Mortgage Loans in Miami, FL: FHA, Conventional, Investor and HomeTown Heroes
You can get a mortgage in Miami through William A. Ledesma at Bold Mortgage, a division of PRMG. He is based in Miami and works with buyers by phone, video and e-sign, together with local agents. Your main options are FHA, conventional, jumbo, investor and DSCR loans, plus Florida HomeTown Heroes help for first-time buyers who qualify.
Buying a home in Miami: what to know
This page covers the City of Miami, the county seat of Miami-Dade County. Miami Beach, Coral Gables, Doral and Hialeah are separate cities with their own rules, so confirm which city a home is in.
Miami is a business, trade and tourism hub. PortMiami is a major cruise and cargo port, and Brickell is the city's financial district, with banks and international firms. Downtown has Bayfront Park, the Kaseya Center, the Pérez Art Museum Miami and the Brightline station with trains to Fort Lauderdale, West Palm Beach and Orlando. Jackson Memorial Hospital and UHealth anchor the medical district just north of Downtown. Calle Ocho in Little Havana and Vizcaya Museum and Gardens draw visitors all year.
Neighborhoods are very different from each other. Brickell, Downtown and Edgewater are mostly high-rise condos, many built since the 2000s. Little Havana has older bungalows, duplexes and small apartment buildings. Coconut Grove has a big tree canopy, older single family homes, townhomes and bayfront condos. Wynwood is known for its murals and newer mixed-use buildings. The Upper East Side, along Biscayne Boulevard, has mid-century homes and the MiMo historic district. Little Haiti and Allapattah have older concrete block homes and small multifamily buildings.
Buyers here include first-time buyers, families moving up, investors and many international buyers. Spanish is widely spoken, and many buyers want to do the whole process in Spanish, which William does.
FHA loans in Miami
FHA loans let you buy with 3.5% down with a credit score of 580 or higher. With a score from 500 to 579, FHA requires 10% down, and many lenders set higher minimums. The home must be your primary residence.
The 2026 FHA limit for a one-unit home in Miami-Dade County is $667,000. Limits are higher for 2 to 4 unit properties, which helps in Little Havana and Allapattah, where you can buy a duplex or fourplex with 3.5% down and live in one unit. You pay an upfront mortgage insurance premium of 1.75% plus a monthly premium. With less than 10% down, the monthly premium stays for the life of the loan unless you refinance.
The big local issue is condos. A condo building must be FHA-approved or qualify for single-unit approval, and many Miami towers are not approved. Older homes must meet FHA property standards, so an old roof or unpermitted work can slow things down.
Conventional loans in Miami
Conventional loans start at 3% down for qualifying first-time buyers and 5% down for others. With less than 20% down you pay private mortgage insurance, and you can ask to remove it once you reach 20% equity. The 2026 conforming limit in Miami-Dade County is $832,750. Above that you need a jumbo loan, common in Coconut Grove, Brickell penthouses and bayfront homes.
Condo warrantability is the key question. Fannie Mae and Freddie Mac can refuse a building for reasons like heavy short-term rental use, too many units owned by one person, pending lawsuits, hotel-style operations or weak reserves. When a building is not warrantable, a non-warrantable condo loan with a larger down payment may still work.
Investor and DSCR loans in Miami
A DSCR loan qualifies you on the property's rent instead of your personal income. Expect about 20 to 25% down. It works well for LLCs and self-employed investors. You can also use a conventional investment property loan or a bank statement loan.
Rental demand comes from finance and tech workers in Brickell, hospital staff in the medical district, port and tourism workers, students and the steady flow of people moving to Miami. Many condo buildings limit leasing. Check city zoning and licensing rules and the building's leasing rules before you buy for short-term rental.
Florida HomeTown Heroes and down payment help in Miami-Dade County
Florida HomeTown Heroes is a Florida Housing Finance Corporation program for first-time buyers. In general, that means you have not owned a primary residence in the past 3 years, and you work full time for a Florida-based employer.
