Mortgage Broker for the Florida Keys
247 Home Loans is a Florida-wide mortgage broker with its home base in Tampa Bay, and we regularly help buyers in the Keys through local real estate agents we work with there. From Key Largo to Key West, we compare options from more than 20 wholesale lenders, which matters in a market where many properties don't fit a standard loan.
Where we help in the Keys
- Key West: Old Town conch houses, New Town, Key Haven and Stock Island
- Lower Keys: Big Pine Key, Summerland Key and Cudjoe Key
- Marathon and the Middle Keys
- Islamorada: Plantation Key, Windley Key and Upper and Lower Matecumbe
- Key Largo and Tavernier in the Upper Keys
Condos and condo-hotels
Many Keys buyers are looking at condos, townhomes and resort-style condo-hotel units. When a building doesn't meet Fannie Mae or Freddie Mac rules, for example because of rental desks, hotel services, a high share of investor owners or pending litigation, it's called non-warrantable. Those units can still often be financed with non-QM or portfolio loans, usually with a larger down payment. We review the association documents early so you know which path fits before you're under contract.
Flood and windstorm insurance
Nearly all of the Keys sit in FEMA flood zones, and lenders require flood insurance on homes in special flood hazard areas. Windstorm coverage is often a separate policy. Elevation, construction type and wind mitigation features all affect premiums, and premiums count in your monthly housing cost. We help you get insurance quotes into the numbers before you commit.
Second homes, DSCR investor loans and vacation rentals
- Second homes: conventional and jumbo second-home loans for property you'll use yourself part of the year.
- Investment property and DSCR loans: DSCR loans qualify on the property's expected rental income instead of your personal income, which suits many investors and self-employed buyers. DSCR loans are for investment properties only, and the loan can often be held in an LLC, subject to lender guidelines.
- Vacation rentals: Monroe County and the Keys' cities each regulate short-term and transient rentals, including licensing and minimum-stay rules that vary by location and zoning. Confirm what's allowed for a specific property before counting on rental income.
Closing remotely with a Tampa Bay-based broker
You don't need to be in the Keys, or in Tampa, to work with us. Applications, documents and disclosures are handled online and by phone, and closings are coordinated with a local title company. Depending on the lender and title company, you may be able to sign with a mobile notary or through remote online notarization.
Loan programs we offer
- Conventional and jumbo purchase and refinance
- FHA, VA and USDA (in eligible areas)
- Bank-statement and other non-QM loans
- DSCR loans for investors
- Construction loans
Your loan officers
- Chad Morris, Owner & Loan Officer, NMLS #352539
- Dave Rodgers, Loan Officer, NMLS #363840
Frequently asked questions
Can I get a mortgage on a condo-hotel unit in Key West?
Often, yes, through non-QM or portfolio lenders that finance non-warrantable condos. Expect a larger down payment and a closer look at the building. We'll review it with you before you make an offer.
Can rental income help me qualify in the Keys?
It can. DSCR loans qualify on the property's rental income instead of your personal income, the loan can often be held in an LLC, and some conventional programs count projected rent. Rental rules vary by city and zoning in the Keys, so confirm what's permitted for that property.
Do I have to come to Tampa to close?
No. We handle the loan by phone and online, and closings are coordinated with a local title company, often with a mobile notary or remote online notarization when the lender and title company allow it.
Is flood insurance required for a Keys home?
If the property is in a FEMA special flood hazard area and you have a federally backed loan, yes, and most of the Keys falls in those zones. Windstorm coverage is typically required too.
Other areas we serve
Florida-wide broker; home base Tampa Bay.
Talk with Chad about your Florida Keys purchase
Call or text Chad at 813-495-9542, or apply online. Florida-wide broker; home base Tampa Bay. No obligation, and no credit check just to talk.