Mortgage Broker in Ocean Ridge, FL

Short answer

The median single-family home in the Town of Ocean Ridge sold for $3,300,000 in Q3 2026, and the median condo for $393,500, on just 4 and 6 sales. QMS Lending is an independent mortgage broker that finances this 3-mile barrier island town through 100+ lenders, from jumbo loans on oceanfront homes to conventional and non-warrantable loans on its condos.

What homes and condos cost in Ocean Ridge

4 single-family homes closed in Ocean Ridge in Q3 2026 at a median of $3,300,000 and an average of $4,176,250, per Florida Realtors data published by MIAMI REALTORS (as of November 2026). Three of the four were cash. There were 19 active listings and 6.7 months of supply, with a median of 130 days to contract.

6 condos and townhouses sold at a median of $393,500, down 34.4% from a year earlier, with an average of $558,083. Five of six were cash. Units took a median of 162 days to go under contract and sold at 78.7% of original list price, with 18 listed. With so few sales, one unit moves the median a lot; read it as a range, not a price.

Unlike its condo-heavy neighbors, Ocean Ridge is mostly low-density single-family by town plan, with some medium-density multifamily areas and a high-density zone from Boynton Beach Oceanfront Park north to Boynton Inlet. Commercial use was phased out by a 1960s ordinance.

The town is about 3 miles long, between Boynton Inlet to the north and Briny Breezes to the south, with the ocean on one side and the Intracoastal on the other. It has about 1,700 permanent residents, rising to about 2,700 in season. Incorporated in 1931 as the Town of Boynton Beach, it took the name Ocean Ridge in 1937. ZIP code 33435.

Jumbo loans on Ocean Ridge homes

The 2026 conforming limit is $832,750 (FHFA) and the Palm Beach County FHA one-unit limit is $667,000 (HUD), as of November 2026. At a $3,300,000 median, every financed house purchase in Ocean Ridge is a jumbo loan. With 20% down the loan is $2,640,000; with 30% down it is $2,310,000.

• Reserves: jumbo lenders want months of payments in the bank after closing, and more for larger loans.
• Income: business owners can qualify with bank statement loans; retirees may use asset-based income.
• Older homes and teardowns: a construction loan can fund a rebuild, subject to plans, a licensed builder and an as-completed appraisal. The town handles all building permits, and contractor hours are 8 am to 6 pm weekdays and 8 am to 1 pm Saturdays.
• Bridge: buying before you sell your current home? Ask about a bridge loan.

Florida closing taxes scale with the loan: doc stamps on the note are $0.35 per $100 and intangible tax is 2 mills, about $9,240 and $5,280 on a $2,640,000 mortgage.

Florida's condo safety law and Ocean Ridge buildings

Ocean Ridge's condos are a smaller share of the market than in Highland Beach or Hillsboro Beach, but the same state rules apply to any building three habitable stories or taller. Low-rise buildings under three stories are outside the milestone and SIRS mandates, though the lender still reviews their budget and insurance.

Florida Statute 553.899 (2026 version) requires a milestone inspection for condo and co-op buildings three habitable stories or taller by December 31 of the year the building turns 30, then every 10 years. A local building official may move the first one to 25 years for buildings near salt water. Phase one is a visual check by an engineer or architect; if it finds substantial structural deterioration, phase two testing follows, and repairs must start within 365 days of the phase two report.

Statute 718.112 adds the structural integrity reserve study (SIRS): roof, structure, fireproofing, plumbing, electrical, waterproofing and painting, windows and exterior doors, reviewed at least every 10 years. Owner-controlled associations had to finish one by December 31, 2025, or alongside a milestone due by December 31, 2026, and never later than that date. For budgets adopted on or after December 31, 2024, the board cannot waive or cut reserves for those items.

Two relief valves exist. A board may pause or reduce reserve funding for up to two annual budgets (budgets adopted through December 31, 2028) to pay for milestone repairs, with a majority vote of all owners. And reserves may be funded by special assessments, a line of credit or a loan. Either way, the money comes from owners, so read the budget, the SIRS and the last 12 months of board minutes before you sign.

Warrantable, non-warrantable and special assessments

Before a lender funds a condo loan it reviews the building with a condo questionnaire, the budget and the insurance. Fannie Mae's Selling Guide (topic dated August 5, 2026) makes a project ineligible when it needs critical repairs, including unfunded repairs over $10,000 per unit that should be done within 12 months, or when it failed a required state or local safety inspection. Any structural inspection from the last three years must be reviewed.

A special assessment tied to a critical repair that is not yet fixed also makes the project ineligible. Once the work is finished and an engineer documents it, the building can become eligible again.

