Condo Lending Deep Dive + Rate Update (South Florida Mortgage Report)
Craig Garcia (Capital Partners Mortgage) and Billy Mei unpack two things shaping South Florida buyers right now:
Rates: why the recent dip into the low-6s happened—and how to think about locks.
Condos: the must-know differences vs. single-family loans: the 10% reserve budget test, project approvals, limited/streamlined reviews, and when a 75/15/10 first-and-second structure can rescue low-down-payment deals.
Programs: why most condos aren’t FHA eligible (leasing-approval rules), the surprising flexibility of VA-approved condos, and how Non-QM fills gaps when projects are temporarily non-warrantable.
Risk checks: insurance (deductibles, replacement cost), special assessments, and recent engineering/structural reports that lenders now review.
Agent checklist: budget, master insurance dec page, assessments, and any inspection reports from the last 3 years—send these early.
Want a condo pre-check before you write the offer? We preview budgets & insurance and verify Fannie/VA status so you know your options upfront.
Educational only; not a commitment to lend. Program and guideline availability can change. Equal Housing Lender.
