Every Miami condo loan runs two parallel reviews — the borrower and the project. The project is almost always the harder one. This page documents the twelve-point checklist we apply to every building, the underwriting tiers each combination produces, and four example outputs.
Share of units occupied as primary or second homes vs. investor-owned.
Conventional warrantable guidelines generally expect at least 50% owner-occupied on investor purchases; primary residences are evaluated differently. Skew too far toward rentals and the project drifts non-warrantable.
Below 50% on an investor file. Sudden swings between annual questionnaires.
Largest concentration of units controlled by one person, entity, or sponsor.
Agencies cap single-entity ownership (typically 20% on projects with 21+ units, lower thresholds on small projects). Concentration risk is a fast path to non-warrantable.
Developer still holding a large unsold block. Bulk-buyer LLCs above the cap.
Percentage of total square footage allocated to commercial or non-residential use.
Mixed-use buildings above ~35% commercial trigger non-warrantable treatment. South Beach Art Deco projects and Brickell mixed-use towers run into this regularly.
Large ground-floor retail. Hotel components. Office floors stacked above residential.
Whether the HOA budget allocates at least 10% to reserves and whether a recent reserve study has been completed.
Underfunded reserves now read as a structural risk, not a paperwork problem. Florida's SIRS requirements (SB 4-D) added a documentation layer on top.
Reserves under 10% of budget. No reserve study within 5 years. Waived funding without member approval.
Florida-mandated structural review for buildings three stories and taller.
The SIRS report and the board's funding plan response now sit alongside the condo questionnaire as primary underwriting documents.
SIRS overdue. Funding plan not yet adopted. Identified items without a remediation timeline.
Milestone inspection status under the 25/30-year recertification regime (Miami-Dade / Broward).
An open recertification, especially one identifying structural items, will pause most lenders. A completed recertification with passing letter typically clears the path.
Past due. In progress with identified repairs. Special assessment pending to fund repairs.
Adequacy of building, wind, and flood coverage relative to replacement cost and lender requirements.
Post-2022 Florida insurance reset moved master policies materially. Coverage gaps and high hurricane deductibles now move a building from warrantable to non-warrantable on a renewal.
Wind deductible above lender threshold. Coverage below 100% replacement cost. Lapsed or recently non-renewed carrier.
Any lawsuits naming the association as plaintiff or defendant.
Not every lawsuit kills a file. The materiality test asks whether the matter affects safety, structural integrity, marketability, or financial stability of the project.
Construction defect cases. Suits against the developer. Class actions involving residents.
Any approved, pending, or anticipated assessments above regular dues.
A pending assessment changes the math three ways: borrower DTI, building financial health, and lender comfort with deferred maintenance.
Approved but unfunded. Anticipated for SIRS or recertification repairs. Repeating annual assessments.
Share of units more than 60 days past due on HOA dues.
Agency guidance generally tolerates up to 15% delinquency. Above that, the project flags non-warrantable on most conventional files.
Above 15%. Trending upward across quarterly statements. Concentrated in a single sponsor's units.
Lease minimums, rental caps, and whether nightly or short-term rental is permitted.
The building's own rules — not just the city's — determine whether a DSCR file with nightly-rental income is workable.
Hard rental cap already met. STR permitted by city but prohibited by HOA. Recent rule change tightening leases.
Operating reserves, year-over-year dues increases, and adequacy of insurance line item.
The budget tells the underwriter how the building is managing rising insurance, labor, and structural costs. A healthy budget is its own form of warrantability.
Dues increases above 15% YoY without a clear driver. Insurance line item flat through a hard-market renewal. Deficit operating results.
The twelve points above resolve into one of four broad tiers. Each tier defines the loan structure, reserves, pricing band, and timeline you should expect.
Answer what you know from the questionnaire, reserve study, and HOA budget. The tier, pricing band, and reserve guidance update as you go. Output is indicative — not a loan decision.
What share of units are owner-occupied (primary or second home)?
Largest share of units controlled by any one person or entity?
Percentage of total square footage that is commercial / non-residential?
HOA budget allocation to reserves?
SIRS status (buildings 3+ stories)?
25/30-year recertification status?
Master coverage relative to replacement cost?
Active or pending lawsuits involving the association?
Approved, pending, or anticipated assessments?
Share of units 60+ days past due on HOA dues?
Building rental rules — does the scenario fit?
Operating budget and dues trend?
Each is a composite illustration of the categories that recur in Miami — names, units, and figures are illustrative and not representative of any specific project. Real reviews are produced from current questionnaires, reserve studies, and insurance binders on file.
Share the building name and your scenario — purchase price, occupancy, and timeline — and a licensed mortgage professional will respond with a building-level read and a loan path.