Miami-Dade County · FHA financing
Miami FHA Home Loan
FHA financing for Miami condos, townhomes, houses and small multifamily buildings, with 3.5% down at a 580 score. In this city the building matters as much as the buyer, so we check FHA approval before you fall for a unit.
We specialize in Miami FHA home financing.
FHA loans were built for buyers who have steady income but not a large down payment or a perfect credit history, and that describes a lot of Miami. At On Mortgage we help Miami buyers secure FHA loans with flexibility where it counts: lower credit scores, gift money from family, help from the seller and room in the debt-to-income ratio for the city’s high insurance and association costs.
As a Miami mortgage broker, we have direct access to a wide network of FHA lenders, and they do not all treat a file the same way. Some add their own minimum credit score above FHA’s; some will not lend in condo buildings with any open questions. We compare them for you, which often means a lower rate, lower fees or simply an approval where a bank said no. You can also check today’s Miami mortgage rates for every program.
Today’s Miami FHA Mortgage Rate
$64 lender credit
No points, no credit
0.250 points
0.292 points
0.410 points
Par rate per program for a single-family primary residence in Miami-Dade County, 20% down, 780+ credit, 30-day lock, escrows included. Rates change through the day and are not a commitment to lend. Price your own Miami scenario, no credit pull.
Miami FHA Loan Benefits: Affordable Homeownership Starts Here
FHA loans remain one of the most accessible ways into Miami homeownership. The government insurance behind them lets lenders accept lower scores and smaller down payments, and FHA rates often price below conventional rates for the same borrower. Whether you are buying your first home or returning to the market after a financial setback, FHA can make the numbers work. Here is how it compares today with a conventional loan for a buyer with a 640 score on a $430,000 Miami condo or townhome:
| $430,000 purchase, 640 credit | Conventional, 5% down | FHA, 3.5% down |
|---|---|---|
| Down payment | $21,500 | $15,050 |
| Loan amount | $408,500 | $422,212 (includes 1.75% upfront MIP) |
| Today’s rate | 8.125% | 6.599% |
| Principal and interest | $3,033/mo | $2,696/mo |
| Mortgage insurance | $453/mo PMI | $190/mo MIP |
| Total before taxes and insurance | $3,486/mo | $2,886/mo |
| Mortgage insurance ends | When you reach 20% equity (cancellable) | Usually lasts the life of the loan with under 10% down |
Miami-Dade owner-occupied pricing at a 640 score; mortgage insurance from current premium tables. Association dues, property tax and insurance are added on top, and for a condo the building must be FHA approved.
Credit that is still rebuilding
FHA looks at the pattern of the last year or two, so a past collection or late payment does not have to end the conversation.
Help from family and sellers
The whole down payment can be a gift, and sellers can contribute up to 6% of the price toward closing costs and prepaid items.
Life after a setback
Buyers can often qualify two years after a Chapter 7 bankruptcy discharge, or three years after a foreclosure, with re-established credit.
Miami FHA Loans for First-Time Homebuyers
Buying your first home in Miami? FHA is a popular choice for first-time buyers because of its low down payment and forgiving credit rules. With as little as 3.5% down, you can start building equity while keeping cash in reserve, which matters in a city where insurance renewals and association assessments can surprise new owners.
FHA also pairs well with down payment assistance. Miami-Dade County and the City of Miami have offered purchase assistance for buyers within income limits, and Florida Housing runs statewide programs; availability changes with funding, so we check what is open when you apply. The steps are simple: get pre-approved with real insurance and dues in the numbers, shop with confidence, and let us coordinate the FHA appraisal and closing.
On Mortgage: Your Miami FHA Loan Expert
At On Mortgage, we tailor FHA loans to the diverse Miami market. Whether you are buying your first condo in Brickell or a single-family home in Allapattah, FHA provides the access and flexibility first-time buyers need, as long as the property qualifies. That is where local experience matters.
FHA only insures condo units in projects on HUD’s approved list, or units approved individually through single-unit approval in some buildings. Many Miami towers are on the list; many older buildings are not, often because of reserves, insurance, commercial space, investor ownership or pending repairs from Miami-Dade’s recertification process. Approvals expire and change, so we look up the building’s current status before you write an offer rather than after.
What FHA costs in mortgage insurance on a $430,000 Miami purchase, depending on how much you put down:
| $430,000 purchase | Base loan | Upfront MIP (1.75%, financed) | Monthly MIP | How long MIP lasts |
|---|---|---|---|---|
| 3.5% down | $414,950 | $7,262 | $190 (0.55% a year) | Life of the loan |
| 5% down | $408,500 | $7,149 | $170 (0.50% a year) | Life of the loan |
| 10% down | $387,000 | $6,773 | $161 (0.50% a year) | 11 years |
Annual premium rates for a 30-year FHA loan of this size. The upfront premium is usually added to the loan amount. To end MIP earlier with less than 10% down, many owners later refinance into a conventional loan once they reach 20% equity.
