Mortgage Broker in Bay Harbor Islands, FL

Short answer

Bay Harbor Islands' median condo sold for $670,000 in Q3 2026, which fits under the $832,750 conforming limit with as little as 3% to 5% down for an eligible buyer, if the building passes lender review. QMS Lending is an independent mortgage broker that compares Bay Harbor Islands condo and home loans across 100+ lenders, including options for older buildings that do not meet Fannie Mae's condo rules.

What homes cost in Bay Harbor Islands right now

Bay Harbor Islands recorded 36 townhouse and condo sales in Q3 2026 at a median of $670,000, up 31.4% from a year earlier, per Florida Realtors data published by MIAMI REALTORS on October 16, 2026 (as of November 2026). The average condo sale was $1,014,639, which tells you the town mixes modest older apartments with a few high-end new units.

Cash is common: 25 of the 36 condo buyers, about 69%, paid cash. Supply is deep at 15.6 months of inventory with 156 active listings, a median of 126 days to contract, and sellers getting a median 90.2% of their original list price. For a financed buyer that is room to negotiate, as long as your loan is approved for the building before you fight over price.

Houses barely trade. The town logged one single-family sale in Q3 2026, a $20,000,000 cash purchase, with 8 houses listed for sale. One sale is not a median, so price any house on its own comparable sales.

The town is two small islands at the north end of Biscayne Bay, about 0.4 square miles with 5,922 residents (2020 census), ZIP 33154. The West Island is single-family homes; the East Island holds the business district, the Ruth K. Broad Bay Harbor K-8 Center and most of the apartment and condo buildings, many from the mid-century Miami Modern era. The Broad Causeway links the town west to North Miami, and Bal Harbour and Surfside sit just east across Indian Creek.

Conforming, FHA or jumbo at Bay Harbor prices

The 2026 conforming 1-unit limit is $832,750 and the Miami-Dade FHA 1-unit limit is $667,000 (as of November 2026). At the median, most buyers stay conforming:

• Median condo, 20% down: $670,000 minus $134,000 leaves a $536,000 conventional loan with no mortgage insurance.
• Median condo, 10% down: a $603,000 loan with PMI, still well under the limit.
• FHA, 3.5% down: $23,450 down leaves $646,550, under the FHA limit, but only if the building is on FHA's approved condo list. Few older bay-front buildings are, so check first.
• Above about $1,040,900 with 20% down, you cross into a jumbo loan. The new luxury units behind the $1,014,639 average often land here.

Self-employed buyers can qualify on deposits with a bank statement loan, and buyers who live abroad may look at foreign national loans. We price these side by side so you see the payment before you write the offer.

Older buildings: milestone inspections and SIRS

Much of the East Island's housing stock is mid-century, so Florida's post-2021 condo safety laws matter here more than in a town of new towers (as of November 2026):

• Milestone inspections (F.S. 553.899): condo and co-op buildings three habitable stories or taller need a structural inspection by December 31 of the year they turn 30, then every 10 years, and the local building official may require it at 25 years for buildings near salt water. Substantial deterioration triggers a phase two inspection, and repairs must start within 365 days of that report.
• Structural integrity reserve study, or SIRS (F.S. 718.112): the same buildings need a study at least every 10 years covering roof, structure, fireproofing, plumbing, electrical, waterproofing and windows, and must fully fund those reserves.

Low-rise garden buildings under three stories are outside both rules, which can make them easier to finance. Taller buildings that owe big repairs often pass the cost to owners through dues or a special assessment. Fannie Mae treats a project as ineligible if it needs critical repairs, including unfunded repairs over $10,000 per unit due within 12 months, or fails a required safety inspection. Those units are non-warrantable and need a non-warrantable condo loan.

Before you sign, ask for the condo questionnaire, the latest milestone inspection, the SIRS and the budget. We send the questionnaire to the association early so a building problem shows up before your inspection period ends.

