Home Loans in Monroe County, FL

About Monroe County

Monroe County is the Florida Keys, a chain of islands running southwest from the tip of the peninsula to Key West, plus a mainland section that includes part of Everglades National Park. Key West is the county seat, and the other municipalities are Marathon, Islamorada, Key Colony Beach and Layton. Unincorporated communities that the Census lists, such as Key Largo, Tavernier, Big Pine Key and Cudjoe Key, fall under the county. NOAA describes the Florida Keys National Marine Sanctuary as home to the only coral barrier reef in the continental United States, and the National Key Deer Refuge sits on Big Pine Key.

The Keys are an Area of Critical State Concern, and the county's Rate of Growth Ordinance (ROGO) allocates new residential building permits competitively and ties them to hurricane evacuation time. Naval Air Station Key West and its Boca Chica airfield are also in the county. The National Hurricane Center says Hurricane Irma came ashore near Cudjoe Key in 2017 as a Category 4 storm.

Buyers weigh a limited supply of buildable lots, phased evacuation by mile marker, flood contacts that differ by city, and rental rules that differ by jurisdiction.

Quick facts

County seat: Key West
Region: Southeast Florida
Population: 84,707; 2025 · University of Florida BEBR, Florida Estimates of Population 2025
2026 conforming loan limit: $990,150; One-unit home · FHFA
2026 FHA loan limit: $990,150; One-unit home · HUD
Geography: The Florida Keys, from Key Largo in the north to Key West at the southwest end
Florida Keys National Marine Sanctuary, which NOAA describes as home to the only coral barrier reef in the continental United States
National Key Deer Refuge on Big Pine Key in the Lower Keys
Mainland Monroe County, including part of Everglades National Park
Naval Air Station Key West and its Boca Chica airfield
Housing types: Single-family homes on small island lots
Condominium buildings, some under the county's Building Safety Inspection Program
Manufactured housing, which county SHIP rules address
Vacation rentals in zoning districts that allow them

Figures show their source and year. Confirm details with the county offices.

Housing in Monroe County

Housing in the Keys is shaped by limits on supply. In unincorporated Monroe, new residential building needs a ROGO allocation, awarded competitively and tied to hurricane evacuation time, so vacant lots are not interchangeable with buildable lots. Marathon, Islamorada, Key West, Key Colony Beach and Layton administer their own building rules inside their limits. Single-family homes, condominiums and manufactured housing all appear in the market, and older condominium buildings fall under the county's Building Safety Inspection Program.

Rental use is regulated by jurisdiction and zoning. In unincorporated areas a vacation rental of less than 28 days needs an annual permit, and the county says that permit does not transfer to a new owner. An investor should therefore confirm the permit status of any unit, ask the municipality about its own rules, and check the association's declaration before treating rental income as part of a purchase.

Financing in Monroe County

Conventional loans

Before buying a vacant lot in unincorporated Monroe, ask whether it can receive a ROGO allocation. As of October 2026 the county's ROGO page says the current allocation period closed on July 13, 2026 and the next is anticipated to open on July 13, 2027 while the county amends its plan and code, and a lot inside Marathon, Key West or another city follows that city's planning rules instead. A loan officer can explain how lot loans and construction-to-permanent loans treat a lot without an allocation, and a lender may want the permit path documented.

VA loans

Naval Air Station Key West and its Boca Chica airfield are in the county, but VA loan eligibility depends on the borrower's service record, not on where the home is. A veteran can ask a loan officer to request a Certificate of Eligibility and explain the property requirements for the home, including condominium project review where it applies and whether the home sits in a Coastal Barrier Resources System Unit, where federal law bars VA loans.

Condominiums

The county's Building Safety Inspection Program sends notices to owners of condominium buildings of three stories or more that are 25 years old or older in unincorporated Monroe, and the state's milestone inspection and reserve study rules apply as well (s. 553.899 and s. 718.112, F.S.). Ask the association for the inspection summary, the reserve study and the budget, and ask a loan officer how the lender reviews the project.

Flood zones and flood insurance

The county's Floodplain Management page links FEMA maps, preliminary coastal maps and the flood ordinance; each city lists its own flood contact. Evacuation runs in five zones by mile marker. Federal law requires flood insurance for most mortgages on a building in a high-risk zone. Parts of the Keys lie in the federal Coastal Barrier Resources System, shown by address on the federal CBRS Mapper. Inside a System Unit, FHA, VA and USDA loans are barred by federal law, and across the system NFIP policies are generally unavailable for buildings put up or substantially improved after the area's cutoff date, so ask early about conventional loans and private flood coverage.

Homeowners insurance

The National Hurricane Center says Irma came ashore near Cudjoe Key as a Category 4 storm, so ask about repair history and elevation, and get wind and flood quotes separately before an offer. Most homeowners policies exclude flood, and a new flood policy usually has a 30-day wait unless it is bought in connection with the mortgage. The state's My Safe Florida Home program offers wind-mitigation inspections and grants to eligible homeowners when funded.