2026 Miami FHA Loan Limits
Miami falls within Miami-Dade County, which shares the higher FHA limits of the Miami, Fort Lauderdale and West Palm Beach metro area. FHA can finance up to four units as long as you live in one of them, and the limit rises with each unit:
| Miami-Dade County, 2026 | FHA loan limit | Highest price at 3.5% down |
|---|---|---|
| Single-family, condo or townhome | $667,000 | $691,100 |
| Two-unit | $853,900 | $884,800 |
| Three-unit | $1,032,150 | $1,069,500 |
| Four-unit | $1,282,700 | $1,329,200 |
Limits are the maximum base loan; the 1.75% upfront premium can be financed on top. The price column assumes the minimum 3.5% down.
Those multi-unit limits open a path many Miami buyers overlook. In Little Havana, Allapattah and parts of Shenandoah, older duplexes and small apartment buildings let an owner live in one unit and rent the others. Lenders can count projected rent from the other units toward qualifying. For three- and four-unit buildings, FHA adds a self-sufficiency test: 75% of the expected rent from all units must cover the full monthly payment.
FHA Financing in Miami
With just 3.5% down and less strict credit requirements, FHA loans work for buyers across Little Havana, Liberty City and Westchester, as well as in townhome communities across the county. FHA-approved condos in Edgewater, Downtown and nearby North Miami offer some of the most affordable entry points into Miami’s market.
Two Miami realities shape FHA files. Insurance is high, so a realistic premium needs to be in the pre-approval; FHA counts the whole payment in your debt ratio. And the appraisal is stricter: FHA appraisers check that a home is safe, sound and secure, so roof condition, peeling paint on older homes and working systems all get a look. Homes that need more work can be financed with an FHA 203(k) renovation loan that rolls the repairs into the mortgage.
Market Snapshot
As of mid-2026, the median sale price in Miami was around $595,000, with homes typically selling in about 87 days. The median sits comfortably under the one-unit FHA limit, and the longer selling time gives FHA buyers leverage to ask for seller-paid closing costs. On Mortgage compares FHA and conventional options side by side so you choose the one that costs less over the time you expect to keep the loan.
Why Choose On Mortgage for Your Miami FHA Loan
We understand Miami’s neighborhoods, its condo approval challenges and the needs of bilingual families, and we guide you to the right FHA lender and the right property.
Lenders that honor 580
We know which FHA lenders add their own higher minimums and which do not.
Condo approval checked first
HUD status, building finances and recertification reviewed before you commit.
Assistance coordinated
County, city and state programs layered correctly with your FHA loan.
Frequently Asked Questions: FHA Loans
Can I use an FHA loan to buy a condo in Miami?
Yes, if the condo project is on HUD’s FHA-approved list or the unit qualifies for single-unit approval. Many Miami buildings qualify and many do not, and approvals expire. We check the building’s current status before you make an offer.
What credit score do I need for a Miami FHA loan?
FHA allows 3.5% down with a score of 580 or higher, and 10% down with a score from 500 to 579. Some lenders set higher minimums of their own, so the lender you choose matters. We work with lenders that follow FHA’s guidelines.
What is the FHA loan limit in Miami-Dade for 2026?
The 2026 limit is $667,000 for a single-family home or condo, $853,900 for two units, $1,032,150 for three and $1,282,700 for four. The upfront mortgage insurance premium can be financed above those amounts.
Can I buy a duplex in Miami with FHA?
Yes. FHA finances two- to four-unit properties when you live in one unit. Rent from the other units can help you qualify, and for three or four units the rent must pass FHA’s self-sufficiency test.
How long do I pay FHA mortgage insurance?
With less than 10% down, the annual premium lasts for the life of the loan; with 10% or more down, it ends after 11 years. Many Miami owners refinance into a conventional loan once they reach 20% equity to remove it sooner.
Can I use FHA for a vacation home or rental in Miami?
No. FHA loans are for primary residences, and you generally need to move in within 60 days of closing. For a rental, see our Miami DSCR loans.
Our Reviews
What Florida borrowers say after closing with On Mortgage. Five stars on Google (130 reviews) and Zillow (92 reviews).
“Caroline Da Silva from Miami Mortgage Brokers just got us approved for our first mortgage, and we would definitely work with her again after this experience! From the moment our broker connected us with Caroline, she was always several steps ahead throughout the process. We were impressed that Miami Mortgage Brokers had us clear to close a week early,...”
“Chris was outstanding throughout the entire transaction! Always accessible and was able to provide the best financing option when others could not! I would highly recommend him and hope to do more transactions with him.”
“I recently had the pleasure of working with Chris as my loan officer, and I cannot speak highly enough of his exceptional service. He guided me through every step with clarity and patience. What truly sets Chris apart is his remarkable efficiency: not only was he incredibly responsive to my inquiries, but he also expedited the loan process, resulting in the...”
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