Mortgage Broker in Coconut Grove, Miami

Short answer

QMS Lending is an independent Miami mortgage broker that finances Coconut Grove homes and condos through 100+ lenders, from jumbo and construction loans to non-warrantable condo financing. The Grove is part of the City of Miami, where the Q2 2026 single-family median was $799,000 and property taxes run about 2.0% of taxable value (as of October 2026).

Buying in Coconut Grove: what the numbers look like

Coconut Grove is a neighborhood of the City of Miami, so MIAMI REALTORS does not publish a separate Grove median. Citywide, the City of Miami recorded 335 single-family sales in Q2 2026 at a median of $799,000 and 714 condo and townhouse sales at a median of $595,000 (as of October 2026). The Grove mixes large lots with tree canopy, townhouses, and bayfront condo towers, and many Grove homes sell well above the citywide median.

That mix means Grove buyers often need two very different loans: a jumbo loan for a house in South Grove or North Grove, or a condo loan where the building review matters as much as the buyer.

Example: a $1,500,000 house with 20% down is a $1,200,000 jumbo. A $650,000 townhouse with 10% down is a $585,000 conforming loan.

Loan limits and property taxes in Coconut Grove

The 2026 FHA limit for a 1-unit home in Miami-Dade County is $667,000 and the 2026 conforming limit is $832,750 (as of October 2026). Loans above that are jumbo; see jumbo loans in Coral Gables for how next-door buyers structure them.

Coconut Grove is taxed as City of Miami: 19.9878 mills for 2025, about 2.0% of taxable value, including a city operating rate of 7.1080 and 0.2536 for debt, per the Miami-Dade Property Appraiser (as of October 2026). A $1,500,000 purchase without exemptions means roughly $30,000 a year, so escrow is a real part of the payment.

If the home will be your primary residence, file for homestead and the Save Our Homes cap after closing. Lenders still qualify you on the tax bill the new purchase price will produce.

Older homes, inspections, insurance and flood

Many Grove houses are decades old. Insurers often ask for a 4-point inspection (roof, electrical, plumbing, HVAC) on older homes, and a wind mitigation inspection can lower the windstorm premium. Get both quotes before you lock your rate, because insurance changes your DTI.

Flood risk depends on the street. Bayfront blocks near South Bayshore Drive and the marinas sit lower than the ridge along Main Highway and Douglas Road. Check every address on the FEMA Flood Map Service Center; if it is in a Special Flood Hazard Area, flood insurance is mandatory on a federally backed loan. See what is a flood zone.

For Grove condo towers, Florida Statute 553.899 requires a milestone inspection for buildings three habitable stories or taller by December 31 of the year they turn 30 (the local official may set 25 years near salt water). Fannie Mae review also requires at least 10% of the budget to reserves and treats unfunded repairs over $10,000 per unit within 12 months as critical (as of October 2026). Buildings that miss become non-warrantable.

Loan programs for Coconut Grove buyers

• Houses above $832,750: jumbo loans, with full documentation or, for business owners, bank statement or P&L documentation.
• Tear-downs and rebuilds: construction loans for buyers who plan to build on a Grove lot.
• Townhouses and condos within limits: conventional or FHA if the project qualifies.
• Equity in a Grove home you already own: a HELOC or cash-out refinance.
• Rental properties: DSCR loans, which are business-purpose loans that qualify on rent.

First-time buyers at or below 80% of area median income can check the City of Miami First-Time Homebuyer Program, which applies inside city limits, including the Grove, plus the county and state programs listed below.

Why work with QMS Lending in Coconut Grove

QMS Lending is an independent mortgage broker in the Miami area, founded in 2018 (NMLS #1781090). Michael Fernandez (NMLS #1491775) and the team compare 100+ lenders, which matters most when the building or the borrower does not fit a bank's box. We are rated 4.9 stars on 200+ Google reviews and work in English and Spanish.

A Grove purchase often needs a jumbo lender that accepts an older house, a high insurance premium and a seller timeline in the same file. Shopping that across many lenders is what a broker does. Read mortgage broker vs bank for the difference.

Call QMS Lending at 305-425-1990 for a free quote. Rates vary daily; call for today's pricing. All loans are subject to credit approval. Equal Housing Opportunity.

Down payment help for Coconut Grove buyers

• City of Miami First-Time Homebuyer Program 0% deferred loan for buyers at or below 80% AMI purchasing inside City of Miami limits (folio starts with 01); no ownership in the past 3 years, $500 minimum own funds, homebuyer class; sales price cap applies, confirm with the city. ↗
• Miami-Dade County Homebuyer Down Payment Assistance Up to $35,000, 0% deferred up to 30 years, no monthly payment; income under $95,620 (1 person) to $136,500 (4 people); buyer puts in 1% of the price. ↗
• MDEAT Homeownership Assistance Program (HAP) Up to $28,500 (80% AMI or below) or $14,500 (above 80% up to 140% AMI); 0%, forgiven after 20 years of owner occupancy; no purchase price cap; condos eligible. ↗
• Florida Hometown Heroes Up to 5% of the first mortgage, $10,000 minimum and $35,000 maximum; 0%, 30-year deferred second, not forgivable. First-time buyers in eligible occupations (health care, school staff, first responders, child care, military, veterans). Check current funding. ↗

Nearby cities

Coral GablesBrickellPinecrestKey BiscayneMiami