• Warrantable: a warrantable condo can use conventional financing, and FHA if the project is approved.
• Non-warrantable: a non-warrantable condo needs a non-warrantable condo loan from a portfolio or non-QM lender. Expect more down, more reserves and a full building review.
• Already own and facing an assessment? A HELOC or fixed second mortgage can pay it without touching your first mortgage, subject to credit approval.

Ocean Ridge's rental ordinance requires owners who rent to register with the town for $35 a year, but condos and co-ops with their own boards are exempt; the association's leasing rules still apply.

Flood zones, wind and Citizens

Palm Beach County's updated FEMA maps took effect December 20, 2024. Ocean Ridge holds a Class 6 rating in FEMA's Community Rating System, worth a 20% flood premium discount in special flood hazard areas, per the county CRS table (April 2023) and the town's new-resident guide; one older town page still says Class 7 and 15%, so confirm. Elevation certificates for floodplain buildings may be available at Town Hall. Fire and medical calls are handled under contract by Boynton Beach Fire Rescue, whose ISO rating improved from 4 to 2, which can help homeowners premiums.

On the oceanfront, FEMA maps often show VE zones (coastal high hazard, with wave action) next to the beach and AE zones on the Intracoastal side. If the building is in a special flood hazard area, a lender requires flood coverage. For a condo, that starts with the association's master flood policy; for a house, it is your own policy. An elevation certificate helps price it. Read what a flood zone means for your loan.

Wind is the other big line. Many coastal associations and owners end up with Citizens Property Insurance. Citizens now requires flood insurance on Personal Lines residential policies with wind coverage: since July 1, 2023 in FEMA flood hazard areas, and by dwelling replacement cost elsewhere ($600,000 or more from January 1, 2024, $500,000 from 2025, $400,000 from 2026, all others from January 1, 2027). Condo unit owner policies are excluded, but the association's master policy and your HO-6 still drive your monthly cost. A lender counts dues and insurance in your debt-to-income ratio, so get a quote on the master policy and an HO-6 binder early.

Property taxes and Amendment 3

The Ocean Ridge district total was 18.2071 mills in 2025 (code 46984), per the Palm Beach County Property Appraiser. Using the 2026 proposed rates (town 5.4000, county 4.5000 plus 0.0210 debt, library 0.5491, schools 3.2480 and 3.0390, Children's Services 0.4908, Health Care District 0.6561, SFWMD 0.2301 combined, FIND 0.0270) gives about 18.16 mills, roughly 1.82% (as of November 2026). The county fire-rescue levy is not in the town's total.

On a $3,300,000 home with no exemptions that is about $59,900 a year; on a $393,500 condo, about $7,150. With homestead ($25,000 off all taxes plus up to $25,722 off non-school taxes, 2025 amount), the condo estimate drops to about $6,390. The town bills garbage separately, and non-ad valorem charges appear on the TRIM notice. The Save Our Homes cap resets at sale.

Amendment 3 passed on November 3, 2026 (about 62%, unofficial until certified). The non-school homestead exemption rises to $150,000 in 2027 and $250,000 in 2028, then indexes to inflation from 2029. Owners who become permanent Florida residents after December 31, 2026 start smaller and reach the full amount in their fifth year of homestead. The cap on non-homestead assessment increases drops from 10% to 5% from January 1, 2027 (non-school taxes). School taxes do not change, and the first bills affected arrive in November 2027. Rough example at today's rates: a homesteaded owner saves about $1,180 a year in 2027 and $2,370 in 2028 versus today, on almost any price above $250,000, because the extra exemption is a flat dollar amount taxed at the non-school rate.

Read how the homestead exemption works.

Working with QMS Lending in Ocean Ridge

QMS Lending is an independent mortgage broker in Miami, FL, founded in 2018 (NMLS #1781090) and led by President Michael Fernandez (NMLS #1491775). We compare 100+ lenders, which matters on the coast: condo review rules, flood and wind requirements and jumbo limits differ from lender to lender. We are rated 4.9 stars on 200+ Google reviews and work in English and Spanish.

For a house, send us the address, your target price and how you earn your income. For a condo, add the association budget, the SIRS and milestone summaries and any assessment notice. We will tell you which lenders fit and what to plan for down and in reserves. Rates vary daily; call 305-425-1990 for today's pricing. All loans are subject to credit approval and underwriting. Office: 3105 NW 107th Ave Ste 400-O6, Doral, FL 33172.

Down payment help for Ocean Ridge buyers

• Florida Hometown Heroes Up to 5% of the first mortgage ($10,000 to $35,000), 0% deferred second mortgage, for eligible first-time buyers working full time for a Florida employer. Check current funding. ↗

Nearby cities

Boynton BeachDelray BeachLantanaHighland Beach