1. The condo questionnaire
This is the association's answers to the lender's standard questions, and it is the document the underwriter actually reads. Look for:
- How many units are 60 or more days behind on dues.
- Whether any single person or company owns several units, and how many.
- Whether the association is a party to any lawsuit or arbitration.
- Whether there is commercial space, and how much of the building it occupies.
- Whether units are rented through a central desk or rental program.
- Any current or planned special assessment, and what it pays for.
2. The budget
Find the line for contributions to reserves and divide it by total budgeted income. Below 10% fails Fannie Mae's current test unless an acceptable reserve study supports the funding level; for applications dated on or after January 4, 2027, the figure is 15%. A budget that shows reserves being waived or reduced is worth a question even outside the agency rules, because in Florida the statute now limits that practice for structural components.
3. The reserve study
It lists the building's major components, their remaining life and the money set aside for each. In Florida, buildings covered by the structural integrity reserve study requirement should have one on file with the state. A large gap between what the study says is needed and what is funded predicts the next special assessment.
4. The minutes
This is where the questionnaire's short answers get their context. Search the last twelve months for "assessment," "engineer," "inspection," "litigation," "counsel," "insurance" and "deductible." A board discussing a concrete restoration project, a failed inspection, or a claim against the developer tells you what the questionnaire may describe in a single line.
5. The insurance declarations
Check that the master policy covers the building at replacement cost, that the per-unit deductible is at or below $50,000 — the cap Fannie Mae adopted in 2026 — and that flood and windstorm coverage are in place where they are required. Insurance is the most frequently cited reason Florida buildings fail review; the insurance page goes further.
Things you can check without any documents
- The building's name and marketing. "Resort," "hotel," a lobby check-in desk, or a rental program on the website are condotel signals.
- Recent sales history. A string of cash-only sales in a building that used to finance normally is often a sign lenders have stopped approving it.
- County code-enforcement and building-department records, which in many Florida counties list milestone inspection filings and unsafe-structure notices.
Ask a lender to look before you are under contract
Fannie Mae's Condo Project Manager shows whether a project has been flagged, but only lenders can see it. A loan officer can check the building's status and read the questionnaire before you commit a deposit — which is the cheapest time to find out.
Sources, checked September 2026: Fannie Mae Selling Guide B4-2.2-01, Full Review Process · Fannie Mae Lender Letter LL-2026-03 (March 18, 2026) · Florida Statutes 718.112 (budgets, reserves, SIRS). Agency guides change; a lender confirms the rules in force on your application date.
Common questions
Can I look up whether a condo is warrantable myself?
Not directly — Fannie Mae's project database is available only to lenders. You can read the association documents yourself, and a loan officer can check the database for you.
Who pays for the condo questionnaire?
Usually the buyer, through the lender or the management company. Fees vary by association and by state.
How long does a warrantability review take?
Once the documents are in hand, typically days rather than weeks. Waiting on the association to produce the documents is the usual delay.
If the building was warrantable last year, is it still?
Not necessarily. Delinquency, litigation, assessments and insurance all change, and the review is done fresh for each loan.