Homestead exemption

In Monroe County the Property Appraiser handles homestead exemption, due March 1. The home must be the owner's permanent residence on January 1 of that year. After a sale, the home is reassessed at just value the following January 1, so the seller's capped assessment does not carry over. Someone moving from another Florida homestead can ask the office about transferring all or part of that benefit, which requires a new homestead within three years of January 1 of the year the old one was abandoned.

Local homebuyer assistance

The county's SHIP page describes a Homebuyer Assistance Program for purchasing an existing or newly constructed home in Monroe County, applications processed first-qualified, first-served, and funding that depends on eligibility and available money. The page says submitting an application does not guarantee assistance, and it posts notices of funding availability and application windows, so check it before planning around the funds.

Short-term rentals

In unincorporated Monroe a vacation rental, a stay of less than 28 days, needs an annual special vacation rental permit for each unit unless an exemption applies, and each unit needs a licensed vacation rental manager. The county's handout says the permit is not transferable, so a new owner applies again, and vacation rental use is prohibited in most Improved Subdivision districts. Cities set their own rules, so check the municipality and the zoning before relying on rental income.

Cities, towns and communities

Key WestCityCounty seatCounty seat at the southwest end of the Keys, with its own flood contact.
MarathonCityCity in the Middle Keys with its own flood contact.
Key Colony BeachCitySmall city next to Marathon in the Middle Keys, with its own flood contact.
LaytonCitySmall city on Long Key, between Islamorada and Marathon, with its own flood contact.
IslamoradaVillageVillage of Islands in the Upper Keys, with its own flood contact.

Official local resources

Links go to government offices, not to Mortgage by Ruben.

Monroe County: common questions

6 questions

Can I build on a vacant lot in the Keys?

In unincorporated Monroe County, new residential building needs a Rate of Growth Ordinance (ROGO) allocation, which is awarded competitively by score, and the county ties it to hurricane evacuation time. As of October 2026 the county's ROGO page says the current allocation period closed on July 13, 2026, that the county is amending its plan and code to distribute a new pool of allocations, and that the next period is anticipated to open on July 13, 2027 while those amendments are still in process, so check it before buying a lot. ROGO is the county's system, so for a lot inside Marathon, Key West or another city, ask that city's planning office.

How do Keys evacuations work, and what is a re-entry sticker?

The county uses phased evacuation by zone, with zones numbered by mile marker, so some zones leave before others. Re-entry stickers are issued to residents ahead of a storm and help them return after an evacuation. Look up your zone on the county's Evacuation Information page, and note that re-entry zones differ from evacuation zones.

Where do I check the flood zone for a Keys home?

Start with Monroe County's Floodplain Management page, which links FEMA flood zone maps, preliminary coastal flood maps and the county flood ordinance. Key West, Marathon, Islamorada, Key Colony Beach and Layton each list their own flood contact. Ask for the elevation certificate and check it against the map.

Can I rent my Keys home to vacationers?

Not automatically. In unincorporated Monroe a rental of less than 28 days needs an annual special vacation rental permit and a licensed vacation rental manager, and the permit does not transfer to a new owner. Some zoning districts, such as most Improved Subdivision districts, do not allow vacation rentals. Marathon, Islamorada and the other cities have their own rules.

Does Monroe County have SHIP help for buying a home?

The county's SHIP page describes a Homebuyer Assistance Program for existing or newly constructed homes in Monroe County, with applications processed first-qualified, first-served. The page says an application does not guarantee assistance and that funding depends on eligibility and available money. It also posts funding notices and application dates, so check it before planning around the funds.

When does a Keys condominium need a building inspection?

In unincorporated Monroe, the county's Building Safety Inspection Program covers condominium buildings of three stories or more that are 25 years old or older, with certified-mail notices to owners. State law adds milestone inspections and reserve studies. Cities such as Key West and Marathon have their own building offices, so ask the association which office sent its notice.

Loan programs to explore

Construction-to-Permanent LoansFinance building a home with one closing.
Short-Term Rental LoansFinance vacation rentals using short-term rental income.
VA LoansFor eligible veterans and service members. No monthly mortgage insurance.
Condotel and Non-Warrantable Condo LoansFor condos and condo-hotels outside Fannie Mae and Freddie Mac project rules.
Down Payment Assistance ProgramsGrants and second loans that help with funds to close.
High-Balance Conforming LoansConventional loans in high-cost counties, above the baseline limit.

Not sure which program fits? Try the program finder or run your own numbers in the calculators.

Browse all loan programs

Neighboring counties

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Local information on this page is general, comes from public sources and can change. Loan programs and eligibility do not depend on the county alone, and this page does not determine them. For current facts about a property, check official sources such as the county property appraiser or assessor and FEMA flood maps. This is not a commitment to lend, and program availability varies by lender.