The program gives you 5% of the first mortgage, with a minimum of $10,000 and a maximum of $35,000. It is a 0% interest second mortgage with no monthly payment. You repay it when you sell, refinance, transfer the deed, pay off the first mortgage, or stop living in the home. You need a 640 minimum credit score and a homebuyer education course, and Miami-Dade County income limits apply. Funding is released in rounds and can run out, so William checks availability the day you are under contract. A fully signed contract is needed to reserve funds. Learn more at Florida Housing.
Every Florida county also receives SHIP (State Housing Initiatives Partnership) funds for local down payment help. Some cities also run their own programs. Ask the Miami-Dade County housing office and the City of Miami housing office what is open when you are ready.
Insurance, flood and condo rules that affect your loan in Miami
Much of coastal Miami, including parts of Brickell, Coconut Grove, Edgewater and the Upper East Side, is in high-risk FEMA flood zones and faces storm surge. If the home is in a high-risk zone and you have a federally backed loan, flood insurance is required. For condos, the building's master flood policy matters too.
For houses, older homes usually need a 4-point inspection, and a wind mitigation inspection can lower your premium. If private carriers will not write a policy, Citizens Property Insurance is the state backstop.
After the Surfside collapse, Florida passed laws that require milestone inspections for condo buildings of three stories or more and structural integrity reserve studies. Many Miami buildings now face big special assessments to fund repairs and reserves. Buildings that have not completed the work, or have open safety issues, may not get conventional or FHA financing. Always review the condo documents, budget and recent assessments before you commit.
Your action plan
- Book a clarity call with William, in English or Spanish. No hard credit pull to start.
- Get pre-approved before you make offers.
- Pick the program: FHA, conventional, jumbo or DSCR.
- Check HomeTown Heroes and local help.
- Shop with a local agent, and have William check any condo building before you sign.
- Lock your rate and close.
Miami mortgage FAQs
Where can I get the best conventional loan rates in Miami?
Rates depend on your credit, down payment, property type and loan amount. Condo loans can price differently from single family loans. Compare Loan Estimates from more than one lender on the same day. Bold Mortgage offers many loan programs, and William gives you a side-by-side comparison so you can see the real cost of each option.
How do I qualify for an FHA loan in Miami?
You need a 580 or higher score for 3.5% down, steady income you can document, and a home you will live in. The loan must fit the 2026 Miami-Dade FHA limit of $667,000 for one unit, or the higher limit for 2 to 4 units. For a condo, the building must be FHA-approved or qualify for single-unit approval.
Where can I apply for investor or DSCR mortgage programs in Miami?
You can apply with William at Bold Mortgage online and finish by phone and e-sign. He will run the rent numbers with you and compare DSCR, conventional investment and bank statement options. Approval depends on credit, assets, the property and its rent.
Can I use Florida HomeTown Heroes in Miami?
Yes, if you are a first-time buyer working full time for a Florida-based employer and you meet the Miami-Dade income limit and the 640 score minimum. Funds are limited, so William checks availability once you have a signed contract.
Can I get a mortgage on a condo in Brickell or Downtown Miami?
Often yes, but it depends on the building. William checks the building's status, the condo questionnaire, reserves, assessments and leasing rules before you are deep into the deal. If the building does not qualify for conventional or FHA, a non-warrantable condo loan with more down may still work.
About William A. Ledesma
William A. Ledesma is a Florida licensed mortgage loan officer and Florida HomeTown Heroes specialist with Bold Mortgage, a division of PRMG. He helps buyers, homeowners and investors in Miami and across Florida, in English and Spanish. Every client gets a clear action plan from pre-approval to closing.
- Call or text: (786) 387-3676
- Email: will@williamledesma.com
- Office: 4960 SW 72nd Ave, Suite 400, Miami, FL 33155
- Client reviews: Read reviews from William's clients
More Florida mortgage guides: Kendall, Coral Gables, Doral, Hialeah. Lea esta guía en español.
William A. Ledesma, NMLS #1232716. Bold Mortgage is a division of Paramount Residential Mortgage Group, Inc. (PRMG), NMLS #75243, Florida Mortgage Lender Servicer License MLD1608. Equal Housing Opportunity. This page is general information, not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and property eligibility. Loan limits, program terms and down payment assistance funding can change without notice.
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