Over half of Florida condo buyers using review process being eliminated next month
Corey Chubner (pictured top), senior vice president of government affairs and investor relationships at AD Mortgage, said the data reflects what the company brought to the Federal Housing Finance Agency in a letter to FHFA Director Bill Pulte dated July 1.
“The concern is that what would otherwise be very creditworthy borrowers will get squeezed out of the opportunity to utilize conventional financing for a condo with these changes in the guidelines,” Chubner told Mortgage Professional America. “Getting rid of limited review and then upping the reserve requirements. Oftentimes it’s first-time homebuyers that are getting into condos, empty nesters. There’s a particular need for condos for a segment of the homebuying population.”
Benefits of limited review
Limited review represented roughly 30% of AD Mortgage’s Florida condo originations in 2022, grew to nearly 60% by 2025, and remained above 50% in 2026. In 2025 alone, AD Mortgage closed 394 Florida condo loans through limited review compared to 245 through full review.
The change is likely to make the process both more expensive and time-consuming for borrowers, Chubner said.
“The limited review process, it’s faster, it’s easier, it’s cheaper, and it allows the borrower to qualify for the conventional product without having to jump through so many hoops,” he said. “And when you eliminate limited review and the borrower has to go through full review, it takes longer, it costs more.”
