Jumbo Loans in Miami Beach: Houses, Luxury Condos and Second Homes

Short answer

Almost every financed single-family purchase in Miami Beach is a jumbo: the Q3 2026 median house sold for $3,300,000, roughly four times the 2026 conforming limit of $832,750. Condos are the opposite story, with a $495,000 median, so a condo jumbo is the upper tier of the market, and there the lender underwrites the building as hard as it underwrites you. On both, flood zone, elevation and whether the home is a primary or second home shape the loan, subject to credit approval.

Two markets on one island: the Q3 2026 numbers

Florida Realtors data published by MIAMI REALTORS for the City of Miami Beach, third quarter of 2026, as of November 2026:

• Single-family homes: 56 sales at a median of $3,300,000 (up 26.9% from a year earlier) and an average of $6,901,901. 36 of the 56 were cash. Sellers received a median 89.2% of original list price, after a median 91 days to contract. 162 active listings, 7.8 months of supply.
• Townhouses and condos: 330 sales at a median of $495,000 (up 2.1%) and an average of $1,166,589. 226 were cash. Median 92.3% of original list price, 91 days to contract. 1,601 active listings, 12.7 months of supply.

Two things stand out. First, both segments are cash-heavy: about 64% of houses and 68% of condos closed without a mortgage. Second, both give buyers room. Sellers took roughly 8 to 11% off their original price at the median, and condo supply is above 12 months. A financed buyer with a full approval can negotiate here.

For statewide rules, see our Florida jumbo guide and what is a jumbo loan. For the city overview, see our Miami Beach mortgage broker page.

Single-family jumbos: large loans, tiered rules

At the median house price, 25% down is $825,000 and leaves a $2,475,000 loan. That is jumbo by any definition, and at that size many lenders tighten their rules in tiers: more down, more reserves, a higher credit score, and often a second appraisal.

• Appraisal. With 56 house sales in a quarter spread across bayfront, oceanfront and inland streets, true comparables are scarce. Water frontage, lot size, elevation and the age of the house drive value. An appraisal gap on a $3 million house is paid in cash, so keep a cushion.
• Older homes. Many houses predate today's flood rules. A renovation plan can trigger FEMA's substantial improvement rule, which can require bringing the home into compliance, raising cost and changing the appraisal story. Talk to the city's floodplain office before you budget a remodel.
• Taxes. Miami-Dade's 2025 adopted millage for Miami Beach (district 0200) totals 18.7601 mills. As a rough guide, on a $3,300,000 taxable value that is about $61,908 a year, before any exemption. A purchase resets the assessed value, so the seller's bill is not your bill.
• Closing taxes. Deed stamps in Miami-Dade are $0.60 per $100 on a single-family home. On the loan, documentary stamps on the note are $0.35 per $100 and intangible tax is 0.2%: about $8,663 and $4,950 on a $2,475,000 loan.

Luxury condo jumbos: the building is underwritten too

The condo median is under the conforming limit, but the $1,166,589 average shows how many units sell well above it. On those, the building review is often harder than your own approval.

Fannie Mae's ineligible-project list (B4-2.1-03) is the checklist most lenders start from, even for jumbos. Projects are ineligible with, among other things:

• More than 35% commercial or nonresidential space.
• One entity owning more than 20% of units in a project of 21 or more units.
• Unfunded critical repairs over $10,000 per unit due within 12 months, or failed safety inspections.
• Hotel-type operation, such as rental pooling or a hotel license. Fannie also flags projects where 75% or more of units are investment or second homes, and units under 400 square feet.

On Miami Beach, where many buildings mix residences with hotel services or retail, a unit can easily be non-warrantable. That does not end the deal; it moves it to lenders that offer non-warrantable condo loans or, for hotel-style units, condotel loans.

Also ask for the building's milestone inspection status and SIRS. Under F.S. 553.899, condos three stories or taller need a milestone inspection by December 31 of the year they turn 30, then every 10 years, and the local agency may require it at 25 years for buildings near salt water. Deed stamps on a condo in Miami-Dade are $0.60 plus a $0.45 surtax per $100.

Flood zones and elevation in Miami Beach

The City of Miami Beach says about 93% of all buildings in the city are in FEMA's Special Flood Hazard Area. If yours is, a jumbo lender will require flood insurance. See what is a flood zone.

• Discount. The city's Community Rating System participation gives most NFIP policyholders a 25% discount; the city moved to CRS Class 5 in 2019.
• Elevation certificate. The elevation certificate shows how high the lowest floor sits relative to the base flood elevation, and it drives the flood quote on a house. The city requires the newer FEMA form for certificates dated November 1, 2023 or later. Ask the seller for it during the inspection period.
• Map changes. The city notes FEMA is updating its flood maps; the preliminary zones are not yet effective. Check both the current and preliminary zone before you buy.
• Coverage limits. NFIP caps residential building coverage at $250,000 and contents at $100,000. On a multimillion-dollar house that leaves a big gap, so most owners add excess flood. In a condo, the association's master policy covers the building and you insure your unit and contents.
• Wind. Under F.S. 627.351, a condo unit whose combined dwelling and contents replacement cost is $700,000 or more, or a house with a dwelling replacement cost at that level, is generally not eligible for Citizens. Most Miami Beach jumbo homes are insured privately.

Second homes vs. rentals

Many Miami Beach buyers live elsewhere part of the year. A second-home jumbo usually prices better than an investment loan, but the occupancy has to be real. Fannie Mae's definition, which many jumbo lenders mirror, says a second home must:

• Be occupied by you for some portion of the year.
• Be a one-unit home suitable for year-round living.
• Be under your exclusive control.
• Not be a rental property or timeshare, and not be subject to an agreement that gives a management company control over occupancy.

That last point matters in buildings with a rental program. If you plan to rent the unit out, finance it as an investment property. A DSCR loan qualifies on the rent instead of your income, and it is a business-purpose loan. Buyers without U.S. credit can look at foreign national loans.

Example only: a $1,800,000 condo as a second home

Illustration only, assuming a warrantable building and 25% down.

• Down payment $450,000; jumbo loan $1,350,000.
• Documentary stamps on the note about $4,725; intangible tax about $2,700. Deed stamps on a condo at $1.05 per $100 come to $18,900; the contract decides who pays them.
• Taxes at 18.7601 mills on an $1,800,000 taxable value: roughly $33,768 a year. A second home gets no homestead exemption.
• Monthly costs the lender counts: principal and interest, taxes, your HO-6 and flood premiums, plus HOA dues and any special assessment.

If the building turns out to be non-warrantable, expect a larger down payment and different pricing. Rates vary daily; call 305-425-1990 for today's numbers.

Why buyers call QMS Lending for Miami Beach

QMS Lending, an independent mortgage broker in Miami, FL since 2018 (NMLS #1781090), shops jumbo loans across 100+ lenders, including lenders with different condo rules. Michael Fernandez is our President (NMLS #1491775), we work in English and Spanish, and clients have given us 4.9 stars on 200+ Google reviews.

Send us the building name and unit before you sign, and we check which lenders will finance it. Also see jumbo loans in Miami and jumbo loans in Key Biscayne. Subject to credit approval and property eligibility.