First-Time Home Buyer in Miami: City, County and State Help in 2026

Short answer

A first-time buyer in the City of Miami can combine a 3% to 3.5% down first mortgage with up to four local programs: the City of Miami's 0% deferred loan (homes up to $494,000), Miami-Dade County's up to $35,000, the MDEAT HAP program's up to $28,500 and the HFA of Miami-Dade's up to $15,000, as of October 2026. The catch is price: the city's Q2 2026 median was $595,000 for a condo or townhouse and $799,000 for a house, so most first-time buyers here shop below-median condos. Every program has its own income caps and funding, and every loan is subject to credit approval.

What a first home costs in the City of Miami

Who counts as a first-time buyer (no home owned in the last three years), and how FHA, conventional and state loans compare, is covered in our Florida first-time buyer guide. This page is about the City of Miami itself: inside city limits, where the property's county folio number starts with "01".

As of October 2026, the latest MIAMI REALTORS city report (Q2 2026) shows:

• Houses: median $799,000 on 335 sales, up 5.1% from a year earlier. 160 of those sales, almost half, were cash.
• Condos and townhouses: median $595,000 on 714 sales, down 2.5%, with 369 cash sales and 16 months of supply.
• Miami-Dade overall: $675,000 for a house and $425,000 for a condo, so the city runs well above the county.

Two things follow. First, a typical city house is above the 2026 FHA limit of $667,000, so a first-time buyer aiming for a house usually needs a conventional loan (limit $832,750) or a lot more cash. Second, the condo market is slow and full of cash buyers, which gives a financed buyer room to negotiate but only in buildings a lender will accept. See FHA loans in Miami for the FHA side and condo down payments in Miami for down payment by loan type.

The City of Miami First-Time Homebuyer Program

The City of Miami Department of Housing & Community Development offers 0% deferred loans to first-time buyers purchasing inside the city, as of October 2026. Its key rules:

• Income: household income at or below 80% of area median income, adjusted for family size (the city links its income chart).
• Price: up to $494,000 for existing or new homes, effective December 1, 2025. One step on the same page still shows an older $451,000 figure, so we confirm the current cap with the city before you write an offer.
• Property: single-family home, townhome or condo inside city limits that meets HUD's NSPIRE inspection standards. You must live in it.
• Your money: at least $500 of your own funds toward down payment or closing costs, plus a homebuyer counseling workshop with an approved agency.
• First mortgage: a 30-year fixed loan with no prepayment penalty, and caps on points and lender fees set by the city.
• If you sell early: you repay the assistance plus a share of the gain. The city keeps 100% of its share in the first 3 years, then its share drops 5% a year through year 20.

How to start: call the department at 305-416-2080, take the counseling class, then get pre-approved with a participating lender. The lender sends your file to the city. The page does not post a funding status, so ask when you call.

County programs a City of Miami buyer can add

Because the City of Miami is inside Miami-Dade County, a city buyer can also apply to the county-wide programs, as of October 2026:

• Miami-Dade County Homebuyer Down Payment Assistance: up to $35,000, 0% interest, deferred up to 30 years, repaid on sale, refinance, transfer or death. Income must be under $95,620 for one person, $109,200 for two, $122,920 for three and $136,500 for four. You put in 1% of the price from your own funds, the first mortgage must be fixed-rate, and all loans together cannot pass 105% of the price. If you sell within 3 years the county takes 100% of the profit, 50% in years 4 to 6. Contact: 786-469-2209.
• MDEAT Homeownership Assistance Program (HAP): up to $28,500 at or below 80% of median income, or $14,500 above 80%, with a 140% cap. It is 0%, has no monthly payment and is forgiven after 20 years of living there. HAP sets no price cap, but 2-4 unit homes are not eligible. Your contribution is 1% of the price (3% above 100% of median income). Phone 305-375-5661.
• Housing Finance Authority of Miami-Dade County: a first mortgage (FHA, VA or conventional) with up to $15,000 for down payment and closing costs, county-wide. Minimum scores are 660 for FHA and 640 for VA or conventional, and the June 2026 chart caps FHA loans at $667,000 and conventional at $832,750.

Each agency has to approve the others' liens, so the order of steps matters. The Florida down payment assistance guide lists the state programs; the QMS forgivable grant is another option to ask us about.

State help: Hometown Heroes for Miami workers

Florida Housing's Hometown Heroes program reopened on July 13, 2026 with $50 million statewide, first-come, first-served. It pays up to 5% of the first mortgage, $10,000 minimum and $35,000 maximum, as a 0%, 30-year deferred second mortgage that is repaid when you sell, refinance or stop living there. It is for first-time, income-qualified buyers who work full time for a Florida employer in health care, schools, public safety, courts or child care, plus military members and veterans. FHA, VA and conventional first mortgages are eligible.

Rules, county income limits and how it compares with the QMS grant are on our Hometown Heroes 2026 page. Funds are limited and first-come, first-served, so check status before you count on it.

Example only: closing on a $450,000 Miami condo

Example only, as of October 2026: a first-time buyer purchases a $450,000 condo inside City of Miami limits (under the city's $494,000 cap) with an FHA loan.

• Down payment (3.5%): $15,750. The base loan is $434,250; with the 1.75% upfront mortgage insurance financed, the loan is about $441,849.
• Florida taxes on the new loan: documentary stamps of $0.35 per $100, about $1,547, plus the 0.2% intangible tax, about $884. In Miami-Dade the seller's deed stamp is $0.60 per $100 on a single-family residence and $1.05 on other property; who pays it is set by the contract.
• County assistance and the 105% rule: $441,849 plus a full $35,000 would be 106% of the price. The county's 105% cap ($472,500) leaves room for only about $30,650, and that before any city or HAP loan. You would still put in 1% of the price ($4,500) yourself.
• Property taxes: the City of Miami's 2025 adopted rate is 19.9878 mills, about 2% of taxable value. After you move in, file for the homestead exemption: Florida exempts the first $25,000 of assessed value and a second $25,000 (above $50,000) from non-school taxes, and Save Our Homes caps yearly increases in your assessment at 3%.
• Condo extras: the building's milestone inspection (required for condos three stories or more by the year they turn 30, then every 10 years), SIRS and any special assessment can change both the loan and your monthly cost. Flood insurance is mandatory in FEMA high-risk A and V zones when the loan is federally backed, and lenders often ask for a 4-point inspection on older homes.

Caps interact, so we run the full stack before you make an offer.

Your first-home plan with QMS

The order that keeps your assistance in place in Miami:

• Take a HUD-approved homebuyer counseling class first; the city and county both require one.
• Get pre-approved with a lender that participates in the programs you want, with your payment built from real taxes, HOA dues and insurance.
• Confirm the property: inside city limits (folio starting "01") for the city loan, under the price cap, and in a building your loan type accepts.
• Reserve each program's funds before the contract deadlines, and give the closing enough time for every agency's review.

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.