Mortgage Broker in Miami, FL - More Options, Better Rates

It depends on the loan type and purchase price. On a $400K home with FHA, you'd need about $14,000 (3.5%). Conventional starts at 3% for first-time buyers ($12,000 on a $400K home). VA is zero down. Miami-Dade DPA through PHCD offers up to $35,000, and the MDEAT HAP offers up to $28,500 — these programs can cover most or all of your down payment on moderately priced homes.

The 2026 FHA loan limit for Miami-Dade County is $667,000 for a single-family home. This covers most single-family purchases outside of premium neighborhoods like Coral Gables and Coconut Grove. The main limitation for FHA in Miami is condo project approval — many high-rise buildings in Brickell and Downtown don't qualify.

The 2026 conforming loan limit for Miami-Dade County is $832,750. Loans above this amount require jumbo financing. Most single-family homes in Kendall, Westchester, Little Havana, and other neighborhoods fall within the conforming limit.

Yes, but condo financing in Miami requires extra due diligence. Many buildings in Brickell and Downtown have high investor concentration ratios, pending litigation, or reserve shortfalls that can affect financing eligibility. FHA is often unavailable in these buildings. As a broker, I work with lenders that have flexible condo guidelines and can finance buildings that other lenders decline. I check project eligibility before you make an offer.

Miami-Dade buyers can access several programs: PHCD down payment assistance (up to $35,000 deferred loan), MDEAT Homeownership Assistance (up to $28,500 forgivable), HFA of Miami-Dade Mortgage Program (low-rate first mortgage + up to $10,000 DPA), and lender-specific DPA programs available through my wholesale partners. These programs can be combined in some cases.

A bank offers its own loan products with its own rates and guidelines. A mortgage broker like me shops your loan across 150+ wholesale lenders to find the best rate, terms, and program for your situation. In Miami — where condo financing, investor loans, international buyer programs, and local DPA all add complexity — having access to multiple lenders with different guidelines is a significant advantage.

Miami's median home price is $570,000, but there are entry points for first-time buyers. Condos in Edgewater start around $300K, and single-family homes in Kendall and Westchester can be found in the $400K–$500K range. With FHA (3.5% down), PHCD DPA (up to $35,000), and MDEAT assistance (up to $28,500), your out-of-pocket costs on a $400K home could be minimal. I help first-time Miami buyers stack programs to minimize cash to close.

Closing costs in Miami typically run 2–4% of the purchase price. On a $500K home, that's roughly $10,000–$20,000, covering lender fees, title insurance, documentary stamps, intangible tax, and prepaid items like insurance and property taxes. Florida has no state income tax, but documentary stamps on the deed and intangible tax on the mortgage add costs that buyers in other states don't see. Some DPA programs can help cover closing costs.

Absolutely. Miami has a large self-employed population and a significant number of buyers with international income sources. I work with lenders offering bank statement loans (12 or 24 months), foreign national programs, ITIN loans, and asset depletion programs. These are non-QM products that use alternative income documentation — not available at most banks, but accessible through my wholesale lender relationships.

A low appraisal means the property appraised for less than your agreed purchase price. In Miami, this can happen in neighborhoods where comparable sales haven't caught up with current asking prices or in condo buildings with limited recent transactions. Your options include renegotiating the price with the seller, covering the gap with additional cash, or working with a different lender that may have different appraisal processes. As a broker with 150+ lenders, I have more flexibility to navigate appraisal issues than a single bank.