Updated November 2026. This is general information, not legal advice. Review a building’s documents with your Realtor and, if needed, a Florida real estate attorney.
After the 2021 Surfside collapse, Florida passed new condo safety laws in 2022 and updated them in 2024 and 2025. They require older, taller buildings to be inspected and to save properly for major repairs. For buyers, that means some buildings have higher dues or special assessments, and some temporarily can’t qualify for standard mortgages.
The two requirements that matter most
1. Milestone inspections
Condo and co-op buildings three or more habitable stories tall need a structural milestone inspection once the building reaches 30 years old (or 25 years if the local building official requires it), then every 10 years. Phase 1 is a visual inspection; a Phase 2 inspection is required only if significant deterioration is found, and repairs must begin within 365 days of the report.
2. Structural integrity reserve studies (SIRS)
The same buildings need a SIRS at least every 10 years, covering items like the roof, structure, fireproofing, plumbing, electrical, waterproofing and windows. Associations must fund those reserves; for budgets adopted on or after January 1, 2025, SIRS reserves can’t be waived. The deadline for existing associations to complete a SIRS was December 31, 2025, or December 31, 2026 if done alongside a milestone inspection due by then.
Source: Florida DBPR, Division of Condominiums.
How this affects your mortgage
- Building approval. Fannie Mae, Freddie Mac, FHA and VA review the building as well as you. Unresolved structural repairs, large pending special assessments or underfunded reserves can make a building ineligible for those loans until the issues are fixed.
- Non-warrantable options. When a building doesn’t qualify, non-warrantable condo loans may still work, usually with a larger down payment and different pricing.
- Your monthly cost. Higher reserve contributions mean higher HOA dues, and dues count toward what you qualify for. Special assessments may also need to be paid or accounted for.
Questions to ask before you make an offer
- Has the building completed its milestone inspection, and did it require Phase 2 or repairs?
- Has the association completed its SIRS, and is it funding reserves to the study’s schedule?
- Are any special assessments approved or under discussion? How much per unit, and when?
- Is the association using a loan or line of credit to fund repairs?
- Is the building on HUD’s FHA-approved list or the VA’s approved list (if you plan to use those loans)?
- How much did dues change this year, and why?
Alex checks building eligibility early, before you’re under contract, so you aren’t surprised at underwriting. Recent prices show condo values softening in several Florida metros; see the September 2026 market update.
Next steps
Run your own numbers with the Amortization Calculator, then book a free 30-minute call or request your pre-approval. Alex will compare options across 300+ wholesale lenders through NEXA Mortgage and walk you through what fits.
Not a commitment to lend. Not all applicants qualify. Programs, rates, terms and availability may change without notice. All loans are subject to credit, income, asset and property approval. Non-QM loans are not agency or government loans and may have different rates, terms and requirements. H. Alex El-Ali, NMLS #1513750, FL LO125697 | NEXA Mortgage, LLC, NMLS #1660690. Equal Housing Lender.
