Florida’s New Condo Law: What Buyers of Non-Warrantable Condos Need to Know
Florida lawmakers have passed new legislation impacting condo buyers and associations across the state, and if you're eyeing a non-warrantable condo, these updates matter more than ever.
The changes stem from the tragic collapse of Champlain Towers South in Surfside, which prompted stricter safety requirements for aging buildings. But now, Florida has amended those rules to offer more flexibility, without compromising public safety.
🔍 What’s New in Florida’s Condo Law?
Here’s a breakdown of the most important changes:
- Extended Inspection Timelines Originally, condo buildings required a structural inspection at 30 years old and every 10 years after. The updated law now introduces:
A 30-year milestone inspection for buildings within 3 miles of the coast
A 40-year inspection timeline for buildings farther inland
Follow-up inspections every 10–20 years, depending on location and structure typeThis extension offers breathing room for associations and owners, especially in older buildings that may need time to raise reserves or plan repairs.
- Reserve Funding Flexibility
Florida now allows more financial planning options for associations, including the ability to use self-insurance and stagger reserve contributions. While full structural reserves remain mandatory, associations can design reserve schedules that reflect the unique financial circumstances of the community.
- No Skipping Safety Requirements
Even with the timeline flexibility, inspections and structural funding cannot be waived. The law protects homeowners by ensuring buildings remain safe and financially prepared for necessary repairs, especially for critical elements like concrete, load-bearing walls, balconies, and parking decks.
🏢 How This Impacts Non-Warrantable Condo Buyers
If you’re considering buying a non-warrantable condo, these updates are important because many of these properties:
- Are in older buildings that may fall under the revised inspection schedule
- Might lack full reserves or have deferred maintenance
- Could be ineligible for traditional financing from Fannie Mae or Freddie Mac due to structural or financial red flags
These characteristics don’t make them bad properties, but they do require specialized financing.
🏡 We Help Buyers Finance Florida’s Non-Warrantable Condos
At Florida Non-Warrantable Condo Loans, we understand the unique challenges that come with buying a non-warrantable condo. Whether it’s because the association doesn’t meet reserve funding standards, too many units are investor-owned, or there's pending litigation, we offer custom loan programs tailored to your situation.
✔️ Flexible underwriting
✔️ Options for self-employed or non-traditional income
✔️ Programs that don’t require condo project approval
✔️ Common-sense review of association documents
💬 Final Thoughts
Florida’s updated condo law strikes a balance between safety and practicality, offering condo buyers and associations a more workable path forward. But if you’re buying into a building that doesn’t meet traditional lending guidelines, make sure you work with a lender who specializes in non-warrantable condo financing.
Need help navigating your condo purchase?
Contact Us to explore financing options tailored to Florida’s ever-changing condo landscape