How much is the down payment on a condo in Miami?

Short answer

Most Miami condo buyers put down between 3% and 25%: as little as 3% with a conventional loan on a primary residence, 3.5% with FHA, 10% on a second home, 15% on an investment condo, and usually 20% to 25% when the building is non-warrantable. On the Miami-Dade median condo and townhome price of $417,090 (September 2026, MIAMI Realtors), that is roughly $12,513 at 3% and $104,273 at 25%. The building you choose often decides the number more than your credit does.

Down payment by loan type

The minimum down payment depends on the program, the occupancy, and the condo project. Here are the floors as published by the agencies, as of October 2026:

• Conventional, primary residence: 3% (97% LTV) under Fannie Mae's Eligibility Matrix. Above 95% LTV at least one borrower must be a first-time buyer unless the loan is HomeReady. See conventional loans.
• FHA, primary residence: 3.5% with a credit score of 580 or higher; 10% with a score of 500 to 579 (HUD Handbook 4000.1 LTV table). The building must be FHA-approved or qualify for Single-Unit Approval. See FHA loans.
• VA, primary residence: 0% for eligible veterans in a VA-approved project. See VA loans.
• Conventional, second home: 10% (90% LTV).
• Conventional, investment condo: 15% (85% LTV) on a 1-unit purchase.
• Non-warrantable condo or condotel: set by each non-QM lender; 20% to 25% is the range we see most often across our 100+ lenders, and some buildings require more.

On the $417,090 Miami-Dade median (September 2026), the math is: 3% = $12,513, 3.5% = $14,598, 10% = $41,709, 15% = $62,564, 25% = $104,273.

Why the building matters more than the buyer

In Miami, two buyers with the same credit and income can face very different down payments because the lender reviews the condo project, not just the person. Fannie Mae requires a project review for attached units (Full Review through its Condo Project Manager, or a PERS review), and the review is waived only in limited cases such as detached condos or projects of 2 to 10 units.

A project passes a Full Review when, among other things, the HOA budget funds replacement reserves at at least 10% of budgeted income and no more than 15% of units are 60 or more days past due on dues or special assessments. A project fails (is ineligible) if it operates like a hotel, has more than 35% commercial space, has one owner holding more than 20% of units in a 21-plus-unit project, or needs critical repairs, including unfunded repairs costing more than $10,000 per unit due within 12 months.

Since Florida's 2022 condo safety law, buildings of three or more habitable stories must complete milestone structural inspections at 30 years (25 years if the local agency requires it for coastal buildings) and a structural integrity reserve study at least every 10 years, with the first study due no later than December 31, 2026. A building that has not done these, or that failed one, often lands in the non-warrantable bucket, which means a larger down payment and a non-QM loan. See non-warrantable condo loans.

FHA condos in Miami: 3.5% down, but only in the right building

FHA is the lowest realistic down payment for many first-time buyers, but the project has to be on HUD's approved condo list or qualify for Single-Unit Approval, a process HUD created in 2019 that lets a single unit in an unapproved project be insured when the project meets owner-occupancy and other tests. Many Miami buildings are not FHA-approved, so we check the HUD list before you write an offer.

The 2026 FHA loan limit for a 1-unit property in Miami-Dade and Broward is $667,000 (HUD, effective for case numbers assigned on or after January 1, 2026). On a $417,090 condo, 3.5% is $14,598. FHA also charges an upfront and an annual mortgage insurance premium, which does not affect the down payment but does affect your monthly payment.

A conventional 3% loan can beat FHA when your score is strong, because conventional mortgage insurance drops off at 80% LTV and is priced by credit score. We run both side by side.

Second homes and investment condos

A Miami condo bought as a second home needs 10% down on a conventional loan (90% LTV). An investment condo needs 15% down on a 1-unit purchase (85% LTV), and lenders price investment loans higher than primary residences.

Investors who do not want to qualify with tax returns often use a DSCR loan, which qualifies the property on its rent instead of your personal income. DSCR loans are business-purpose loans, down payments are set by the lender, and 20% to 25% is common. Foreign buyers, who made up 15% of MIAMI Realtors' existing-home sales in the year ending July 2025 and bought condos 51% of the time, usually use a foreign national loan with a similar range.

What else you need at closing

The down payment is not the whole check. Budget for these too:

• Closing costs. Florida charges documentary stamp tax of $0.35 per $100 on the mortgage note and a nonrecurring intangible tax of 2 mills ($2 per $1,000) on the mortgage amount. On a $400,000 loan that is $1,400 plus $800. Title insurance follows Florida's promulgated rate: $5.75 per $1,000 up to $100,000 and $5.00 per $1,000 from $100,000 to $1 million. Add lender, appraisal, and recording fees. See our closing costs guide.
• Prepaids. Homeowners insurance for the first year and an escrow cushion for taxes and insurance.
• HOA items. Most Miami associations charge an application fee and an estoppel letter fee, and some require one or two months of dues up front. Ask about pending or approved special assessments before you sign.
• Reserves. Some programs require you to show a few months of payments in the bank after closing, especially on second homes and investment condos.

Gift funds from family are allowed on most conventional and FHA condo purchases. Seller credits can cover closing costs within program limits but cannot cover the down payment.

How QMS gets your number right

Before you make an offer, send us the building address. We pull the HOA budget, check the Fannie Mae and FHA project status, and tell you which programs fit that building and what the real minimum down payment is. Because we broker to 100+ lenders, a building that one bank rejects is often financeable through a non-QM lender at a higher down payment, and you will know that before you are under contract.

QMS Lending is an independent mortgage broker in Doral, FL (NMLS #1781090), founded in 2018, with access to 100+ lenders. All loans are subject to credit approval and program guidelines. Rates vary daily; call 305-425-1990 for today's pricing. Equal Housing Opportunity.