Can I get a mortgage on a raised stilt home in the Keys?
Short Answer
Yes, most lenders will finance raised stilt homes in the Florida Keys, provided the home meets standard underwriting requirements and has proper documentation including a valid Certificate of Occupancy, flood insurance, windstorm coverage, and an elevation certificate. Some lenders have specific requirements for stilt or pier construction, so working with a local lender who knows Keys properties is advisable.
Steve's Advice
Steve Conley
Principal, Conley Sales Group at COMPASS
Stilt homes are the norm in the Keys, and most major lenders finance them as long as the home is properly permitted and the pilings are structurally sound. I have seen deals fall apart because a buyer's out-of-state lender balked at stilt construction. That is why I always recommend using a lender who is experienced with Keys properties. If you already have a lender, have them review a few of my listings before you start so we know their requirements.
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