Plantation Key mortgage that closes Islamorada deals.
Plantation Key is the northernmost of the four islands in the Village of Islamorada — and where most of Islamorada's premium canal-front and bayfront residential inventory sits. Jumbo math, AE/V-zone exposure, condo warrantability, and Islamorada's vacation rental rules all matter. We handle it.
Why Plantation Key needs a coastal-trained lender
Plantation Key sits at mile markers 86–92, anchoring the Village of Islamorada's northern entrance. It's home to some of the Upper Keys' most desirable canal-front, bayfront, and oceanfront properties, plus a handful of upmarket condo communities. The lending complexity here comes from three factors stacking: Islamorada's STR ordinance, jumbo thresholds, and AE/V-zone insurance economics.
Most Plantation Key purchases trip the FL conforming jumbo limit. That alone means stricter reserves, DTI thresholds, and credit minimums. Add coastal insurance — easily $12,000–$30,000/year on canal-front — and the qualifying number changes meaningfully versus what an inland-trained lender would quote.
Plantation Key property types we finance
Canal-front single-family
The Plantation Key signature. Direct ocean access via canals, deepwater dockage, often premium lot sizes. Watch-outs: seawall age, dock condition, V-zone exposure. Canal-front guide.
Bayfront homes
Florida Bay sunsets command real premium. Often V-zone. Insurance is meaningfully higher. We pre-model.
Oceanfront homes
Less common but present. V-zone, premium pricing, specialty appraisal. We have the appraiser network.
Condos and townhomes
Most Plantation Key condos are warrantable, but several have HOA litigation, master insurance gaps, or rental management that flips them non-warrantable. Non-QM exists for these.
STR investment properties
Strong Islamorada vacation rental demand for licensed properties. DSCR loans with documented income — we pre-verify ordinance compliance.
Loan programs that work on Plantation Key
- Jumbo — most common. Jumbo programs
- DSCR investor — STR-friendly with verified ordinance. Investor programs
- Non-warrantable condo — for buildings outside Fannie/Freddie. Non-QM
- VA + jumbo VA — fully usable. VA
- Bank statement — self-employed buyers. Non-QM
- Bridge / hard money — for fast competitive close. Bridge
Plantation Key cost reality
- Canal-front 3-bed (2026): $1.6M–$3.5M
- Bayfront / oceanfront: $2.2M–$6M+
- Condo: $650K–$1.6M
- Wind insurance: $8,000–$22,000/yr
- Flood: $3,000–$14,000/yr
- Doc stamps + intangible at $2.5M sale: ~$22,500
FAQ
Is Plantation Key part of Islamorada?
Yes — Plantation Key is one of the four islands that make up the Village of Islamorada (along with Windley Key, Upper Matecumbe, and Lower Matecumbe). Mile markers 86–92.
Are short-term rentals allowed on Plantation Key?
Some properties allow short-term rentals under Islamorada vacation rental ordinance; many require minimum-stay restrictions. Verify zoning and licensing before assuming STR income.
What's a typical Plantation Key home price?
Plantation Key is a premium Upper Keys market. Canal-front and bayfront homes commonly run $1.4M–$4M+. Most require jumbo financing.