Buying a condo in Miami should feel exciting, not confusing. Yet one form can slow everything down if you do not plan for it: the condo questionnaire. If your lender needs it and the association takes weeks to respond, your closing can stall or fall apart. In this guide, you will learn what the questionnaire is, why lenders require it, how it affects loans in Miami, and simple steps to keep your timeline on track. Let’s dive in.
Condo questionnaire basics
What it is
A condo questionnaire is a lender-directed form completed by the condo association or its manager. It provides project-level facts about the building, not just your unit. Lenders use it to decide if the building meets conventional, FHA, or VA rules for financing. It is different from an estoppel letter, which confirms an individual owner’s fees and account status.
Who completes it
The association’s board or the community association manager usually completes the form. Some lenders have their own versions, and many accept standardized formats used for Fannie Mae, Freddie Mac, FHA, or VA underwriting. The person who fills it out will certify the answers and sign with a date and title.
Why lenders require it
The questionnaire helps lenders judge building stability and risk. Underwriting teams look for solid reserves, adequate insurance, and no major legal or structural issues. If the project meets agency standards, your loan can move forward. If it does not, your loan type may have limits or be denied.
What lenders ask in Miami
Most questionnaires gather project details that influence loan approval. Expect questions about:
- Basic data, including number of units and buildings, and how many are residential versus commercial.
- Ownership mix, such as the share of owner-occupied units versus rentals.
- Delinquencies on HOA dues, reported as a percentage or dollar amount in arrears.
- Reserves, including current balances and whether the budget meets reserve policies.
- Budget and assessments, including the annual operating budget, any special assessments, and recent dues increases.
- Insurance coverage, including master policy limits for property, windstorm, and flood where applicable, along with deductibles and renewal dates. Lenders also look for fidelity or employee dishonesty coverage.
- Litigation, including any pending or threatened lawsuits and potential exposure.
- Management details, including whether the community is self-managed or uses a management company.
- Rental rules and investor limits, such as caps on rentals or owner-occupancy requirements.
- Structural or safety reports, including engineering studies, recertification status, or recent inspections.
- Flood zone information and whether flood insurance applies.
- Whether the building already has a form of agency approval for FHA, VA, Fannie Mae, or Freddie Mac loans.
These items matter because high delinquencies, low reserves, inadequate insurance, heavy investor concentration, or open litigation can trigger extra underwriting reviews. In some cases, they can make the building ineligible for certain loan programs.
How answers impact your loan
- Fast approval. A clean questionnaire with healthy reserves, low delinquencies, strong insurance, and acceptable owner occupancy usually clears the way for conventional, FHA, or VA financing.
- Conditional approval. Borderline results can still work, but your lender may ask for more documents, require a larger down payment, or adjust rate and terms.
- Denial or ineligible project. Major issues, such as significant litigation, very high delinquencies, inadequate insurance, or noncompliant budgets, can make the entire building ineligible for agency loans until the issue is resolved or a different lender offers a portfolio option.
Miami factors to watch
Miami-Dade has unique dynamics that often appear in questionnaires and underwriting reviews:
- Older high-rises. Many buildings are older, which can mean deferred maintenance or reserve shortfalls that draw added scrutiny.
- Post-2021 safety focus. After the Surfside collapse in 2021, lenders, insurers, and local authorities increased attention to structural inspections, recertifications, and engineering reports. Expect more questions and document requests.
- Insurance costs. Wind and flood premiums, along with large deductibles, can drive higher dues or special assessments. Lenders want proof of adequate master policy coverage.
- Frequent assessments. Coastal exposure and rising insurance costs have led some associations to levy special assessments, which can affect borrower affordability and lender approval.
- Investor concentrations. Some Miami buildings have higher investor shares due to vacation rentals or investment demand, which can impact agency occupancy thresholds.
Timeline and common delays
Once you go under contract and select a lender, the lender typically orders the condo questionnaire. In Miami, turnaround can range from a few days to 1 to 6 weeks. Timing depends on the association’s responsiveness, document availability, and whether there are fees or board signatures required.
