Mortgage Broker in North Miami, FL

Short answer

In Q2 2026 the median North Miami house sold for $570,000, under the $667,000 Miami-Dade FHA limit, so a 3.5%-down FHA loan reaches the middle of the market; the median condo sold for $205,000. QMS Lending is an independent mortgage broker with 100+ lenders, and North Miami buyers may also layer city assistance of up to $40,000 with county programs.

North Miami home prices and what they mean for your loan

In Q2 2026 the City of North Miami recorded 63 single-family sales at a median of $570,000 (down 10.2% year over year) and 35 townhouse/condo sales at a median of $205,000, per Florida Realtors data published by MIAMI REALTORS (as of October 2026). The county medians were $675,000 for houses and $425,000 for condos, so North Miami is one of the more reachable cities in northeast Miami-Dade.

The average house price was $1,161,128, about double the median. That gap comes from the bayfront: Keystone Point and San Souci are waterfront neighborhoods on canals off Biscayne Bay, while the bulk of sales are concrete-block houses west of Biscayne Boulevard in areas like Alhambra Heights, Arch Creek Highlands and Westside Sunkist Grove.

At $570,000 an FHA buyer with 3.5% down borrows $550,050, inside the $667,000 FHA limit. A conventional buyer with 5% down borrows $541,500. Houses moved in a median 45 days with 6.4 months of supply, so well-prepared offers with a full pre-approval matter.

Down payment help for North Miami buyers

North Miami is one of the few Miami-Dade cities with its own purchase assistance, and buyers here can also apply for county programs.

City of North Miami First-Time Homebuyer Program: up to $40,000 through SHIP as a 0% forgivable deferred loan, with a 7-year affordability period under SHIP (up to 15 years under HOME). Maximum purchase price is $460,000 under SHIP and $370,000 under HOME, with a $30,000 cap on liquid assets. You need an 8-hour homebuyer education certificate and no home owned in 3 years. The city says applications are open until funds are depleted, first-come, first-processed (as of October 2026). Contact: 776 NE 125 Street, 305-893-6511.

Those price caps sit under the $570,000 median house, so the city program usually pairs with condos, townhouses and lower-priced houses.

Miami-Dade County Homebuyer Down Payment Assistance: up to $35,000, 0% interest, deferred up to 30 years, with income under $95,620 for one person up to $136,500 for four, a 1% buyer contribution and a fixed-rate first mortgage. Shared equity applies if you sell within 6 years.

MDEAT Homeownership Assistance Program: up to $28,500 at or below 80% of AMI, or $14,500 up to 140% of AMI, forgiven after 20 years of owner occupancy.

Florida Hometown Heroes: 5% of the first mortgage, $10,000 to $35,000, for first-time buyers in eligible full-time jobs. Funds come in rounds; ask us whether they are open. See Florida down payment assistance programs.

Property taxes in North Miami

North Miami carries one of the higher tax bills in the county. The 2025 total millage is 22.1415 mills, about 2.21% of taxable value, per the Miami-Dade Property Appraiser (as of October 2026). The city operating rate alone is 7.4000 mills, versus 1.9090 in unincorporated Miami-Dade.

On a $570,000 house that is roughly $12,600 a year before the homestead exemption, estimated at your purchase price. A primary residence gets homestead and then the Save Our Homes cap limits future increases in assessed value.

Because escrow for taxes is part of your PITI, budget the tax at the purchase price, not the seller's current bill. That number moves your DTI more than buyers expect.

Flood risk and insurance east and west of the Biscayne Canal

The city's 2025 flood hazard report divides North Miami at the Biscayne Canal. East of the canal, mucky soil and a higher water table mean water drains slowly and pools during rain and high tides. West of the canal the soil is sandy and drains more easily. Arch Creek, Little Arch Creek, the Biscayne Canal and the Oleta River are all tidal.

North Miami holds Community Rating System Class 6, which gives properties in a Special Flood Hazard Area a 20% discount on NFIP flood premiums. Flood insurance is required on a federally backed mortgage in a Special Flood Hazard Area. Look up the parcel with the city's Forerunner flood tool, which also prints a flood zone letter and base flood elevation.

Many North Miami houses are older concrete-block homes, so insurers often ask for a 4-point inspection and a wind mitigation report. Get both early; a newer roof and hurricane shutters can cut the premium your lender escrows.

Which loan programs fit North Miami buyers

The 2026 Miami-Dade FHA limit is $667,000 and the conforming limit is $832,750 (as of October 2026).

• FHA with 3.5% down: the median house fits the FHA limit, and FHA allows higher DTI and lower scores than conventional. See FHA vs conventional in Miami-Dade.
• Conventional with 5% down: cheaper mortgage insurance for stronger credit.
• VA loans: 0% down for eligible veterans.
• ITIN loans: for buyers who file taxes with an ITIN instead of a Social Security number.
• Bank statement loans: for self-employed buyers whose tax returns understate income.
• Non-warrantable condo loans: for older condo buildings that fail the questionnaire.
• Jumbo loans: for Keystone Point and San Souci waterfront houses above $832,750.

Why work with QMS Lending for North Miami

QMS Lending is an independent mortgage broker in Miami, FL, founded in 2018 (NMLS #1781090). North Miami files close by e-sign and phone, and we handle the layering paperwork when city and county assistance are combined. We shop your file across 100+ wholesale lenders instead of one rate sheet, so a condo with a questionnaire problem or a self-employed borrower can land with the lender that wants that file.

The team is bilingual (English and Spanish), led by Michael Fernandez, NMLS #1491775, President, with 4.9 stars across 200+ Google reviews. Rates vary daily; call 305-425-1990 for today's pricing. Subject to credit approval. Equal Housing Opportunity.

Down payment help for North Miami buyers

• City of North Miami First-Time Homebuyer Program Up to $40,000 (SHIP), 0% forgivable deferred loan; max price $460,000 SHIP / $370,000 HOME; $30,000 liquid asset cap; 8-hour class; open until funds are depleted. ↗
• Miami-Dade County Homebuyer Down Payment Assistance Up to $35,000, 0% deferred up to 30 years; income under $95,620 (1 person) to $136,500 (4); 1% buyer contribution; fixed-rate first mortgage only. ↗
• 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 occupancy; no price cap; 2-4 units ineligible. ↗
• Florida Hometown Heroes Up to 5% of the first mortgage, $10,000 to $35,000, 0% deferred 30-year second; first-time buyers working full time for a Florida employer in eligible jobs. Funded in rounds. ↗

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