Condo shopping in Tampa, St. Petersburg, or Clearwater is not the same file as a single-family house in Brandon. The association’s insurance, reserves, owner-occupancy mix, and any litigation can kill financing before your credit score matters.
Condo loans are a project review plus a borrower review. Skip the project and you burn contingency days.
Warrantable versus the listing-agent shrug
“The building takes FHA” is not a document. Warrantability is a lender and investor overlay: how much of the project is owner-occupied, whether commercial space is too high, whether the HOA is in litigation, whether the master policy is adequate for Florida wind and flood, and whether reserves are actually funded.
A garden condo in Carrollwood and a waterfront high-rise in downtown St. Pete can look similar on Zillow and live in completely different overlay worlds. We pull the questionnaire and master policy early. If the project will not clear, we tell you before you pay for an appraisal you cannot use.
Florida insurance is the silent deal-killer
Condo loans here fail on insurance more often than on debt-to-income. Master policies get cancelled, deductibles jump, and unit-owner HO-6 coverage has to fill the gaps. A payment that looked fine on a national calculator ignores a special assessment or a master-policy deductible you cannot stomach.
- Ask for the current master policy declarations, not a verbal assurance that the building is covered.
- Ask about special assessments in process or recently completed.
- Ask whether the building is in a flood zone and who pays the flood premium.
- Ask about litigation. Even an association suing the developer can stall FHA and some conventional desks.
FHA condo versus conventional condo
FHA wants the project on an approved list, or a successful HRAP or DELRAP path under current HUD process. Conventional financing backed by Fannie Mae project standards uses a different questionnaire.
A building that fails FHA can still close conventional, or the reverse. Non-QM and portfolio lenders sometimes take projects that agency desks will not, usually at a price.
We run the project against the product, not the other way around. If you need 3.5 percent down and the building will not go FHA, we either change the product, change the down payment, or change the building.
HOA questionnaires: what underwriters actually read
The questionnaire is not busywork. Underwriters look for owner-occupancy percentage, commercial space, pending litigation, whether the HOA can levy unlimited special assessments, and whether a single owner or investor controls too many units.
If the association manager is slow, start that request the day you tour, not the day you go under contract. A Tampa listing with a three-day financing contingency cannot wait a week for a management company to return a PDF.
If the seller already has a recent questionnaire from another failed contract, we still re-check insurance dates. Florida master policies get rewritten mid-year, so a questionnaire from March can be stale in August.
Neighborhood notes
- South Tampa, Harbour Island, Channelside. High-rise overlays, parking and commercial-space questions, and insurance quotes that move weekly.
- St. Petersburg downtown and waterfront. The same high-rise issues plus flood and wind. Confirm the project before you fall in love with the view.
- Clearwater and beach-adjacent. Short-term rental mix can wreck occupancy ratios. If the building is heavy on Airbnb, say so immediately.
- Carrollwood, Westchase, Brandon townhome and condo clusters. Often cleaner garden-style files, though they still need HOA documents.
Investment condos versus a primary residence
A primary-residence condo and an investor condo are different lender boxes. Occupancy mix in the building and your own occupancy story both matter.
If you already own a Tampa rental and you are adding a St. Pete unit, say so. Cross-collateral and reserve math change. DSCR may be the honest investor path when conventional investment overlays choke on the project.
Offer strategy in a competitive Tampa condo
Sellers in South Tampa and downtown St. Pete often prefer conventional letters. If FHA is the only path that fits your cash, we still want a project that will actually clear, so your letter is not theater.
Tell us if you are writing this week. We will prioritize the questionnaire so you do not spend a three-day inspection window discovering the HOA is in a lawsuit.
What we collect before you write
- The HOA questionnaire, and we will tell you which version
- Master insurance certificate and a recent budget or reserve study if available
- Any litigation disclosure the seller already has
- Your occupancy plan: primary, second home, or investment, because that changes the overlay
- Cash to close including HO-6 and prepaid items
Realtors: the fastest handoff is the association contact plus the last budget PDF. We would rather kill a non-warrantable building on Tuesday than watch Thursday’s appraisal expire on a denial.
How The Orlicki Group runs condo loans
- Identify the product you actually need based on cash, credit, and occupancy.
- Review the project against that product’s overlays.
- Only then talk payment, lock, and offer strategy.
- Stay in communication with you and the listing side so insurance or litigation surprises do not land the night before closing.
Independent brokerage means we can try more than one condo desk. A single bank saying it does not do that building is not the market.
Frequently asked questions
Can I finance a condo with an FHA loan in Tampa
Sometimes, if the project meets current FHA rules. We verify the project, not a Facebook comment claiming the building is FHA approved.
What is a non-warrantable condo
A project that agency desks will not take under standard overlays, usually because of litigation, occupancy mix, commercial space, or insurance. Non-QM or portfolio lenders may still close it. Price and down payment change.
Do condos need earthquake insurance in Florida
Wind, flood, and master-policy gaps are the local issue, not California earthquake. Bring the declarations page.
Can I use a condo as a short-term rental
HOA rules and lender occupancy rules both have to allow it. Many buildings ban short-term rentals. Tell us the plan before we pick a product.
How do I start
Go to orlickigroup.com or call (813) 302-1616. Send the building address and whether it is a primary residence or an investment.
The Orlicki Group – Tampa, FL – Powered by Go Rascal, NMLS #2072896 – Oliver Orlicki, Mortgage Loan Originator + Founder, NMLS #205123
Equal Housing Opportunity. The Orlicki Group is powered by Go Rascal, NMLS #2072896. Oliver Orlicki, NMLS #205123. All loans subject to credit approval, program availability, and lender guidelines. Condo project eligibility changes with insurance and HOA status. Verify licensing at NMLS Consumer Access.
