Mortgage Broker in North Bay Village, FL

Short answer

The median condo in North Bay Village sold for $442,500 in Q3 2026, and with 17.4 months of supply buyers have room to negotiate, as long as the building passes a lender's condo review. QMS Lending is an independent mortgage broker in Miami, FL that compares conventional, FHA and non-warrantable condo loans for North Bay Village across 100+ lenders.

North Bay Village prices in Q3 2026

North Bay Village recorded 33 condo and townhouse sales in Q3 2026 at a median of $442,500, down 11.1% from a year earlier, with an average of $475,927, per Florida Realtors data published by MIAMI REALTORS (as of November 2026). The Miami-Dade County condo median was $409,500 in the same quarter.

• Supply: 145 active condo listings and 17.4 months of supply, among the highest in the county.
• Speed: a median of 87 days to contract, 35.6% faster than a year ago.
• Price received: 89.9% of original list price.
• Financing: 19 of 33 buyers paid cash, so 14 closed with financing or other non-cash terms.

Houses are rare. Only 2 single-family homes sold, both at $990,000, with 15 active listings and 10.0 months of supply. Treat that house figure as two data points, not a trend.

With that much condo inventory, a buyer with a clean approval and a building already cleared by the lender can ask for price cuts, seller credits or repairs. See what is a seller concession for how credits work on a loan.

Three islands, three kinds of housing

North Bay Village is a small city built on islands in Biscayne Bay along the John F. Kennedy (79th Street) Causeway, between Miami and Miami Beach. It was incorporated in 1945, uses ZIP code 33141, and covers about 525 acres with roughly 4.75 miles of waterfront. The 2020 census counted 8,159 residents and 4,590 housing units, 15.3% of them vacant.

The village describes its islands this way:

• Harbor Island: mostly multifamily buildings, where most condo sales happen.
• Treasure Island: a mix of single-family homes and multifamily buildings.
• North Bay Island: mostly single-family homes on the water.
• Broadcast Key: a small island annexed in 1963, home to a TV station.

Most of the area was underwater before 1940; the islands were created by dredging in the 1940s. That history matters for lenders today because many condo buildings are old enough for Florida's milestone inspection and reserve rules, and the low-lying land drives flood insurance.

Condo loan options at the $442,500 median

At the Q3 2026 median, a North Bay Village condo fits under both the 2026 conforming limit of $832,750 and the Miami-Dade FHA one-unit limit of $667,000 (as of November 2026). The building decides which program works:

• Conventional, 10% down: $44,250 down and a $398,250 loan, if the project is warrantable. Below 20% down, expect PMI.
• FHA, 3.5% down: $15,487.50 down and a $427,012.50 base loan, but only if the building is on the FHA-approved condo list.
• Non-warrantable condo loan: for buildings that fail the standard review; usually more down and different pricing.
• Investors: a DSCR loan qualifies on the unit's rent. It is a business-purpose loan, and many associations limit rentals, so read the documents first.

Fannie Mae's Selling Guide lists what makes a project ineligible: critical repairs, including unfunded repairs over $10,000 per unit due within 12 months; certain litigation against the association; one entity owning more than 20% of units in a project of 21 or more units; or commercial space over 35% (as of November 2026). Ask for the condo questionnaire as soon as your offer is accepted. More detail is in our Florida condo loan guide.

Milestone inspections and SIRS on Biscayne Bay

Florida's post-2021 condo laws hit older bay-front buildings hardest, and they directly affect whether a lender will finance a unit (as of November 2026):

• Milestone inspection, F.S. 553.899: required for condo and co-op buildings three or more habitable stories tall by December 31 of the year the building turns 30, then every 10 years. The local building official may move it to 25 years based on conditions such as closeness to salt water. Phase one is a visual review by an architect or engineer; phase two testing is required only if phase one finds substantial structural deterioration, and repairs must be started within 365 days of the phase two report.
• Structural integrity reserve study (SIRS), F.S. 718.112: required at least every 10 years for buildings three habitable stories or higher. For associations that existed by July 1, 2022, it was due by December 31, 2025, and in no event may it be completed after December 31, 2026. Owner-controlled associations may not waive or reduce reserves for the roof, structure, fireproofing, plumbing, electrical, waterproofing, windows and doors.
• Funding relief: the law lets associations use a line of credit or loan for these repairs, or pause reserve contributions for up to two budgets to pay for milestone repairs with a majority vote of all owners.

Ask the seller for the inspection summaries, the SIRS and the current budget. A building that has finished its repairs and funded reserves is easier to finance and usually easier to resell.

