Florida Condo Financing: Your 2025 Guide to SB 154, SIRS & Mortgage Approval | EZ Funding Group, Inc.

Finding your dream condo in Sunny Isles Beach, Aventura, Hollywood, or Downtown Fort Lauderdale is an exciting step. But in today's Florida housing market, a new challenge has emerged: your future home isn't just judged on your finances, but its own.

Since Florida's SB 154 took effect, securing condo financing requires a deep dive into the building's health. For buyers across Broward, Miami-Dade, and Palm Beach Counties, this means lenders now meticulously review the Structural Integrity Reserve Study (SIRS), milestone inspections, and reserve funds before approval.

Navigating these new South Florida condo laws can feel complex, but you don't have to do it alone. At EZ Funding Group, Inc., your trusted South Florida mortgage broker, we specialize in guiding our clients through these complex condo loan requirements with clarity and ease, turning a potentially stressful process into a smooth, transparent journey. We're here to provide the local expertise you need to shop with confidence and close with certainty on your perfect Florida condo. Learn more about FHA and VA loan options in South Florida.

Why This All Matters Now

Think of it this way: Florida’s new SB 154 law means lenders are now like doctors giving a building a full physical. It’s not enough for you, the buyer, to be financially healthy; the condo building itself has to be in great shape, too. For any building three stories or taller, a mandatory Structural Integrity Reserve Study (SIRS) is like its medical chart, and the association must be actively saving for future repairs. Lenders are now looking at the building's financial and structural health just as closely as they look at your credit score.

💡 Expert Insight: Based on our recent work with buildings across Broward and Miami-Dade, we see that proactive associations have their reserves 60-85% funded. If a building's reserves are below 40%, it's a sign to slow down and ask more questions.

What Lenders Are Really Looking For

🔍 Buyer Tip: When reviewing a condo building, lenders focus on a few key things:

• Is the SIRS complete, and is the association actually setting aside the money it recommends?

• Are there any major structural or safety issues, and is there a clear, funded plan to fix them?

• What’s the owner-occupancy rate, and are many owners late on their dues?

• Is the building already approved for FHA or VA loans, and if not, why?

Your Simple 5-Step Pre-Offer Checklist

Before you make an offer, follow this order to avoid surprises:

1. Gather the Documents: Ask the seller or listing agent for the five key docs: the SIRS, the latest milestone inspection, the current annual budget, the reserve schedule, and any notices for special assessments.

2. Check the Community's Health: Confirm with the condo association what percentage of owners actually live in their units and how many are delinquent on their fees.

3. Verify Loan Eligibility: Find out the last time the building was approved for FHA or VA loans and if it has ever been denied.

4. Do a Quick Scan: Look through the documents for any red flags like unfunded repair projects or unresolved safety issues.

5. Send it to Us! Share the document package with our team. We’ll give you a expert, lender-style review within 24-48 hours so you know exactly where you stand.

Green Lights vs. Red Flags

🟢 Green Lights (Good to Go!)

• SIRS is done and the reserve fund is on track.

• No major, unfixed safety issues.

• Most units are owner-occupied, and few are behind on dues.

🔴 Red Flags (Proceed with Caution)

• No SIRS has been completed.

• Reserve fund is low with no plan to catch up.

• A big repair is needed but isn't funded.

• Many owners are behind on dues, or the building was recently denied for FHA/VA loans.

A Quick Look Across South Florida

🏖️ Expert Insight: Market-Specific Considerations

• Sunny Isles Beach High-Rises: These luxury towers are under a microscope. To move quickly, they need a solid SIRS and an active plan for any needed repairs.

• Downtown Fort Lauderdale Towers: Recent major renovations can be a plus here, as long as the financials show the reserves are still healthy.

• Coral Gables Condos: Smaller, often older buildings might need a little more paperwork to prove they’re on a solid financial plan.

An Example from Pembroke Pines

Let's look at a recent scenario: A buyer was deciding between two similar condos.

• Condo A: SIRS complete | Reserves 82% funded | No pressing issues

• Condo B: Reserves 35% funded | Association debating how to fund a new roof

The buyer chose Condo A. The result? Their FHA loan was approved in just five business days, and they closed smoothly. This shows how the right financials can make the entire process faster and more secure.

Your Condo Questions, Answered

Q: What if the building paid for the SIRS but hasn’t finished it yet?

A: It’s not an automatic "no," but it will require more paperwork. We’ll help you review the situation to see if it’s still a viable option.

Q: Can a building with a special assessment get FHA or VA approval?

A: Often, yes! The key is that the purpose, cost, and timeline for the assessment are crystal clear, especially if it addresses critical safety issues.

Q: How old can the milestone inspection be?

A: The newer, the better. Always provide the most recent report, plus any updates from engineers about repairs.

How We Make Complex Condo Loans Simple

At EZ Funding Group, Inc, we know this process can feel overwhelming. That’s why we specialize in guiding you through it with plain-English advice, clear checklists, and fast turnaround. We turn the complex into the manageable, so you can move forward with confidence.

Ready to Find Your Condo with Confidence?

If you're touring condos in Hollywood, Aventura, Sunny Isles, or Fort Lauderdale, don't go in blind. Gather the key documents and let us do the heavy lifting.

• Start with a pre-approval: Apply now

• Have a quick question? Schedule a 15-minute call

• Explore your options: Learn about Florida loan programs

Where We're Helping Condo Buyers Right Now

From the high-rises of Sunny Isles Beach to the urban condos of Downtown Fort Lauderdale, we're actively helping buyers across Broward and Miami-Dade Counties. Whether you're exploring waterfront properties in Hollywood, luxury towers in Aventura, or historic buildings in Coral Gables, we bring local expertise and lender relationships that make the difference. We also serve buyers in Miramar, Pembroke Pines, and Weston, bringing the same thorough, transparent approach to every condo transaction across South Florida.

Use these when requesting docs

• Florida Condominium Act (Chapter 718)
  
  Ask listing agent for the association’s governing docs referenced in Chapter 718.
  
  

• SB 154 (2023) — Condominium and Cooperative Associations
  
  Ask listing agent for the building’s SIRS status and reserve funding plan under SB 154.
  
  

• Florida DBPR — Milestone Inspections and SIRS
  
  Ask listing agent for the latest Milestone Inspection Report and SIRS.
  
  

• HUD — FHA Condominium Approval •VA — Condo Project Approval (VA CPD Portal)
  
  Ask listing agent for the last FHA/VA approval or denial letter and date.
  
  

• Fannie Mae — Project Standards •Freddie Mac — Condominium Project Standards
  
  Ask listing agent for the completed condo questionnaire aligned to current standards.
  
  

• FEMA — Flood Map Service Center
  
  Ask listing agent for the current flood zone and any elevation certificate on file.

EZ Funding Group, Inc. NMLS #349022 | Jaime Charouf NMLS #348964 | Equal Housing Lender

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