Common delay triggers include requests for administrative fees, missing documents like insurance declarations or budgets, follow-up questions from underwriting, and any open issues with assessments, reserves, or litigation. If the project is not already on an FHA or VA approved list and you need that loan type, project-level approval can add weeks.
Steps to avoid financing delays
Move early and stay organized. Here is a checklist to use before or right after you sign a contract:
- Ask the seller and listing agent to request the condo questionnaire right away. Early submission is the best way to cut wait time.
- Provide the association’s contact information and any required authorization so management can release documents without delay.
- Request or confirm access to key records:
- Current annual budget
- Most recent reserve study and, if available, reserve account statements
- Master insurance policy declarations and renewal letter
- Recent board meeting minutes that address finances, assessments, or major repairs
- Notices of any pending litigation and potential exposure
- Details for any special assessments, including amounts and timelines
- Management contract or the name of the management company
- Ask the seller to order the estoppel or payoff letter if your lender needs it. Plan for any fee and the time to obtain it.
- If you plan to use FHA or VA financing, confirm with your lender whether the building is already approved and what steps are needed if it is not.
- For older or coastal buildings, request any recent structural or recertification reports and share them with your lender as soon as possible.
Contract tips that protect you
In Miami, it helps to build in time for association responses and potential project reviews:
- Use a financing contingency that is long enough to cover association turnaround and any agency approval steps your lender may need.
- Consider a contingency that allows cancellation if the association does not provide the questionnaire or if the responses reveal disqualifying issues within a set number of days.
- Ask the seller to authorize management to respond quickly. Seller-side cooperation and clear contact paths speed everything up.
If the project is ineligible or the association is slow
You still have options if the building fails a standard review or if responses lag:
- Consider a portfolio loan from a lender that keeps the loan on its own books. Portfolio lenders may accept more project risk but often require higher down payments or rates.
- For FHA or VA buyers, ask your lender whether any form of unit-level or limited project review is possible. Timing varies and can be longer.
- Cash buyers do not need project eligibility for financing, but you should still review association finances, insurance, and potential assessments before closing.
Fees and expectations
Many associations or management companies charge administrative or estoppel fees. Fees and rush options vary. Ask about costs at the start, and decide if a rush service is worth it to protect your closing date.
The bottom line
A condo questionnaire can make or break your Miami closing timeline. You can control much of the process by requesting it early, sharing complete association documents with your lender, and structuring your contract to allow enough time. With the right plan, you can avoid surprise delays and reach a smooth approval.
If you want help coordinating documents and keeping your deal on track in Miami-Dade, connect with The Mendez Group for hands-on guidance and clear next steps.
FAQs
Who completes the condo questionnaire for a Miami building?
- Usually the association board or the community association manager completes and signs it, and some management companies handle it if authorized.
How long does a condo questionnaire take in Miami?
- It can be a few days to 1 to 6 weeks, depending on association responsiveness, required documents, fees, and whether the lender needs follow-up.
What information does the questionnaire include?
- Items often include reserves, delinquencies, insurance coverage, budgets, special assessments, litigation, rental restrictions, and any structural or recertification reports.
Can a condo questionnaire cause my loan to be denied?
- It can. Major red flags like inadequate insurance, high delinquencies, low reserves, heavy investor concentration, or significant litigation may make a project ineligible.
What if the association does not respond to the lender?
- Your lender may not be able to close a conventional, FHA, or VA loan. Options include extending timelines, trying a portfolio loan, paying cash, or canceling under your contingency.
Are there fees for the association to complete the questionnaire?
- Many associations charge an administrative or estoppel fee, and some offer rush processing for an additional cost.
How can I speed up the questionnaire in Miami-Dade?
- Have the seller request it immediately, provide written authorization, supply association contacts, and deliver budgets, insurance, and structural reports to your lender early.