Special assessments and your monthly payment

In a building catching up on repairs or reserves, the HOA fee and any special assessment can matter more to your approval than the price. Lenders count the monthly HOA fee in your debt-to-income ratio, and a large unpaid assessment can push a building into ineligible territory under Fannie Mae rules if it pays for critical repairs that are not finished.

How to protect yourself before you commit:

• Ask for the estoppel certificate, which shows what the seller owes the association and any approved assessments.
• Negotiate who pays an assessment that was approved before closing. With 17.4 months of supply, sellers often agree to pay it or credit you at closing.
• Compare two or three buildings at the same price; the one with funded reserves can cost less per month even with a higher list price.
• If you already own a unit and need cash for an assessment, a HELOC or fixed second mortgage may help, subject to credit approval and enough equity.

North Bay Village property taxes, including a new stormwater line

Budget about 25.40 mills, roughly 2.54% of taxable value, using the 2026 proposed rates from the Miami-Dade Property Appraiser (report dated August 24, 2026). That is up from 21.8955 mills in 2025, mainly because of a new stormwater debt line.

• North Bay Village: 7.0000 operating (5.7062 in 2025) + 0.9220 debt service + 2.4878 stormwater debt (new for 2026)
• Miami-Dade County: 4.5740 operating + 0.3937 debt
• School Board: 3.2510 state + 2.2480 local + 1.0000 voted + 0.1240 debt
• Fire-Rescue District 2.3965, Library District 0.2812, Children's Trust 0.4638, SFWMD 0.2301 combined, FIND 0.0270

On the median condo with $442,500 of taxable value and no exemptions, 25.40 mills is about $11,240 a year, or about $937 a month in escrow. A primary residence can claim the homestead exemption, which lowers the taxable value and lets the Save Our Homes cap limit future increases. Because your lender sets escrow from the prior bill, a rate jump like this one can create an escrow shortage after closing.

Flood insurance on the islands

North Bay Village sits in Biscayne Bay, so flood insurance is a core cost. If a financed building or home is in a FEMA Special Flood Hazard Area, the lender requires coverage. In a condo, the association's master policy covers the building; the lender checks that it meets its flood and wind requirements.

• CRS discount: the village joined FEMA's Community Rating System at Class 8, which gives NFIP policyholders a 10% discount. The village said the average policy was about $449 a year, saving about $45.
• Maps: Miami-Dade's effective FEMA maps date from September 11, 2009; preliminary maps released February 25, 2021 are not yet effective (as of November 2026).
• Stormwater work: the village won a $2 million state grant for the Harbor Island Outfall Improvement Project, which adds baffle boxes at 13 outfalls to filter stormwater before it reaches the bay.

On North Bay Island and Treasure Island houses, order an elevation certificate early. See what is a flood zone.

Down payment help, closing taxes and QMS Lending

At this price point, down payment programs can matter (as of November 2026):

• Miami-Dade Homebuyer Down Payment Assistance: an interest-free deferred loan up to $35,000 for first-time buyers who are county residents, with income under $95,620 for one person or $136,500 for four. You need 1% of the price from your own funds and HUD-approved homebuyer counseling.
• Florida Hometown Heroes: up to 5% of the first mortgage, from $10,000 to $35,000, as a 0% deferred second mortgage for eligible first-time buyers in qualifying jobs or military service.

Closing taxes on the median condo with a $398,250 loan: doc stamps on the mortgage of about $1,394 ($0.35 per $100) and intangible tax of $796.50 (0.2%). Deed stamps are $0.60 per $100, or $2,655 on $442,500; the Miami-Dade $0.45 surtax does not apply because a condo unit counts as a single-family residence under F.S. 201.031.

QMS Lending is an independent mortgage broker founded in 2018 (NMLS #1781090), led by President Michael Fernandez (NMLS #1491775), with 100+ lenders and a 4.9-star rating from 200+ Google reviews, in English and Spanish. Call 305-425-1990 or start at our purchase page. Subject to credit approval; rates vary daily.

Down payment help for North Bay Village buyers

• Miami-Dade Homebuyer Down Payment Assistance Interest-free deferred loan up to $35,000 for first-time buyers; income under $95,620 (1 person) to $136,500 (4); 1% own funds and HUD-approved counseling required. ↗
• Florida Hometown Heroes Up to 5% of the first mortgage ($10,000 to $35,000) as a 0% deferred second mortgage for eligible first-time buyers in qualifying jobs or military service. ↗

Nearby cities

Miami BeachMiamiNorth MiamiBay Harbor IslandsMiami Shores