Bay Harbor Islands property taxes in 2025

Bay Harbor Islands' 2025 adopted total millage is 18.4810 mills, about 1.85% of taxable value, per the Miami-Dade Property Appraiser's millage chart (as of November 2026). The town's own operating rate is 3.4583 mills. The rest is county (4.5740 plus 0.4171 debt), school board (6.6330 in total), Fire Rescue (2.3965), the library district (0.2812), the Children's Trust (0.4638) and water district and FIND levies.

On a $670,000 condo that is about $12,380 a year before the homestead exemption. Condo dues and any special assessment come on top. The Save Our Homes cap resets when you buy, so budget on your purchase price, not the seller's tax bill.

The whole town is in a flood hazard area

The town's own flood page says the entire Town is in a flood hazard area and tells residents to always carry flood insurance (as of November 2026). With a federally backed loan in an A or V zone, flood insurance is mandatory, so build it into your payment from the first quote. Read what a flood zone means for your loan.

Miami-Dade's effective FEMA maps date from September 11, 2009; FEMA released preliminary new maps on February 25, 2021 that are not yet in effect. The town participates in FEMA's Community Rating System, which can lower premiums, and its floodplain manager keeps elevation certificates on file (305-993-1786). Ask for the certificate before you bind a policy. Under the town's 50% rule, renovating a house for 50% or more of its market value means bringing it up to current flood elevation, which matters if you plan a big remodel.

In a condo, the association's master policy covers the building, and you still need a unit policy (HO-6). For a house, get a wind mitigation report and, on an older home, a 4-point inspection early.

Down payment help and other options

Bay Harbor Islands' median condo is within reach of county and state help for buyers who meet the income rules. Miami-Dade's Homebuyer Down Payment Assistance pays up to $35,000, MDEAT's program up to $28,500, and Florida Hometown Heroes up to 5% of the first mortgage ($10,000 to $35,000), each with its own limits listed below. Most of these require a fixed-rate first mortgage and a building the first lender will accept. See our Florida down payment assistance guide.

Owners who already have a low first mortgage often prefer a HELOC to pay a special assessment or remodel, instead of refinancing the whole loan. Investors buying a rental unit may qualify for a DSCR loan, a business-purpose loan qualified on the rent, subject to the association's rental rules.

Working with QMS Lending in Bay Harbor Islands

QMS Lending is an independent mortgage broker in Miami, FL, founded in 2018 (NMLS #1781090). We compare your file across 100+ wholesale lenders instead of one bank's menu, and most of the process runs on e-sign and phone, so you do not need to drive across the county to sign.

The team is bilingual (English and Spanish), led by Michael Fernandez, NMLS #1491775, President, and rated 4.9 stars across 200+ Google reviews. Our office is at 3105 NW 107th Ave Ste 400-O6, Doral, FL 33172. Rates vary daily; call 305-425-1990 for today's pricing. Subject to credit approval and property eligibility. Equal Housing Opportunity.

Down payment help for Bay Harbor Islands buyers

• Miami-Dade County Homebuyer Down Payment Assistance Up to $35,000 as a 0%, deferred loan of up to 30 years, no monthly payment; the county shares in the profit if you sell within 6 years (100% in years 1-3, 50% in years 4-6). Household income under $136,500 for a family of four, 1% of the price from your own funds. 786-469-2209. ↗
• Miami-Dade Economic Advocacy Trust (MDEAT) Homeownership Assistance Program Up to $28,500 at or below 80% AMI and $14,500 above 80% up to 140% AMI; 0%, no payments, forgiven after 20 years of owner occupancy. 1% of the price from your own funds up to 100% AMI, 3% above. Paid as funds allow. ↗
• Florida Hometown Heroes Up to 5% of the first mortgage ($10,000 minimum, $35,000 maximum) as a 0%, 30-year deferred second mortgage, not forgivable; due on sale, refinance or move-out. First-time, income-qualified buyers working full time for a Florida employer in eligible jobs, plus active military and veterans. Check funding before you count on it. ↗

Nearby cities

Bal HarbourSurfsideNorth MiamiMiami BeachNorth Miami Beach