Milestone Inspection in the Condo Docs? What I Look For Before Your Buyer Writes an Offer
By Travis Penny, mortgage broker ·
Last updated October 14, 2026
A milestone inspection doesn't have to kill a Florida condo deal. I'm Travis Penny, and I read the condo docs with you before your buyer writes the offer. When conventional lenders won't take the building, I look at my non-warrantable condo loans and non-QM loans. Since Surfside, Florida condo paperwork scares buyers and lenders alike, mostly because nobody reads it until underwriting does.
What I look for
- The milestone inspection: whether it's done, and whether it calls for structural repairs that haven't started.
- The structural integrity reserve study: whether reserves are funded. A clean structure with empty reserves is still a problem file.
- Special assessments: how big they are, whether they're passed or proposed, and who pays at closing.
- The budget: whether the association is actually saving.
Why it matters to your deal
If repairs are open or reserves are short, many conventional lenders will pass. Some older Florida buildings have hit owners with very large assessments. If I know that before the offer, I can pick the right lender, and you can negotiate who pays the assessment.
FAQ
Can you get a mortgage on a Florida condo with a milestone inspection?
Yes. Travis Penny finances Florida condos with completed milestone inspections. If repairs are still open, he matches the file to a lender whose guidelines accept the building. Not everyone will qualify.
Can a buyer finance a condo with a special assessment in Florida?
Often, yes. Travis Penny looks at the size of the assessment and who's paying it, and the buyer may need to show they can cover it along with the payment.
What condo documents should a Florida agent get before an offer?
Travis Penny asks Florida agents for the milestone inspection, the structural integrity reserve study, the current budget, and any notice of special assessments.
Why would a lender turn down a Florida condo after inspection?
Usually because of open structural repairs, underfunded reserves or litigation. Travis Penny can often move those files to non-QM or portfolio condo programs.
Send me the condo docs before your buyer writes the offer, and I'll tell you which lenders will take the building. Text me at (207) 615-7770 or use the contact form.