A discreet cash acquisition deserves two parallel reviews: a carefully considered title and privacy plan, and a building-level assessment of future financing eligibility. Understand the 2026 reserve-policy transition, project-review waiver limits, and the questions to resolve before closing.
An off-market South Florida residence can offer a quieter acquisition experience, but discretion and financing eligibility require separate consideration. For a buyer paying cash today and considering financing later, two distinct questions matter: how should the purchase be structured, and would the property support the intended loan?
Treat the title and privacy plan as one workstream, and the building's finances and project eligibility as another. A cash closing is not evidence that a future mortgage will qualify. Nor does a favorable project review establish that the proposed ownership structure will meet the buyer's privacy objectives.
For a Brickell search that includes The Residences at 1428 Brickell, request property-specific guidance rather than infer financeability from the address or presentation. Inclusion here establishes no eligibility conclusion about any named residence.
The reserve percentages at issue concern the association's replacement reserves-not the purchaser's personal liquidity or mortgage reserves. The Full Review framework described here uses an allocation of 10% of annual HOA budgeted income to replacement reserves for capital expenditures and deferred maintenance.
Before relying on the 2026 transition from 10% toward 15%, ask the prospective lender to confirm the controlling Selling Guide version, effective date, and applicable review pathway. Do not assume every contemplated loan is governed by the same percentage.
The broader test matters, too. Full Review requires an assessment of whether the projected HOA budget is adequate for the project and provides for replacement reserves. A percentage alone does not establish the association's funding position.
For a cash buyer, this is a reason to seek a budget review before closing-not to defer every financing question until funds are needed.
An acceptable reserve study can offer an alternative to the standard percentage test when reserves are adequately funded and the budget funds at least the study's recommendations. The question is not simply whether a study exists, but whether its funding approach and the adopted budget meet the applicable requirements.
Baseline funding, which permits reserves to approach but not fall below zero, cannot support a waiver of the standard reserve-allocation requirement. For the 2026 transition, ask the lender to verify whether the budget must incorporate the highest recommended reserve allocation identified in the study. Confirm whether that provision governs the intended loan.
Special assessments cannot replace the required budgeted reserve allocation under Full Review. A planned collection for a particular expense should not be confused with satisfaction of the recurring reserve requirement.
In a Miami Beach search involving The Perigon Miami Beach, request the applicable budget and reserve documentation before making financing assumptions. Architectural distinction and underwriting suitability are separate evaluations.
A project-review waiver is not a blanket eligibility waiver. Applicable property and project requirements remain in force. When an appraisal is obtained, the relevant appraisal requirements still apply.
The established waiver provisions include units in new and established two- to four-unit condominium projects, subject to additional conditions. Before relying on the 2026 expansion to new and established projects with 10 or fewer units, confirm implementation with the lender. Under that expanded pathway, five- to 10-unit projects must not be part of a master association or larger development.
Detached condominium units are also among the categories that do not require a thorough project review. A residence's marketing description, however, does not establish its legal classification or review pathway.
For a search that includes Alana Bay Harbor Islands, ask the lender to establish the project's legal structure, unit count, and association relationships. A boutique presentation does not establish eligibility for a small-project waiver.
Fannie Mae will not purchase or securitize loans secured by units in projects designated “Unavailable” in Condo Project Manager or the Desktop Underwriter findings report. Ineligible categories also include condo hotels or motels, houseboat projects, timeshares, and segmented-ownership projects.
These are eligibility boundaries, not documentation preferences. Ask the prospective lender to identify the intended review route and check applicable project status before making future agency financing part of a South Florida investment plan.
Refinance distinctions require equal care. For a limited cash-out refinance, a project-review waiver does not overcome unaddressed critical repairs or an evacuation order affecting the project. That specific provision should not be generalized into a rule for every cash-out refinance.
Project review is generally waived for eligible planned unit developments, with specified exceptions for certain manufactured-home arrangements involving community land trusts, ground leases, or shared-equity structures. The lender must still determine that the project and subject unit meet applicable requirements.
Agency eligibility and a lender's willingness to make a particular loan are separate questions. Ask the prospective lender whether its requirements differ from the applicable agency framework, and request written clarification for the contemplated transaction. Do not assume a specific overlay without reviewing that lender's policy.
In Surfside, a buyer considering Ocean House Surfside should apply the same discipline: establish the relevant review pathway, then ask what additional conditions the chosen lender requires.
For resale planning, treat pre-screening as information for today's decision-not a promise of future approval. Ask what would need to be reviewed again when a financing application is made.
Have the attorney and title company evaluate the proposed ownership structure before documents are finalized. If an LLC or trust is under consideration, ask the prospective lender to assess that exact arrangement alongside the intended financing transaction. Entity ownership should not be assumed to guarantee anonymity or loan eligibility.
Request clear answers about required disclosures, recording, title documentation, and any implications of a later transfer. If financing after a cash purchase is contemplated, ask specifically about the proposed timing and transaction type. Do not assume delayed financing or seasoning requirements have been satisfied.
The objective is alignment: a title plan reviewed for the buyer's circumstances, a building assessment tied to the intended loan, and a closing strategy that promises no more privacy or financing flexibility than can be established.
For a discreet perspective on South Florida residences and the questions worth resolving before purchase, explore MILLION.
If branded residences are on your mind — as a home or as an allocation — we would be glad to share what we are seeing, privately.
Begin a quiet conversationNo. They concern the HOA's allocation of annual budgeted income to replacement reserves for capital expenditures and deferred maintenance.
The Full Review framework described here uses 10%, while the 2026 transition moves toward 15%. Have the lender confirm the controlling requirements and effective date for the intended loan.
An acceptable study can provide an alternative when reserves are adequately funded and the budget funds at least its recommendations. Confirm whether the 2026 highest-recommended-allocation provision applies.
No. A study using baseline funding, which allows reserves to approach but not fall below zero, cannot support that waiver.
No. Under Full Review, special assessments cannot replace the required budgeted reserve allocation.
No. Applicable property and project requirements remain in force, as do relevant appraisal requirements when an appraisal is obtained.
The 2026 expansion provides a pathway for such projects if they are not part of a master association or larger development. Confirm the applicable implementation and additional conditions with the lender.
Fannie Mae will not purchase or securitize loans secured by units in projects designated Unavailable in Condo Project Manager or the Desktop Underwriter findings report.
No. For that transaction type, a project-review waiver does not overcome unaddressed critical repairs or an evacuation order affecting the project.
Do not assume either outcome. Have the attorney, title company, and prospective lender evaluate the exact ownership arrangement, disclosure questions, and intended financing transaction.
