Buying a Boca condo? One form you will hear about early is the lender’s condo questionnaire. It looks routine, but the answers can shape your loan approval, pricing, and timeline. If you plan to finance a unit in Boca Raton or across Palm Beach County, understanding this step will save time and reduce surprises. In this guide, you will learn what the questionnaire covers, how long it takes, what Florida‑specific issues come up, and how to stay on track. Let’s dive in.
What a condo questionnaire is
A lender’s condo questionnaire is a standardized set of questions your lender sends to the condo association or its management company. It helps the lender review the entire building or project, separate from your unit appraisal. The goal is to confirm the association’s financial health, insurance, occupancy mix, litigation exposure, and governance items.
Who completes it
The association board or the property management company usually completes and signs the form. Sometimes an association attorney or manager handles it. Your lender initiates the request, though your agent, title company, or attorney may help route it.
Why it matters to you
Lenders use the answers to decide if your loan is eligible and on what terms. Problematic responses can lead to extra documentation, conditions, higher reserves, or a declined loan. That can delay or jeopardize closing, especially in buildings with complex maintenance or insurance needs.
What lenders ask
Most questionnaires follow similar categories. Expect the association to provide project identity details, governing documents, and key disclosures.
Ownership and occupancy
- Owner occupied versus investor owned units, and any vacant units.
- Any single owner with multiple units.
- Why it matters: Higher investor concentration can increase lender risk and may limit some loan programs.
Financial health and reserves
- Annual operating budget, current reserve balance, and reserve funding plan.
- Monthly assessments, recent increases, and any special assessments.
- Delinquencies in owner dues by number and dollar amount.
- Why it matters: Low reserves or high delinquencies can trigger lender scrutiny and conditions.
Insurance coverage
- Master policy types and limits, including hazard, wind, general liability, and flood if applicable.
- Deductible amounts and whether coverage is all‑in or bare‑walls.
- Fidelity bonding for association funds.
- Why it matters: Florida’s insurance market is evolving, and lenders look closely at coverage and deductibles.
Litigation and repairs
- Any pending or threatened litigation, including construction defect or common‑element claims.
- Planned or ongoing capital projects, deferred maintenance, or major repairs.
- Structural inspections or engineering reports and any recertification dates.
- Why it matters: Active litigation or major building work can affect eligibility and timing.
Governance and rentals
- Rental restrictions and short‑term rental policies.
- Professional management details and on‑site staffing.
- Why it matters: Short‑term rental prevalence and certain rules can limit access to some loan programs.
Timelines in Boca and Palm Beach
Buying in Boca Raton or the broader West Palm Beach–Boca Raton–Delray Beach market, you should plan for realistic turnaround times.
Typical steps
- You sign the contract and apply for the loan. The lender orders the condo questionnaire.
- The lender sends the questionnaire to the association or manager.
- The association completes it and returns it, often with financials, insurance declarations, and governing documents.
- The lender reviews the answers and may request clarifications.
- If agency approvals are needed, there can be extra steps and time.
How long it takes
- Association response: Often 7 to 21 days with professional management. It can stretch to 3 to 6 weeks if the board or counsel must review.
- Lender review: Several days to two weeks once the form and documents arrive.
- FHA or VA approvals: If the building is not already approved, expect 30 to 90 days, which can be the biggest source of delay.
- Board actions: If changes or votes are needed, the timeline can extend by months.
Florida factors that add time
Coastal buildings often face insurance renewals, hurricane repairs, or concrete restoration that require engineering reports. High‑end buildings sometimes route questionnaires through legal counsel for accuracy, which can add a week or more.
Boca and Florida rules to know
Florida condominium law sets out how associations manage budgets, reserves, and disclosures. After the 2021 Surfside collapse, lenders pay closer attention to structural safety and engineering.
Building safety and inspections
Expect lenders to ask for structural inspection or recertification records and any engineering reports. In Palm Beach County and the City of Boca Raton, building recertification schedules and requirements can vary by jurisdiction. Confirm the building’s compliance and the date of its most recent certification.
Insurance market realities
Association master policies in Florida carry higher wind coverage needs and sometimes large deductibles. Rising premiums can lead to increased assessments. Lenders will review policy limits, deductibles, and flood coverage where applicable.
Ultra‑luxury considerations
Prime Boca projects tend to have strong management and amenities, and they also carry complex maintenance and insurance responsibilities.
