Orlando is really two rental markets. One is long-term single-family and townhome rentals across Orange, Seminole and Osceola counties. The other is vacation homes in resort communities near the theme parks. Both can be refinanced on a DSCR loan, but they are underwritten differently.
In short: Yes. LendingStreet finances DSCR cash-out refinances on Orlando-area rentals up to 75% LTV, qualifying on the property's rent. Long-term rentals use the lease or market rent; vacation homes can qualify on projected short-term income on some programs. Either way, the rent has to cover principal, interest, taxes, insurance, HOA dues and any CDD assessment at the 1.0x standard minimum. Loans start at $150,000 and the minimum credit score is 620.
Central Florida prices rose sharply between 2020 and 2022 on population growth and tourism-driven investment, then cooled as rates rose and insurance costs climbed. New construction in Lake Nona, Horizon West, St. Cloud, Clermont and Poinciana has added a large supply of rental-ready homes.
Investors who bought before 2021 usually have solid equity. Newer homes bought near the peak may appraise near purchase price, especially in subdivisions where builders are still selling and offering incentives, which can hold resale prices down. The appraiser will compare your home with recent resales and builder closings nearby, so look at both before deciding how much cash to request.
Long-term rentals are spread across Orange, Seminole and Osceola counties, in areas like Pine Hills, Apopka, Sanford, Oviedo, Kissimmee and east Orlando near UCF. These qualify on a signed lease or the appraiser's market rent estimate.
Vacation homes cluster in resort communities along US 192, in ChampionsGate, Davenport and the Four Corners area that spans Osceola, Polk, Lake and Orange counties. These communities are often zoned specifically for short-term rentals. Some DSCR programs can qualify them on projected short-term income or booking history, which can support a larger loan than a long-term rent estimate would.
The City of Orlando restricts short-term rentals in residential areas, so most investor STRs are in unincorporated Osceola and Polk counties or in specific resort-zoned communities. Florida law largely limits new local bans, but counties can still require registration and tourist development tax accounts.
Before qualifying on nightly income, confirm the property is in a community that allows short-term rentals and that the county and state tax registrations are in place.
Many newer Orlando-area subdivisions sit inside a community development district, or CDD, which funds roads, utilities and amenities through an assessment on the tax bill. Resort communities also tend to carry higher HOA dues that may include cable, internet, lawn care and amenity access.
Both count in the DSCR payment. Pull the actual tax bill, including the CDD line, and the current HOA statement before you run the numbers. CDD assessments often include a debt portion that runs for a set number of years, so a home in an older CDD may carry a lower assessment than a similar home in a brand-new community nearby.
This example is illustrative and not a quote. An investor owns a four-bedroom home in Kissimmee on a long-term lease, appraised at $400,000 with $190,000 owed. It rents for $2,950 a month. Taxes including the CDD are about $420 a month, insurance about $320 and the HOA $60.
At 75% LTV the new loan is $300,000, leaving $110,000 after the payoff and before closing costs. On 30-year amortization, principal and interest is about $2,047. The full payment is about $2,847, for a DSCR of about 1.04x, just above the 1.0x minimum.
| Item | Amount |
|---|---|
| Appraised value | $400,000 |
| Loan at 75% LTV | $300,000 |
| Existing loan payoff | $190,000 |
| Cash before closing costs | $110,000 |
| Principal and interest (30 years) | About $2,047 |
| Taxes, insurance and any HOA (monthly) | $800 |
| Total monthly payment | About $2,847 |
| Monthly rent | $2,950 |
| DSCR | About 1.04x |
Orlando is inland, so it avoids storm surge, but hurricanes still bring damaging wind and rain, as Ian in 2022 and Milton in 2024 showed. Premiums have climbed statewide. Roof age, wind mitigation features and flood zone status drive the quote. Vacation homes often need policies that cover short-term rental use, which can cost more.
Florida doc stamp and intangible taxes can also apply on a refinance, depending on how much new money is involved. Ask the title company for an estimate.
Orlando investors with vacation homes often treat a cash-out as a reinvestment cycle: refresh the furnishings and amenities that drive bookings, then put the rest toward the next property. Long-term rental owners more often pay down short-term debt or buy another house.
Orlando has a large stock of condos and townhomes, including condo-hotel style resort buildings near the parks and older garden-style complexes converted from apartments. Standard condos and townhomes need a condo questionnaire and an association review covering the budget, reserves, insurance and any special assessments. Florida's newer inspection and reserve rules for older condo buildings have pushed dues higher in some associations, and those dues count in the ratio. Condotels and non-warrantable buildings have fewer options and terms vary by program.
Pull these together before you apply.
Yes. We finance DSCR cash-out refinances on non-owner-occupied long-term rentals and vacation homes across the Orlando area, up to 75% LTV, from $150,000.
Yes, in many cases. Some programs can qualify a vacation home on projected short-term income or booking history, as long as the community allows short-term rentals.
A community development district assessment appears on the tax bill in many newer subdivisions. It counts in the payment, which lowers the DSCR.
The city restricts them in residential areas. Most investor STRs are in resort-zoned communities in Osceola, Polk and nearby counties.
Options are more limited for condotels and non-warrantable buildings, and terms vary by program.
Up to 75% of the appraised value, minus the payoff and closing costs, if the rent covers the new payment at the program minimum.
Seasoning varies by program. Some allow cash-out soon after purchase; others want several months or limit the loan to cost plus improvements.
No. The loan qualifies on the property's income. You need a 620 or higher credit score and reserves.
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