South Florida Condo Sellers · Palm Beach, Broward, Miami-Dade
The August 3 Condo Financing Deadline
If you own a South Florida condo and you are listed now or planning to list soon, a conventional financing rule change is worth understanding before you accept an offer. Fannie Mae Lender Letter LL-2026-03, issued March 18, 2026, retires the Limited Review process. Freddie Mac issued a matching bulletin retiring Streamlined Review the same day. The change applies to conventional loan applications dated on or after August 3, 2026.
What changes on August 3, 2026
For conventional applications dated on or after August 3, 2026, the Limited Review shortcut goes away for established condo projects with more than 10 units. Those loans move to a Full Review of the association. Waiver of Project Review remains available for projects of 10 units or fewer.
Down payment size no longer buys an exemption. Full Review applies across all down payment brackets. You can read the lender letter directly from Fannie Mae.
Who this reaches
- Sellers in established condo projects with more than 10 units.
- Sellers whose buyers plan to use conventional financing rather than cash.
- Buyers across every down payment bracket, since a larger down payment no longer avoids Full Review.
What a Full Review examines
A Full Review looks at the association: reserves, delinquency, insurance, and litigation. Several specific thresholds apply:
- Reserves: the minimum rises from 10% to 15% of annual budgeted income for applications dated on or after January 4, 2027.
- Reserve studies older than 36 months do not qualify. As of August 3, 2026, baseline-funding studies no longer qualify either.
- Insurance: the master policy per-unit deductible is capped at $50,000 for applications dated on or after July 1, 2026.
LL-2026-03 also retired the Florida PERS requirement for new and newly converted attached projects in Florida, and eliminated the 50% investor concentration cap.
The window before August 2
A conventional loan application dated on or before August 2, 2026 remains eligible for Limited Review even if it closes after August 3. If you are already listed or planning to list, knowing where your building stands early gives you and your buyers time to work with that timing rather than against it. We do not label any building warrantable or non-warrantable, and we do not promise a financing result. What we offer is a written read on your building, prepared by a person.
South Florida Condo Sellers
Request a written read on your building
Tell us your building and unit. A Landmark broker will review what is publicly knowable about the association and follow up with you personally. This is not lending advice and does not guarantee a financing outcome.
© 2026 Landmark Signature Realty LLC. All Rights Reserved. Licensed Real Estate Broker BK3416208 | Brokerage License CQ1070811. All information deemed reliable but not guaranteed. Properties subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Landmark Signature Realty shall be responsible for any typographical errors, misinformation, or misprints.
Condo Financing Deadline Real Estate
Frequently Asked Questions
What changes on August 3, 2026?
Fannie Mae Lender Letter LL-2026-03, issued March 18, 2026, retires the Limited Review process. Freddie Mac issued a matching bulletin retiring Streamlined Review the same day. The change applies to conventional loan applications dated on or after August 3, 2026.
I am listed right now. Does this affect my sale?
It can, depending on timing. A conventional loan application dated on or before August 2, 2026 remains eligible for Limited Review even if it closes after August 3. An application dated on or after August 3 gets a Full Review. That timing gap is the window for sellers who are already listed or planning to list soon.
Does a larger down payment avoid Full Review?
No. Down payment size no longer buys an exemption. Full Review applies across all down payment brackets.
Which buildings does this affect?
Established condo projects with more than 10 units. Waiver of Project Review remains available for projects of 10 units or fewer.
What does a Full Review examine?
The association itself: reserves, delinquency, insurance, and litigation.
What are the reserve requirements?
The reserve minimum rises from 10% to 15% of annual budgeted income for applications dated on or after January 4, 2027. Reserve studies older than 36 months do not qualify, and as of August 3, 2026 baseline-funding studies no longer qualify either.
Is there anything new on insurance?
Yes. The master policy per-unit deductible is capped at $50,000 for applications dated on or after July 1, 2026.
Did anything get easier for Florida condos?
LL-2026-03 also retired the Florida PERS requirement for new and newly converted attached projects in Florida, and eliminated the 50% investor concentration cap.
Is this legal or lending advice?
No. This page is general information, not legal or lending advice, and it does not promise a financing outcome. For your building, request a written read from a Landmark broker.
This page is general information, not legal or lending advice, and it does not promise a financing outcome. Loan eligibility is determined by lenders under Fannie Mae and Freddie Mac guidelines that may change. Verify current requirements with a licensed lender. Landmark Signature Realty does not label any building warrantable or non-warrantable.
Licensed Real Estate Broker BK3416208 | Brokerage License CQ1070811. All information deemed reliable but not guaranteed.