Orlando is two rental markets in one. Long-term single-family and townhome rentals fill the suburbs, while vacation homes cluster in Osceola and Polk counties near the parks. A DSCR rate-and-term refinance works for both, but the rules and rent sources differ.
In short: LendingStreet refinances 1-8 unit rentals in the Orlando area with DSCR rate-and-term loans that pay off hard money, a bridge loan or an existing mortgage and qualify on the property's rent, with no W-2s or tax returns. Loans start at $150,000, rate-and-term goes up to 80% LTV on some programs, and the standard minimum DSCR is 1.0x with a 620 minimum credit score. In Orlando, most refinances are suburban single-family and townhome rentals, while vacation homes in resort areas near the parks can qualify on short-term rental income on some programs.
Central Florida's rental demand comes from tourism and hospitality, healthcare, the University of Central Florida and steady in-migration. Investors buy single-family homes and townhomes in the suburbs and vacation homes near the theme parks.
Many bought with bridge or construction loans, or on adjustable loans that are resetting. A rate-and-term DSCR refinance qualifies on long-term rent, or on projected short-term income on some programs where STRs are allowed.
Vacation homes near the parks often carry higher HOA dues for amenities such as resort pools, gated entries and clubhouses. Those dues count in the payment, so a vacation home with strong bookings can still produce a tighter ratio than expected.
Orlando-area rentals differ by county and by rental type.
| Area | Typical rental stock | Common refinance situation |
|---|---|---|
| Pine Hills, Azalea Park and Parramore | Older CBS single-family homes | Paying off rehab money |
| Apopka, Ocoee, Winter Garden and Clermont | Newer single-family homes, many HOAs | Replacing a bridge loan |
| Kissimmee, Four Corners and ChampionsGate | Vacation homes in resort communities | Rate-and-term on STR income |
| Sanford and Oviedo | Single-family and townhomes | Refinancing a bank balloon |
A rate-and-term refinance pays off the existing loan and closing costs and changes the rate, term or structure, without taking meaningful cash out. Because it adds no new equity draw, leverage can reach up to 80% LTV on some programs, versus up to 75% on a cash-out. If you need cash for the next deal, see our Florida cash-out page instead.
Common reasons to choose rate-and-term:
This example is illustrative and not a quote. A four-bedroom home in Ocoee was bought with a bridge loan, updated and leased for 12 months. It appraises at $425,000 and rents for $2,800 a month. The bridge loan balance is $280,000, with an interest-only payment of about $2,683 a month.
A rate-and-term DSCR refinance of $289,000 covers the payoff plus about $9,000 in estimated closing costs, roughly 68% LTV. Estimated principal and interest on a 30-year fixed loan is about $1,947. With taxes of $390 and insurance of $310 plus $60 in HOA dues, the monthly payment is about $2,707, for a DSCR of about 1.03x.
The new payment is about $736 a month lower than under the bridge loan, and it is fixed for 30 years instead of coming due. The ratio clears the 1.0x standard minimum.
| Item | Before (bridge loan) | After (DSCR refinance) |
|---|---|---|
| Loan balance | $280,000 | $289,000 |
| Monthly loan payment | $2,683 (interest-only) | $1,947 (est. principal and interest) |
| Property taxes | $390 | $390 |
| Insurance and HOA | $370 | $370 |
| Total monthly payment | $3,443 | $2,707 |
| DSCR at $2,800 rent | About 0.81x | About 1.03x |
| Loan term | Short term, comes due | 30-year fixed |
For a rate-and-term refinance, the appraisal sets both the value used for LTV and the market rent used for DSCR. Single-family homes get a rent schedule with the appraisal, and 2-4 unit properties are appraised on a small residential income form. In Orlando, appraisers compare long-term rentals to similar homes in the same subdivision, and vacation homes in resort areas are compared to other vacation homes.
Florida's Save Our Homes cap only applies to homesteads. Non-homestead rentals have a separate cap on yearly increases for non-school taxes, but the value can reset after a sale. Many Orlando-area subdivisions also have CDD assessments on the tax bill.
Florida charges documentary stamp tax on the new note and a nonrecurring intangible tax on the new mortgage. Ask the title company to quote it.
Central Florida is inland, but hurricanes still bring wind and flooding. Insurers look at roof age and wind mitigation features. Some areas near lakes and wetlands are in flood zones.
The City of Orlando generally allows short-term rentals only where the host lives on site, so most in-city rentals use long-term leases. Resort areas in Osceola and Polk counties, such as Four Corners and ChampionsGate, are zoned for vacation rentals.
Many HOAs in suburban subdivisions restrict leasing or set minimum lease terms. Check the covenants before refinancing.
Vacation homes in Polk County communities such as Davenport and Haines City follow Polk rules, not Osceola. Check the county where the home sits before relying on short-term rental income.
Start the refinance 45 to 60 days before your short-term loan matures. Seasoning rules, meaning how long you must own the property before the new loan can use the appraised value, vary by program. In Orlando, that often means a newer suburban home bought with a bridge loan and leased for 12 months.
Send the address, payoff letter, lease and target loan amount through the form below or call (877) 298-1001. The financing team will run the ratio at a few loan amounts and come back with options, including sub-1.0 DSCR programs where they fit. We look at rentals across Orange, Osceola, Seminole and Lake counties. If you want to test the numbers first, our DSCR calculator works best with the real tax bill and a current insurance quote rather than estimates.
On some programs, yes, if the property is in an area zoned for vacation rentals, such as resort communities in Osceola County.
A community development district assessment funds infrastructure in many newer subdivisions. It appears on the tax bill and counts in the payment.
Documentary stamp tax on the note and intangible tax on the mortgage. The title company quotes them.
Yes. We look at 1-8 unit rentals across Orange, Osceola, Seminole and Lake counties.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
A rate-and-term refinance pays off existing debt and closing costs with little or no cash back, and some programs allow up to 80% LTV. A cash-out refinance lets you pull equity, up to 75% LTV.
Some programs accept a DSCR below 1.0x. A smaller loan or a lower insurance quote can also raise the ratio.
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