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Reviewed by David Ghazaryan, Mortgage Broker, NMLS 1486726 · iQRATE Mortgages · Last updated: October 13, 2026
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A Miami Beach mortgage broker compares many lenders for the condo, jumbo, foreign national and investor loans that dominate the island. iQRATE Mortgages (NMLS 1862492) is licensed in Florida and shops more than 100 lenders on complex files. Miami-Dade's 2026 limits are $832,750 conforming and $667,000 FHA. Most Miami Beach homes are condos, so the building's approval matters as much as the borrower's.
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Miami Beach buyers include second-home buyers from the Northeast, Latin America and Europe, foreign nationals, high-net-worth jumbo borrowers and investors. Many condo towers have short-term rental bans, high HOA fees or special assessments.
Part of our Florida mortgage broker coverage. We're licensed in Florida under company NMLS 1862492 and work Miami Beach files from our Las Vegas office, closing with local escrow and title.
Areas and ZIPs we lend in: South Beach (33139), Mid-Beach (33140), North Beach (33141), Bal Harbour and Surfside (33154), Venetian Islands (33139) and North Bay Village (33141).
Many Miami Beach buildings don't meet Fannie Mae or Freddie Mac rules because of commercial space, a single investor owning many units, short-term rentals, litigation or low reserves. Non-warrantable condo loans exist, usually with 20–30% down.
Miami Beach restricts short-term rentals in most residential neighborhoods. Don't count on nightly-rental income unless the zoning and the building allow it.
Foreign national loans let buyers without US credit qualify with a passport, foreign bank statements and a larger down payment, usually 25–40%.
Miami Beach has spent heavily on raising roads, pump stations and sea walls, and many waterfront homes sit in FEMA's coastal high-hazard zones. Older condo towers built before the 1980s face recertification and Florida's newer reserve rules, and some buildings have levied large special assessments for concrete repairs. Ask for the last milestone inspection, the reserve study and any approved assessments.
Many buyers use a Miami Beach condo for part of the year. A second-home loan needs you to occupy it some of the time and not rent it full time. If you plan year-round rentals, an investment loan fits better, and the building's rental rules decide what's allowed.
Request the condo questionnaire, budget, reserve study, milestone inspection and minutes from recent board meetings. Ask the building about minimum lease terms, pet rules and rental registration. Get flood and wind insurance quotes, including the HO-6 policy for a condo unit. For jumbo homes on the islands, expect lenders to want 6–12 months of reserves. Foreign buyers should open a US bank account early and plan for wire timing.
After the 2021 Champlain Towers collapse in Surfside, Florida passed laws requiring structural integrity reserve studies and milestone inspections for many condo buildings three stories or taller. Lenders and Fannie Mae now look more closely at these reports before approving a condo loan.
Condo buyers pay for an HO-6 policy covering the interior, and the association's master policy covers the structure; master premium increases show up in HOA dues. Lenders want to see the master policy, the flood policy for the building and the windstorm coverage. Some lenders reject buildings with large deductibles or insufficient coverage, so ask early.
Condo approvals and insurance reviews can add a week or more, so plan a 30–45 day closing.
Florida basics that apply here: the seller customarily pays documentary stamps on the deed ($0.70 per $100; $0.60 in Miami-Dade). The buyer pays two mortgage taxes: doc stamps on the note ($0.35 per $100 of the loan) and intangible tax (0.2% of the loan), or $2,200 on a $400,000 loan. Homeowners insurance, plus flood insurance in many zones, is among the most expensive in the country, and lenders collect the first year's premium plus escrow months, so prepaids are often the biggest part of cash to close. Owner-occupants get the homestead exemption and Save Our Homes (3% cap), but the assessment resets when a home sells. Whole-home rentals of under 30 days need a state DBPR vacation-rental license. Statewide down payment help includes Florida Hometown Heroes (5% of the loan, $10,000–$35,000, when funded) and FL Assist (up to $10,000), plus county SHIP funds.
Closing costs are what it costs you to get the loan: origination, discount points, appraisal, and escrow and title. Cash to close also includes your prepaids (first-year homeowners insurance, daily interest to month-end, and an escrow deposit for your own future property taxes and insurance) plus your down payment. Prepaids aren't a cost of the loan; they're your own bills paid ahead. In Miami Beach, the first full year of homeowners insurance, flood insurance where required, and the escrow deposit are usually the largest prepaids; on Miami Beach, flood insurance is required for most mortgaged homes in high-risk zones. Your actual closing costs depend on county, price and loan type, so we don't quote a one-size range: every line is itemized on your Loan Estimate, and our Bare Bones guarantee means we add no fees of our own. Compare states on our closing costs by state page.
Miami-Dade County: conforming $832,750 and FHA $667,000 for a one-unit home (FHFA and HUD).
Conventional (as little as 3% down for eligible first-time buyers), FHA (3.5% down, 580+ score), VA (no down payment for eligible veterans with full entitlement), jumbo above the conforming limit, DSCR loans that qualify on rent, bank statement loans for self-employed borrowers, asset-based and 1099 loans, and rate-and-term or cash-out refinances. As a broker we compare wholesale lenders, more than 100 on complex files, instead of one bank's menu.
Terms for each are on its own page; see all iQRATE guarantees.
$667,000 for a one-unit home in Miami-Dade County. The conforming limit is $832,750.
A building that doesn't meet Fannie Mae or Freddie Mac rules, so it needs a specialty loan.
Yes, through foreign national loans, usually with 25–40% down.
Only in limited areas and buildings; check before you buy.
Yes, lenders review them during condo approval.
Yes, for loans above $832,750.
Closing costs depend on the price, loan type and county, so yours are itemized on your Loan Estimate rather than quoted as a range. Closing costs are what it costs to get the loan (origination, points, appraisal, escrow and title). Cash to close also includes prepaids and your down payment; in Miami Beach, the first full year of homeowners insurance, flood insurance where required, and the escrow deposit are usually the largest prepaids; on Miami Beach, flood insurance is required for most mortgaged homes in high-risk zones.
Most of our loans close in under 30 days. For eligible full-documentation conventional, FHA and VA purchases, our goal is 17 calendar days from signing initial disclosures.
Get My Custom Rate Now · or call (702) 766-3744
iQRATE Mortgages · NMLS 1862492 · 6360 S Rainbow Blvd Ste 101, Las Vegas, NV 89118 · Licensed in Nevada, California, Texas and Florida. David Ghazaryan, Mortgage Broker, NMLS 1486726. Verify us on NMLS Consumer Access. Equal Housing Opportunity. Programs, rates and terms change and are subject to credit, property and underwriting approval; local facts on this page come from the public sources below and are not legal or tax advice.
More: Florida mortgage broker · DSCR loans · Bank statement loans · Our guarantees · Closing costs by state
