Boca Raton’s housing stock is frozen in a classic Florida dilemma: retirees who bought in 2012 for $250K now sit on $650K of untapped equity, reluctant to list because there’s nowhere to downsize within city limits. The result? Only 1.3 months of resale inventory—half the national average—and bidding wars on anything turnkey under $600K.

Condo towers east of Federal Highway are faring slightly better, with 4.5 months of supply, but HOA scrutiny is tightening. Fannie now flags buildings with <20% reserves or pending 40-year recertification, which describes half of Boca’s Intracoastal high-rises. NMHL’s condo desk maintains a running spreadsheet of approved associations; if your dream unit sits in Palmetto Place or Boca Towers, we can tell you in five minutes whether the loan will pass spot-review or need full project approval.

On the rate front, Palm Beach County’s jumbo threshold is $766,550 in 2024, so a $550K median home price sneaks under for conventional 3% down. But if you’re eyeing $900K in Woodfield Country Club, you’ll need 10.01% down to hit the jumbo sweet spot where our portfolio ARM starts at 6.625% versus 7.125% for agency high-balance. We lock for 90 days—critical when appraisals are lagging 3–4 weeks.

Boca Teeca & Boca Del Mar: Golf-course condos built in the 1980s trade $285K–$425K with $330/month HOA. NMHL’s FHA 203(k) lets you roll a $40K kitchen reno into the loan at 3.5% down, instantly creating $70K equity.

Sandalfoot Cove: Three-bed concrete-block ranches on quarter-acre lots, $475K–$525K. These homes rarely come with deed restrictions, so ADU garage conversions are allowed—perfect for generating rental income to offset the mortgage.

Boca Highlands & Mission Bay: Townhomes zoned for A-rated Olympic Heights High. Families flock here for the $10K annual tax bill versus $18K in Parkland, yet resale velocity tops 92% year-over-year. We pair 3% down HomeReady with $7,500 Florida Assist second mortgage; your total cash to close can be under $20K.

Luxury Tier—Royal Palm & The Oaks: Waterfront estates $2.5M–$8M. NMHL’s portfolio jumbo allows asset-depletion underwriting for retirees with $4M in Morgan Stanley but only $150K W-2 income. Rate starts at 6.49% 5/6 ARM with interest-only option.

Palm Beach County millage for Boca Raton averages 18.9 mills, so a $550K assessed home incurs about $10,395 in annual taxes. However, Florida’s Save Our Homes (SOH) amendment caps annual assessment increases at 3% for homesteaded owners, creating a powerful compounding benefit if you buy now and stay five-plus years.

First-time buyers often forget the January 1 filing deadline—miss it and you lose the $50,000 homestead exemption for that entire tax year. NMHL emails every borrower a calendar invite and the DR-501 form at closing so you never miss the window. For investors, the news is less rosy: non-homestead properties are assessed at market value, and the 10% cap on assessment hikes was repealed in 2023. On a $550K rental condo, expect taxes to jump $600–$800 each year until stabilized.

Veterans should note that Florida waives property tax entirely for 100% disabled vets and Purple-Heart recipients. In Boca’s 33486 zip, that’s a $9,500 annual savings—equivalent to shaving 1.25% off your mortgage rate. We underwrite the tax exemption into your qualifying income, boosting purchase power by roughly $90K.

South Florida’s economy runs on small business—boutique marketing agencies on Palmetto Park Road, dental labs, Amazon aggregators. Traditional underwriting kills deals when 2023 Schedule C shows $42K after write-offs even though your actual cash flow is $12K/month. NMHL’s 12- or 24-month bank-statement program uses 50%–85% of deposits, depending on expense factor, and goes down to 620 credit.

If you’ve only kept business accounts since 2022, our 1-Year P&L option allows a CPA-prepared statement plus three months business bank statements to qualify up to $1.2M loan amount. Rates run 0.375% higher than full-doc, but you avoid two years of amended returns and IRS transcripts. We recently closed a $685K purchase on NW 40th Street for a crypto-miner who claimed $18K on taxes but banked $22K monthly.

Corporation owners with <25% ownership can skip K-1s altogether; we treat W-2 income as salaried. For high-turnover restaurants, we add back depreciation and one-time equipment expenses, often inflating qualifying income by 28%. Pair this with our Business Funds Program—100% of down payment can come from business account with a letter stating withdrawal is not detrimental to operations—and self-employed buyers finally compete with salaried tech transplants.

Boca Raton’s rent for a two-bed now tops $2,800, pushing locals to explore ownership even after a short sale or medical bankruptcy. NMHL’s Fresh-Start mortgage accepts scores as low as 500 up to 80% LTV, but the real value is our free CreditXcel coaching. In the past quarter, borrowers who followed our 90-day plan raised scores by 62 points on average, flipping a 9.5% rate quote into 7.875% and saving $410/month.

We start with a tri-merge report and identify which collections matter—medical under $2K are ignored, charge-offs over 24 months receive no payment requirement, and we delete duplicate South Florida collection agency entries that love to stack. Next, we open a $300 secured card through Tropical Credit Union (branch on St. Andrews) because they report to all three bureaus within 15 days. Finally, we time your pre-approval to coincide with the 20-point boost once the new utilization posts.

If your mid-score lands between 580–619, we shift to FHA. Boca Raton condo inventory under $450K is 78% FHA-approved, so you’re not locked into single-family. Down-payment assistance from Palm Beach County adds $10K that can cover entire 3.5% down on a $285K condo. Total cash out-of-pocket: $1,500 earnest money plus $500 appraisal deposit—refunded at closing if seller credit exceeds costs.

Palm Beach County’s 2024 VA zero-down limit is $766,550, so the $550K median Boca price fits comfortably. Veterans stationed at Coast Guard Station Lake Worth or Air Force reservists at Palm Beach IAP can finance the entire purchase and roll the 0.5% funding fee into the loan if they’re 10% disabled or more. NMHL processes VA IRRRLs in 17 days flat—last month we dropped a veteran’s rate from 7.0% to 5.75% with no appraisal, saving $315/month.

Condo eligibility trips up plenty of lenders. The VA’s list shows only 14 Boca buildings approved, but we use “full condo approval” to add new complexes in 30 days if the HOA agrees. Spanish River Landings and Boca Cove both passed this spring, giving veterans access to $350K–$425K waterfront units with $240/month fees. If you’re pre-approved anywhere else, bring us the condo docs; we’ll run a same-day spot check at no cost.

Surviving spouses holding VA entitlement can layer the Florida Property Tax Exemption for Disabled Veterans, pushing qualifying ratios higher. On a recent $625K deal on NW 15th Avenue, tax-exempt status added $740/month to effective income, turning a 56% DTI decline into a 46% approval. We also offer a $2,500 credit toward VA funding fee financed to help with closing costs.