Your Miami Mortgage Plan for 2026

Who this Miami mortgage guide fits

By Ryan and Megan Winslow, Mortgage Bankers with The Federal Savings Bank, NMLS #2426605 and #2692933. Updated October 3, 2026.

Miami buyers face three things most Florida buyers do not: high prices, a market full of condo towers and coastal flood zones. You need a loan that fits all three. This guide covers Federal Housing Administration (FHA), Department of Veterans Affairs (VA), United States Department of Agriculture (USDA), conventional, jumbo and Florida Housing loans in Miami-Dade County.

• First-time buyers in Kendall, Doral, Hialeah, Miami Gardens and Homestead who want low down payment options.
• Condo buyers in Brickell, Edgewater, Downtown and Miami Beach who need a building that passes lender review.
• Veterans and service members using VA benefits.
• Teachers, nurses, first responders and other full-time Florida workers who want Hometown Heroes help.
• Move-up buyers in Coral Gables, Pinecrest and Coconut Grove whose loan runs above the conforming limit.

If your loan runs above $832,750, read the Miami jumbo loan guide.

Loan types and requirements in Miami

FHA loans

FHA loans allow 3.5% down with a 580 or higher credit score and 10% down with a score from 500 to 579 (source, checked October 2026). Expect an upfront mortgage insurance premium of 1.75% and an annual premium of 0.55% on a typical 30-year loan with 3.5% down (source, checked October 2026).

VA loans

Veterans and service members with full entitlement face no VA loan limit (source, checked October 2026). The funding fee on first use is 2.15% with under 5% down, 1.5% with 5% down and 1.25% with 10% down (source, checked October 2026). Veterans who receive disability compensation do not pay it (source, checked October 2026).

USDA loans

USDA loans serve eligible rural addresses with a 1% upfront fee and a 0.35% annual fee (source, checked October 2026). Most of Miami sits outside USDA areas, so check the exact address before you count on it.

Florida Housing programs

Hometown Heroes gives first-time buyers who work full time for a Florida employer 5% of the first mortgage, from $10,000 to $35,000, as a 0% deferred second mortgage (source, checked October 2026). It is not forgivable and comes due when you sell, refinance or move out (source, checked October 2026). Florida Assist adds up to $10,000 (source, checked October 2026). The HFA Preferred and HFA Advantage PLUS first mortgages add 3%, 4% or 5% in assistance that is forgiven 20% a year over five years (source, checked October 2026). Florida Housing programs need a 640 credit score (source, checked October 2026), plus income and price limits.

These programs close through participating lenders. Ryan and Megan tell you up front whether The Federal Savings Bank offers a given program on your file, and if not, they show you the trade-offs against the loans they do offer.

Condo rules in Miami

The building shapes your loan as much as your credit does. Fannie Mae will not accept projects with unfunded repairs above $10,000 per unit due within 12 months, critical structural problems, one owner holding more than 20% of units in projects of 21 or more units, or more than 35% commercial space (source, checked October 2026). Hotel style buildings with rental pools also fall on that list (source, checked October 2026). For an FHA loan, check whether the project appears on the federal FHA condo list (source, checked October 2026).

Florida requires a milestone structural inspection for condo buildings with three or more habitable stories at 30 years old, then every 10 years (source, checked October 2026). Those buildings also need a structural integrity reserve study every 10 years (source, checked October 2026). Ask for both reports, the budget and any special assessment notices before you sign.

Flood insurance near the coast

If the home sits in a flood zone that starts with A or V and your loan is federally backed, flood insurance is required (source, checked October 2026). Look up any address on the federal flood map (source, checked October 2026). The federal flood program caps building coverage at $250,000 for a 1 to 4 unit home and contents at $100,000 (source, checked October 2026). The usual 30-day waiting period does not apply when you buy the policy with a new loan (source, checked October 2026). Get a quote before your inspection period ends in Miami.

How to get pre-approved in Miami

1. Pull your credit reports and fix errors before you apply.
2. Gather two years of W-2 forms or tax returns, 30 days of pay stubs and two months of bank statements.
3. Apply at winslowloan.com. Ryan and Megan review your file and call you to go over loan options.
4. Compare FHA, VA, conventional and Florida Housing options on one sheet with cash to close and monthly payment.
5. Take a homebuyer class early if you plan to use Florida Housing assistance.
6. Get your pre-approval letter and shop Miami homes in your price range.
7. Make an offer, order the appraisal and bind insurance within the first two weeks.
8. Review your closing disclosure, confirm wire instructions by phone with the title company and close.

How Ryan and Megan help Miami buyers

Ryan and Megan are Mortgage Bankers with The Federal Savings Bank and Florida real estate brokers through Winslow Homes, based in New Smyrna Beach. They review your full file before you shop, so your pre-approval holds up when you write an offer in Miami. They compare every loan and assistance program that fits, with cash to close and monthly payment side by side.

Because Ryan and Megan know both the mortgage side and the real estate side, they catch insurance, condo and appraisal issues early. Start at winslowloan.com or use the program matcher.