Can I buy a condo with a conventional loan?
Yes, but the project must be warrantable — meeting Fannie Mae or Freddie Mac project-level rules around owner-occupancy, insurance, reserves, litigation, and budget. Many Florida condo projects are warrantable; some are not, especially older buildings or projects affected by recent insurance and reserve law changes.
What this actually means.
Condo project review is its own underwriting layer on top of the borrower's loan file. Lenders run either a 'limited review' (faster, allowed on lower-LTV primary-residence purchases) or 'full review' (deeper, required on higher-LTV or non-owner-occupied purchases). Project-level concerns: owner-occupancy ratio, single-entity ownership concentration, insurance coverage and deductibles, deferred maintenance, special assessments, active litigation, reserves. Florida's 2022+ insurance/reserve law changes have made some older condos harder to finance. Subject to Fannie/Freddie project rules.
What this looks like on a real file.
Where this can move.
Project FHA/conventional warrantability, owner-occupancy ratio, project insurance and reserves, litigation, and Florida 2022+ condo law can change the answer.
The cleanest action from here.
Ask the question. Get the straight answer.
Send the scenario and I'll tell you what I'm seeing. No application fee. No long form just to get a basic answer.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.