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By David Ghazaryan, NMLS 1486726, iQRATE Mortgages (NMLS 1862492). Updated October 29, 2026.
Short answer: For a DSCR loan on a Miami condo, compare private lenders that publish condo, non-warrantable or condotel terms and lend in Florida. Published programs we checked list minimum DSCRs from none to 1.00 and maximum LTVs up to 80% to 85%, with lower limits for non-warrantable condos and condotels (varies by lender). The building decides eligibility: Fannie Mae project rules, Florida inspection and reserve laws, and city rental rules. iQRATE Mortgages compares lenders for each unit.
A DSCR loan qualifies a Miami condo on its rent compared with the full payment (PITIA, including HOA dues), not on your tax returns or W-2s. With a condo, the lender underwrites two things: you and the unit's rent, and the building itself. A strong borrower can still be declined because of the project, so ask for the HOA questionnaire, budget and inspection reports before you make an offer.
Most Miami condo DSCR files land in one of three buckets:
Our Miami mortgage broker and Miami Beach mortgage broker pages cover local loan limits and buyer programs. Buying from abroad? See foreign national DSCR loans.
Non-warrantable condo DSCR loans in Miami are common because many towers have commercial space, a developer or investor that still owns a block of units, open litigation, or repairs underway after a milestone inspection. Three rules matter in 2026:
Varies by lender. Published parameters, not an offer. Figures are from lenders' public program pages checked Oct 26, 2026. Lenders are not named. Florida coverage comes from each lender's own state list, footer or licensing page. Where a page does not publish a figure for condos, the table says so.
| Program | Minimum DSCR | Maximum LTV | Minimum credit score | Condo, non-warrantable and condotel rules | Florida coverage |
|---|---|---|---|---|---|
| Program A (DSCR program with a condo guide) | Condotel: 1.00; other condos: not stated | Condotel: 75% purchase, 65% refinance; other condos: not stated | Condotel: 700 | Non-warrantable condos and condotels allowed; condotel maximum loan $1MM, no foreign nationals. Condo guide: single entity up to 20% of units, up to 30% commercial square footage, 100% investor concentration OK | Florida mortgage lender servicer license on its licensing page |
| Program B (DSCR loans) | Down to 0.75 | 85% purchase single family, 80% refinance; Florida non-warrantable condos typically 75% maximum | 640 | Warrantable and non-warrantable condos, co-ops and condotels listed as eligible | Florida included on its state list |
| Program C (non-warrantable condo DSCR) | 1.0 | Condos above $200K: 75-80% purchase, 70-75% cash-out refinance | 660 long-term rental; 700 short-term rental | Mandatory rental pooling not permitted; condotels where management controls occupancy typically cannot qualify | Florida included on its 36-state list |
| Program D (rental DSCR) | No minimum DSCR | Up to 80% purchase and rate-term, up to 75% cash-out; condos may have some LTV and DSCR limits | 640 | Condos eligible; non-warrantable and condotel not stated | Every state except North Dakota and South Dakota |
| Program E (DSCR loan) | As low as 0.8x | Up to 80% | Not stated | Condos eligible; non-warrantable and condotel not stated | 49 states plus DC, including Florida |
Varies by lender; published parameters, not an offer. iQRATE Mortgages is not affiliated with these lenders, and inclusion is not an endorsement or a commitment to lend. No interest rate, APR or payment is quoted on this page.
Florida's condo regulator posts inspection resources on the DBPR condominium inspections page.
Many investors want nightly income from a Miami condo. Check three things before you count it: the city rule, the HOA documents and the lender's short-term rental policy. In the City of Miami, condo short-term rental use is Condo-Hotel lodging with HOA certification and a 25% building threshold for hotel code standards. In Miami Beach, rentals of less than six months and one day are prohibited in many multi-family buildings in certain zoning districts. If the city or the HOA does not allow it, plan the loan on long-term rent.
More on rental financing: DSCR loans, investor loans, portfolio loans and non-QM loans. Florida investors can also see Florida and Fort Lauderdale. For a longer walkthrough, read our blog guide to DSCR loans for Miami condo investors; Florida vacation-rental buyers can also see Orlando short-term rental DSCR loans. Call (702) 766-3744 or start an application.
Private DSCR lenders that publish condo terms and lend in Florida. On the pages we checked Oct 26, 2026, three published programs list non-warrantable condo or condotel terms, and two more say condos are eligible. iQRATE Mortgages, licensed in Florida, compares programs like these across more than 100 lenders for each Miami condo. Terms vary by lender.
A project fails Fannie Mae or Freddie Mac eligibility. Fannie Mae's Ineligible Projects list includes condo hotels and mandatory rental pooling, one entity owning more than 20% of units in projects of 21 or more units, more than 35% commercial space, pending HOA litigation about safety or structural soundness, and projects needing critical repairs. Non-warrantable units can still qualify for a DSCR loan.
Not under Fannie Mae's current rules. Lender Letter LL-2026-03 of March 18, 2026 retired the 50% investment property concentration limit for established projects under Full Review. Private DSCR lenders set their own project rules; one published condo guide says 100% investor concentration is OK. Ask each lender about its own condo review (varies by lender).
Sometimes, from a private lender. Fannie Mae does not buy loans in condo hotels. One published program lists condotel terms of a 700 minimum credit score, 75% maximum LTV on purchases, 65% on refinances, a 1.00 minimum DSCR and a $1MM maximum loan; another lists condotels as eligible, and a third does not permit mandatory rental pooling (varies by lender).
They can decide whether the building qualifies. Florida requires a milestone inspection for condo buildings three habitable stories or more by December 31 of the year they reach 30 years, and Miami-Dade requires recertification at 25 years for coastal buildings within three miles of the coastline built on or after 1998. Fannie Mae treats a failed mandatory inspection as a critical repair issue.
A structural integrity reserve study. Florida associations with buildings three stories or higher had to complete one by December 31, 2025, and in no event after December 31, 2026, and for budgets adopted on or after December 31, 2024 owners cannot vote to skip required reserves. Underfunded reserves can lead to special assessments, so lenders review the budget, reserves and any assessments.
Only where the city and the HOA allow it. The City of Miami treats condo short-term rental use as Condo-Hotel lodging that needs HOA certification, a DBPR lodging license and a Certificate of Use. Miami Beach prohibits rentals of less than six months and one day in many multi-family buildings in certain zoning districts. Confirm the address before counting nightly income.
Generally not. Regulation Z exempts credit extended primarily for a business purpose, and the CFPB's official interpretation treats credit to buy, improve or maintain a non-owner-occupied rental as business purpose. If you expect to live in the condo more than 14 days in the coming year, it is not treated as non-owner-occupied.
Business-purpose loans on non-owner-occupied investment property only; not for a home you will live in. Credit extended primarily for a business purpose is exempt from Regulation Z under 12 CFR 1026.3(a). Not legal or tax advice; condo law and short-term rental rules are summarized from public agency pages, so consult a CPA or attorney about tax, entity and legal questions. All loans subject to credit approval, property and project eligibility and lender guidelines; programs and terms vary by lender and may change without notice. Agency and lender facts checked October 26, 2026; page updated October 29, 2026. iQRATE Mortgages, NMLS 1862492. David Ghazaryan, NMLS 1486726. (702) 766-3744. Equal Housing Opportunity. We do business in accordance with the federal Fair Housing Act and the Equal Credit Opportunity Act. Verify licensing at NMLS Consumer Access.
