Florida has three real estate classifications, each with its own set of guidelines and regulations: Residential, Commercial and Industrial.
The Residential classification is the least restrictive, and is reserved for the most valuable homes and condominiums.
The Commercial class is reserved mainly for low-income households.
The Industrial class is for commercial and industrial buildings, with restrictions for new buildings, renovations and expansions.
All three classes require the owner to make a down payment of at least 30 percent of the value of the property to qualify for a mortgage.