Mortgage Broker in Key Biscayne, FL

Short answer

QMS Lending is an independent Miami-area mortgage broker with 100+ lenders, including jumbo, non-warrantable condo and foreign national lenders that Key Biscayne buyers need. In Q2 2026 the median Key Biscayne condo sold for $1,525,000 and the median house for $3,000,000, so nearly every loan on the island is jumbo and every condo loan depends on the building.

Buying a home in Key Biscayne: what the numbers look like

Key Biscayne is a condo island with a small, very expensive house market. In Q2 2026 the Village of Key Biscayne recorded 53 townhouse and condo sales at a median of $1,525,000 (up 27.1% year over year) and only 10 single-family sales at a median of $3,000,000 (down 16.1%), per Florida Realtors data published by MIAMI REALTORS (as of October 2026). Condos were about 84% of sales.

With so few house sales, the house median swings a lot from quarter to quarter. The condo market is driven by the oceanfront towers along Crandon Boulevard and Ocean Drive; houses sit in the interior grid streets and on the Harbor Drive and Mashta Island waterfront.

At $1,525,000 with 20% down, the loan is $1,220,000, well above the $832,750 conforming limit. A $3,000,000 house with 25% down is a $2,250,000 jumbo. Expect lenders to ask for larger reserves and a full appraisal review.

Loan limits and jumbo loans on Key Biscayne

The 2026 FHA limit for a 1-unit home in Miami-Dade County is $667,000 and the 2026 conforming (Fannie Mae / Freddie Mac) limit is $832,750 (as of October 2026). Above $832,750 the loan is a jumbo loan. Both limits cap the loan amount, not the price.

FHA limits for 2-, 3- and 4-unit properties in Miami-Dade are $853,900, $1,032,150 and $1,282,700.

On Key Biscayne the limits rarely apply. Almost every purchase is a jumbo, where each lender sets its own down payment, credit score and reserve rules. Shopping several jumbo lenders matters more here than anywhere in the county, and that is what a broker does.

Property taxes, insurance and flood zones on Key Biscayne

The 2025 adopted total millage for the Village of Key Biscayne is 15.5108 mills, about 1.55% of taxable value, including a village operating rate of 2.8846 (as of October 2026, Miami-Dade Property Appraiser). That is one of the lower totals in the county, but on a $1,525,000 condo it is still roughly $23,700 a year before the homestead exemption. Second-home and investor buyers get no homestead cap.

Flood: the Village's own hurricane and flood guide states that the entire Village is in the Special Flood Hazard Area, so flood insurance is required on every federally backed loan, and most jumbo lenders require it too. The Village participates in the NFIP Community Rating System to keep a 10% premium discount for residents (as of October 2026). Condo buildings carry a master flood policy; houses need their own, and an elevation certificate drives the price.

Insurance is the line that surprises buyers: windstorm and flood on a waterfront house, or the HO-6 plus the association's share of the master policy in a condo. Get quotes before you make an offer.

Condos on Key Biscayne

Most Key Biscayne buyers are buying into an oceanfront tower, and many of those buildings are several decades old. That puts them squarely under Florida's post-Surfside condo rules.

Florida Statute 553.899 requires a milestone structural inspection for condo and co-op buildings of three or more habitable stories by December 31 of the year the building turns 30 (or 25, if the local building official requires it because of proximity to salt water), then every 10 years. Lenders ask for the inspection and the SIRS reserve study.

A warrantable condo passes Fannie Mae and Freddie Mac project review: adequate reserves, no significant deferred maintenance, no open safety-related special assessments, and acceptable insurance and investor concentration. The association answers a condo questionnaire. If the building fails an item it is non-warrantable, which means a non-warrantable condo loan with more down, not an automatic no.

On the island the usual friction points are large special assessments for concrete, balcony and fire-safety work, and reserve funding that is still catching up. A special assessment does not always kill a loan, but the lender will read the estoppel certificate, the budget and the latest inspection report. We order the questionnaire early so you know which loan the building allows before your inspection period ends.

Buying from abroad or as an investor

A large share of Key Biscayne buyers live part of the year in Latin America or Europe. A foreign national loan can work without a U.S. credit score or Social Security number, typically with a larger down payment and reserves held in a U.S. account. See our foreign national guide.

Owners who rent their unit can look at a DSCR loan, which qualifies on the property's rent instead of personal income; it is a business-purpose loan, and the building's rental rules decide whether it works. Self-employed residents often use bank statement loans, and owners with equity can tap it with a HELOC.

Down payment programs exist (Florida Hometown Heroes, MDEAT HAP, Miami-Dade County assistance), but their income limits and caps rarely match island prices. We will tell you honestly if one fits your file.

Why work with a broker for Key Biscayne

Jumbo and condo lending is where lenders differ the most. One lender will not touch a building with an open assessment; another will at 25% down. One wants 12 months of reserves; another wants six. A broker sees those differences in one application instead of you applying bank by bank.

QMS Lending is an independent mortgage broker in the Miami area, founded in 2018 (NMLS #1781090), led by Michael Fernandez, NMLS #1491775, President. We shop your file across 100+ wholesale lenders instead of one bank's rate sheet, the team is bilingual in English and Spanish, and we hold 4.9 stars across 200+ Google reviews. Licensed in Florida (and Georgia and Colorado through December 31, 2026). Rates vary daily; call 305-425-1990 for today's pricing. Subject to credit approval. Equal Housing Opportunity.

Down payment help for Key Biscayne buyers

• Florida Hometown Heroes Up to 5% of the first mortgage, $10,000 to $35,000, as a 0% deferred 30-year second; first-time, income-qualified buyers working full time for a Florida employer in health care, schools, public safety, child care, the military or as veterans. Funded in rounds. ↗
• 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; 1% to 3% buyer contribution; 2-4 unit homes excluded. ↗
• Miami-Dade County Homebuyer Down Payment Assistance Up to $35,000, 0% deferred up to 30 years; first-time buyers living in the county; income under $95,620 (1 person) to $136,500 (4 people); 1% buyer contribution; fixed-rate first mortgage only. ↗

Nearby cities

BrickellCoconut GroveMiamiMiami BeachCoral Gables