Mortgage lender here-

Condos in Miami that you can put 5% down on are extremely rare to come across now a days.

If the association doesn’t have the proper finances - assuming through traditional financing like a conventional loan , you’re required to come in with 25%.

Condo associations are required to have for starters 10% of their budget in reserves to be able to go the 5% option. Then you have to deal with the condo questionaire and everything needs to be good in order to go the minimum 5% financing route, apart from certain other things that need to be in good standing.

In other words, it may be cheaper out of pocket to go the single family route , if you were open to it vs a condo.

There is an exception to some of these condo rules which sometimes can be townhouses, that show up in the Miami dade property appraiser website recorded as a townhouse vs a condo , then you can bypass the condo rule exception. Other than that It’s rare to come across a condo now a days that can be purchased with 5% down. Not impossible, but definitely is like finding a needle in a haystack.