Cash-Out Refinance in Miami: How Much You Can Take and What Can Block It

Short answer

On a Miami primary home, a conventional or FHA cash-out refinance can go up to 80% of the appraised value and a VA cash-out up to 100%, while a conventional cash-out on a one-unit rental tops out at 75%, as of October 2026. Your cash is that loan amount minus your payoff and closing costs. In Miami the appraisal, the 6-month and 12-month seasoning rules and the condo building's condition decide most files.

Maximum cash-out by loan type, as of October 2026

Our Florida cash-out guide walks through the general rules, and our Miami refinance page covers closing costs and escrow. This page focuses on taking cash out of a Miami property.

Maximum loan-to-value (LTV) for a cash-out refinance:

• Conventional, primary home, 1 unit: 80% (Fannie Mae matrix).
• Conventional, primary home, 2-4 units: 75%.
• Conventional, investment property, 1 unit: 75%; 2-4 units: 70%.
• FHA: 80% of the adjusted value (HUD Mortgagee Letter 2019-11).
• VA: up to 100% of the appraised value, for eligible veterans, servicemembers and certain surviving spouses, on a home they own and live in, under VA guaranty rules.
• DSCR: set by each lender; these are business-purpose loans for rentals, not for a home you live in.

In Miami-Dade, a conventional cash-out on one unit can go up to the 2026 conforming limit of $832,750; above that it becomes a jumbo cash-out with the lender's own LTV caps. See our Miami jumbo page.

Seasoning: how long you must own the property

Seasoning rules trip up many Miami buyers who purchased recently or bought with cash:

• Fannie Mae: at least one borrower must have been on title for at least six months before the new loan funds. If you are paying off a first mortgage, it must be at least 12 months old, measured note date to note date. Subordinate liens, like a HELOC, can be paid off at any age.
• Bought with cash? Fannie Mae's delayed financing exception may let you take cash out within six months of an all-cash, arm's-length purchase, up to your documented investment plus closing costs.
• VA: for a VA-to-VA cash-out, VA's lender guide requires a seasoning certification of at least 210 days. A non-VA loan refinanced into VA follows separate rules and must meet at least one net tangible benefit.
• DSCR: each lender sets its own seasoning. Some use the appraised value after a short hold, others use the purchase price plus documented improvements for the first months.

If you bought or inherited in the last year, send us the closing or probate date before you order an appraisal.

Miami values and the appraisal

Your cash depends on the appraisal, and in 2026 Miami houses and condos are moving in different directions. The Miami-Dade Property Appraiser's 2026 preliminary roll shows countywide single-family market value up 2.1% from 2025 and condo and co-op market value down 0.8%, as of October 2026.

Market sales show the same split. MIAMI REALTORS reports the City of Miami single-family median at $815,070 in the third quarter of 2026, up 5.9% from a year earlier, and the condo and townhouse median at $555,000, down 4.3%.

For a house owner, rising values may leave more room under the 80% cap. For a condo owner, a flat or lower appraisal can shrink the cash available. Before ordering an appraisal, we pull recent sales in your building or street so you can see a realistic range.

The lender also re-checks the property. Expect a new title search, proof of homeowners insurance, and a flood determination. In communities in the National Flood Insurance Program, flood insurance is mandatory for federally backed mortgages in high-risk Zones A and V, which covers FHA, VA and Fannie Mae loans. If your Miami home is in one of those zones and you have no flood policy today, get a quote first, because the premium goes into your new payment and your debt-to-income ratio.

Cash for special assessments, and investor cash-out with DSCR

Many Miami condo owners ask about cash-out to pay a special assessment after a milestone inspection or SIRS. There is a catch: under Fannie Mae's project rules, if the assessment pays for a critical repair that has not been done, the building is ineligible for a conventional loan. Unfunded critical repairs over $10,000 per unit due within 12 months also make it ineligible. So the owners who need the cash most may need a non-warrantable condo lender, or a cash-out on a different property they own, or a HELOC on a house.

If the building has already collected the money or finished the work, it may pass review. Ask the association for a letter on the assessment's purpose, amount, remaining balance and payoff date; Fannie Mae requires lenders to review all four.

Investors with Miami rentals have two paths:

• Conventional investment cash-out: up to 75% LTV on one unit and 70% on 2-4 units, with your personal income and tax returns.
• DSCR cash-out: qualifies on the property's rent compared with its payment instead of your tax returns. LTV, reserves and seasoning are set by each lender, and it is a business-purpose loan, not for a home you live in. Owners often use it to pull equity from one rental to buy the next. See our Miami DSCR investor guide.

Example only: cash-out on a Miami house

Example only. A City of Miami owner's house appraises at $650,000 and the current first mortgage payoff is $250,000.

• New conventional loan at 80% LTV: $520,000.
• Doc stamps on the new note: $0.35 per $100 = $1,820.
• Intangible tax: $2 per $1,000 = $1,040.
• Assume $6,000 more for title, appraisal, lender fees and prepaid items.
• Approximate cash to the owner: $520,000 - $250,000 - $1,820 - $1,040 - $6,000 = $261,140.

The whole first mortgage is replaced at today's rate, so compare this with a HELOC, which keeps your current first mortgage, before you decide. Rates vary daily; call for today's pricing.

QMS Lending (NMLS #1781090) is an independent mortgage broker in Miami, FL, founded in 2018, working with 100+ lenders in English and Spanish. Rates vary daily; call for today's pricing. You may qualify; every loan is subject to credit approval. Contact us or call 305-425-1990, and see our Miami mortgage broker page.