One Thousand Ocean style buildings
In ultra‑luxury coastal buildings, you may see high owner occupancy, professional on‑site management, and audited financials. You should still verify items like concrete restoration history, seawall or garage work, and hurricane related insurance deductibles or exclusions. Rental rules also matter. Many luxury buildings restrict short‑term rentals, which can be favorable for some loan programs but still requires verification of current investor concentration.
Buyer checklist and strategies
A little preparation can speed the process and protect your timeline.
Before you write an offer
- Ask for the HOA package: budget, reserve study, bylaws or declaration, insurance declarations, recent meeting minutes, and any engineering or structural reports.
- If you plan on FHA or VA, ask whether the building appears on an approval list.
- Get the association manager’s contact information and ask about fees for expedited estoppels or questionnaire completion.
Right after contract
- Request the condo questionnaire immediately. Do not wait for underwriting to trigger it.
- Offer to pay any administrative or expedite fees the association charges to shorten turnaround.
- Coordinate with the seller to have the association start pulling documents early. Sellers often can access records more quickly.
- If the association uses counsel to review responses, ask for a target completion date and follow up in writing.
What to review on arrival
- Current operating budget and most recent audited financials.
- Reserve study and current reserve balance.
- Master insurance declarations and flood documentation if applicable.
- Structural or engineering reports, recertification documents, and meeting minutes on major projects or litigation.
Red flags and what they mean
Knowing the common issues helps you act quickly if they appear in the responses.
Special assessments
Large or recent assessments may signal deferred maintenance or insurance cost spikes. Ask about scope, timing, and whether future phases are planned.
Low reserves
Reserves that look thin for the building’s age or needs can foreshadow future assessments. Request the detailed reserve study and funding plan.
Delinquencies
High unpaid dues can stress the association’s cash flow. Ask for an aging report and how the association enforces collections.
Litigation
Construction defect or structural claims can affect insurability and financing. Lender tolerance varies. Be ready with documentation if your lender asks.
Insurance gaps
Large deductibles or exclusions can put owners at risk of assessments after a storm. Lenders may require confirmation of adequate coverage.
Investor concentration
A high share of investor owned units or prevalent short‑term rentals can limit some loan programs. Confirm rental caps and current percentages.
Recertification issues
If a building is missing required recertifications or inspections, a lender may pause until compliance is confirmed.
Financing programs at a glance
Different loan types weigh condo project risk in different ways. Your lender will apply program rules and may add overlays.
Conforming loans
Fannie Mae and Freddie Mac require project reviews that cover occupancy, reserves, insurance, litigation, and single‑entity ownership. Lenders may ask for more documentation if risk indicators show up.
FHA and VA
FHA and VA have their own project approval processes. If the condo does not already have approval, expect added time or limited pathways for single unit approvals.
Jumbo and portfolio
Many high‑end Boca condos are financed with jumbo loans. Criteria vary by lender. Some portfolio programs are flexible on certain items but may price the risk differently.
How to stay in control
The best way to protect your timeline is to start early, keep all parties coordinated, and respond quickly to document requests. Ask focused questions, prioritize the HOA package, and request the questionnaire the moment your contract is signed. If a red flag appears, gather supporting documents fast and speak with your lender about options.
If you want discreet, concierge level guidance from offer to close, including proactive coordination with the association and your lender, connect with the Pink Palm Group at Douglas Elliman Real Estate. We help you see around corners so you can move forward with confidence.
FAQs
What is a lender condo questionnaire in Boca?
- It is a form your lender sends to the condo association to verify project level items like finances, insurance, occupancy, litigation, and maintenance before approving your loan.
How long do Boca associations take to respond?
- Many respond within 7 to 21 days, but legal or board review can extend timing to 3 to 6 weeks, with additional lender review after that.
What if the building is not FHA or VA approved?
- You may face a 30 to 90 day approval process or need a different loan strategy, which can delay closing if not planned early.
Which documents should I request before offering?
- Ask for the budget, reserve study, bylaws or declaration, insurance declarations, recent minutes, and any engineering or recertification reports.
What red flags could delay my mortgage?
- Low reserves, high delinquencies, special assessments, major litigation, insurance gaps, high investor concentration, or overdue recertifications.
Do short term rentals affect financing eligibility?
- Yes, a high prevalence of short term rentals can limit some programs and trigger lender overlays, so verify the building’s rental rules and current mix.
