Miami Beach
Mortgage Broker

Start with your purchase, refinance or rental plan.

A seasonal lease can still be a short-term rental.

The City of Miami Beach describes vacation and short-term rentals as rentals of less than six months and one day. Under the City’s Resiliency Code, as summarized in its guidance, this use is prohibited in all single-family homes and in many multifamily buildings in certain zoning districts. A three-month seasonal lease therefore needs the same local permission check; an association's minimum lease term does not settle the City's answer.

Start with the City's vacation and short-term rental guidance, including its unit-verification tools. Confirm the exact unit and proposed use with the City. Required local authorizations can include a Business Tax Receipt and Resort Tax account. A listing, old rental advertisement or building-level map is not a substitute for current confirmation.

Lender definitions can differ from the City’s. Fannie Mae's short-term rental income guidance describes stays typically shorter than 30 consecutive days and sets separate eligibility and documentation requirements. Ask which rules the selected lender is applying to your actual plan.

Prepare a property-use brief for your mortgage review.

Use these five prompts to prepare your notes. You can begin with incomplete information; mark an unanswered question as open. For each document or response, record its date, who provided it and which unit it covers.

Check the rules that apply after ownership changes.

A seller's rental history may not describe your rights as a buyer. Florida Statutes 718.110(13) provides that an amendment prohibiting rentals, changing the rental term or limiting how often units may be rented applies only to owners who consent to it and to owners who acquire title after it takes effect. A seller who did not consent may be exempt from a restriction that would apply to you as a buyer. Ask the association for the applicable documents and have a Florida real estate attorney resolve unclear restrictions.

Keep three answers separate.

Record the City's response about permitted use, the association's response about the restrictions applying to you, and the lender's response about occupancy, qualifying income and project eligibility. Include the supporting document and date for each. One favorable answer does not resolve the others.

Send us a summary of your plan and the questions still open. Bennett Capital Partners helps identify the financing information to gather, compare available options and coordinate submission to the selected lender. Legal-use questions belong with the City, the association and qualified legal advisers; the lender makes the underwriting decision.

If any answer remains open, identify who can resolve it and what evidence is missing. If the intended use is prohibited, discuss a different, permitted use or a different property. A different mortgage program cannot authorize an unlawful rental.

Compare Miami Beach financing on the same assumptions.

Compare purchase offers using the same price, down payment, occupancy and loan amount. For rental plans, discuss eligible DSCR options or short-term rental financing using the completed property-use brief. Availability depends on the borrower and property.

Fannie Mae's second-home requirements include a one-unit property, personal occupancy during part of the year and exclusive control over its use. A management firm cannot control occupancy. Identified rental income cannot be used to qualify, and all other second-home requirements must still be met. Other loan programs have their own rules.

A unit’s rental permission is separate from the building’s eligibility. Fannie Mae's project rules address hotel operations, rental pooling and owner-use restrictions. They also cover building condition and other project risks. Review the broader condo loan requirements; where a project does not fit, ask about a specific non-warrantable condo review rather than assuming another program will accept it.

Compare the mortgage rate, fees, lender credits, mortgage insurance where applicable and cash to close. Add association dues, insurance quotes, assessments and any management charges to your ownership budget. Confirm which amounts are estimates. For consumer loans that use a Loan Estimate, the CFPB's comparison guide explains the relevant fields. Ask for the appropriate written terms for a business-purpose loan.

For a refinance, bring your current mortgage statement and disclose any change in occupancy or rental operation. Compare your current loan’s remaining balance and term with the new loan’s costs and repayment period. Prior financing is not evidence that a new mortgage lender will accept the current scenario.