on Fannie Mae’s “Unavailable” list in its Condo Project Manager system, a conventional loan sold to Fannie Mae isn’t possible on that building.

Here’s the part most buyers miss. Repairs paid for through a special assessment don’t count toward that $10,000 test. And damage isolated to one or a few units doesn’t sink the whole building. So an assessment isn’t automatically bad news. A funded plan to fix the building is often what gets it back to financeable.

What to ask for before you write an offer

Florida law now requires these details to be disclosed to owners and buyers. Don’t wait until you’re under contract to see them. Ask your agent to get:

1. The most recent SIRS, or a statement that the association hasn’t completed one
2. The milestone inspection summary, if the building has one
3. The current budget and reserve balances
4. A list of any special assessments, planned or in progress, with amounts and payoff dates
5. Whether the association is in any litigation
6. Whether there’s an evacuation order or any unit deemed unsafe

Then send it to me. I’d rather spend 20 minutes reviewing a building with you up front than have you lose an inspection period on a condo that can’t close.

One more thing. Your monthly HOA dues and any special assessment payment count against your debt-to-income ratio. A building with fresh dues increases can change what you qualify for, even if the building itself is approved. We run the numbers with the real dues, not last year’s.

What if the building doesn’t qualify?

You still have options. They just look different.

Wait for the repairs. Once critical repairs are completed and documented, a building can become eligible again. If you love the unit and the timeline works, this can be the right move.

Look at non-warrantable condo financing. Some lenders keep condo loans on their own books instead of selling them to Fannie Mae or Freddie Mac. These loans can work on buildings that don’t meet agency rules. It usually means more money down and different terms. Whether it works depends on the specific building and what’s wrong with it.

Pay cash now, finance later. If you have the liquidity, buying with cash and refinancing after the building is cleared is a strategy some buyers use. That plan only works if the building actually gets cleared, so we look at that before you commit.

Pick a different building. Sometimes the honest answer is that the building isn’t worth the risk. I’ll tell you that straight.

The bottom line for Southwest Florida condo buyers

Condos are still one of the best ways into our market, especially for second-home buyers and people downsizing. The rules changed. The opportunity didn’t. You just need to vet the building as carefully as the building vets you.

If you’re looking at a condo anywhere from Naples to Fort Myers, call or text me at 239.345.2353 or schedule an appointment at stevecalabrese.com. Send me the building name and I’ll tell you what I’d want to see before you make an offer.

Steven Michael Calabrese, NMLS #79387, Highlands Residential Mortgage. This post is general information, not a commitment to lend. All loans are subject to credit approval, underwriting and property eligibility. Program guidelines change; I verify current rules on every file.