FHA Loans in Miami, FL: What the 2026 Limit Buys in the City

Short answer

Yes, but in the City of Miami FHA mostly buys condos, townhouses and 2-4 unit buildings, not the typical house. The 2026 FHA limit for Miami-Dade is $667,000 for one unit, while the city's Q2 2026 median was $799,000 for a house and $595,000 for a condo or townhouse, as of October 2026. With 3.5% down, the most you can pay and stay inside the one-unit limit is about $691,190, and a condo also has to be in an FHA-approved building or qualify for single-unit approval.

City of Miami prices vs. the $667,000 limit

Credit tiers, debt ratios and the general MIP rules are the same anywhere in Florida and are in our Florida FHA requirements guide; the full county table is on 2026 FHA limits in Miami-Dade. Here we line those limits up with City of Miami prices.

HUD's 2026 limits for Miami-Dade, as of October 2026, are $667,000 for one unit, $853,900 for two, $1,032,150 for three and $1,282,700 for four. MIAMI REALTORS' Q2 2026 city report shows:

• Median house, $799,000 (335 sales). To keep the loan at $667,000 you would need $132,000 down, about 16.5%. With that much cash, most buyers compare a conventional loan up to $832,750; see FHA vs. conventional.
• Median condo or townhouse, $595,000 (714 sales). 3.5% down is about $20,825 and the base loan about $574,175, inside the limit with room to spare.
• Top price at 3.5% down: about $691,190 for one unit ($667,000 ÷ 0.965).
• Cash competition: 160 of 335 house sales (48%) and 369 of 714 condo sales (52%) were cash. Sellers weigh financing risk, so a clean FHA file and a building already checked matter.

Compared with Homestead or Miami-Dade as a whole (median house $675,000), FHA reaches a much thinner slice of the city's houses. That is why the condo and multi-unit rules below decide most City of Miami FHA purchases.

FHA condos in the City of Miami

Condos and townhouses made up 714 of the city's 1,049 Q2 2026 sales, so the building is usually the first FHA question. Look it up in HUD's FHA approved condominium lookup, by name and by ZIP. A building that is not listed, or whose approval has lapsed, cannot take a standard FHA project loan.

If the building is not on the list, the unit may still qualify through single-unit approval, in effect since October 15, 2019, as of October 2026:

• The project must be complete and ready to occupy, with at least five units, and the unit cannot be a manufactured home.
• In projects of 10 or more units, no more than 10% of units can carry FHA insurance; smaller projects are capped at two FHA units.
• The project still has to meet HUD's owner-occupancy, insurance-concentration and financial-condition tests.

Approved projects recertify every three years. Florida adds its own layer: condos three stories or taller need a milestone inspection by December 31 of the year they turn 30 (25 if the local agency requires it near salt water), then every 10 years, plus a SIRS. Repairs those reports call for often arrive as a special assessment, which an FHA lender will read in the budget and the condo questionnaire. If FHA cannot work in the building, see non-warrantable condo financing.

Example only: MIP on a $595,000 Miami condo

Example only, using the city's Q2 2026 median condo price and HUD's MIP schedule as of October 2026:

• Price: $595,000. Down payment (3.5%): $20,825. Base loan: $574,175.
• Upfront MIP (1.75%): about $10,048, usually financed, for a total loan of about $584,223.
• Annual MIP: the base loan is under $726,200 and the loan-to-value is above 95%, so the rate is 0.55% for the life of the loan: about $3,158 in the first year, roughly $263 a month, falling slowly as the balance drops. With 10% down it would be 0.50% and end after 11 years. See what MIP is.
• Property taxes: the City of Miami's 2025 adopted rate is 19.9878 mills (county, school, city operating 7.1080, city debt 0.2536 and regional levies). Before exemptions that is about $11,890 a year on $595,000. Your first bill is based on the assessed value, and the homestead exemption cuts it once you file.
• New-loan taxes at closing: documentary stamps of $0.35 per $100 and 0.2% intangible tax, about $2,045 and $1,168 on this loan.
• HOA dues, HO-6 and flood insurance come on top. Check the FEMA zone: in high-risk A and V zones, flood insurance is mandatory on a federally backed loan.

Principal and interest depend on the day; rates vary daily, so call for today's pricing. A quote that leaves out MIP, HOA dues or flood insurance will understate your payment.

2-4 units: FHA's best fit for a Miami house budget

FHA insures one- to four-unit homes as long as you live in one of the units. In neighborhoods with older duplexes and small multifamily buildings, that changes the math:

• Duplex limit: $853,900, so 3.5% down reaches a price of about $884,870, above the city's median single-family price.
• Triplex and fourplex: $1,032,150 and $1,282,700.
• You must move in. FHA is for owner-occupants; a building you will not live in is an investment loan, such as a DSCR loan, which is business-purpose.

Rent from the other units affects how a lender qualifies you, so we review leases and the appraiser's rent estimate early. Older buildings also tend to need a 4-point and wind mitigation inspection for insurance, and roof age can decide whether a carrier will write the policy. The MDEAT HAP assistance does not cover 2-4 unit homes, so check which programs still apply before you plan on them. First-time buyers can see what help is available on first-time home buyer Miami.

Getting FHA pre-approved for Miami with QMS

FHA lets you buy with 3.5% down at a 580 or higher score, and HUD's newest letter keeps scores of 500 to 579 at 90% maximum financing for case numbers from January 1, 2027. Lenders often set higher minimums and their own condo policies, so a broker with 100+ lenders can place a file that one bank would turn down. Our steps for a City of Miami FHA buyer:

• A pre-approval that includes MIP, real City of Miami taxes, HOA dues and flood insurance.
• A building check (HUD list or single-unit approval, milestone and SIRS status) before you make an offer.
• For 2-4 units, a rent and insurance review up front.
• An assistance check: city, county, HFA, Hometown Heroes or the QMS forgivable grant.

Call 305-425-1990, in English or Spanish. QMS Lending is an independent mortgage broker in Miami, FL, founded in 2018, with 100+ lenders. Led by Michael Fernandez, NMLS #1491775; company NMLS #1781090; 4.9 stars across 200+ Google reviews. Subject to credit approval. Equal Housing Opportunity.