Mortgage Broker in South Miami, FL

Short answer

South Miami's median single-family home sold for $1,261,250 in Q2 2026, up 12.1% in a year, and houses went under contract in a median of 27 days, so buyers need a pre-approval that is ready before they tour. QMS Lending is an independent mortgage broker in Miami, FL with 100+ lenders for jumbo loans on houses and conventional or FHA loans on South Miami's smaller condo market.

A fast, small market

South Miami covers about 2.3 square miles between Coral Gables and Pinecrest, with the University of Miami campus on its eastern edge along Red Road. It is a small city, so quarterly numbers come from a modest number of sales. MIAMI REALTORS reported for Q2 2026 (data as of July 2026, retrieved October 2026):

• Single-family median: $1,261,250, up 12.1% year over year, on 32 sales (up 28%). The average was $1,988,886.
• Cash buyers: 14 of 32, about 44%.
• Median time to contract: 27 days, down 35.7% from a year earlier. That is one of the faster single-family markets in the county. Inventory was 34 homes, 4.3 months of supply.
• Condos and townhouses: 14 sales, median $374,000, with 7 paid in cash. Inventory was 15 units, 4.4 months of supply.

Miami-Dade's countywide medians in the same quarter were $675,000 for houses and $425,000 for condos. South Miami houses run well above the county; its condos run below it.

Competing with cash in 27 days

When almost half the house buyers pay cash and homes go under contract in four weeks, the financed offer has to look as certain as cash. That comes down to preparation:

• Full pre-approval, not a pre-qualification. Income, assets and credit reviewed before you make an offer.
• Jumbo planned in advance. At the $1,261,250 median, a 20% down payment ($252,250) leaves a $1,009,000 loan, well above the $832,750 conforming limit. Jumbo lenders want documented reserves, so gather statements early.
• An appraisal gap plan. With prices up 12.1% in a year, an appraisal can come in under contract price. Know how much extra cash you could add.
• Short contingency periods. A complete file lets you shorten the financing contingency without taking on much risk.

We match the file to a lender that can close on the contract timeline. Rates vary daily; call for today's pricing.

South Miami condos and townhouses

At a $374,000 median, South Miami condos fit under the 2026 FHA limit of $667,000. With a 580+ credit score, FHA needs 3.5% down, about $13,090 at the median, but the building must be FHA-approved or the unit must qualify through single-unit approval. Conventional financing needs the project to meet Fannie Mae or Freddie Mac rules.

Lenders review the association before they lend. Under Fannie Mae's guide, a project is ineligible if it has unfunded critical repairs over $10,000 per unit due within 12 months, if one entity owns more than 20% of units in a 21+ unit building, or if commercial space exceeds 35%. Downtown South Miami near Sunset Drive and the Metrorail station has mixed-use buildings where the commercial share matters.

If a building fails, it becomes non-warrantable. That moves you to a non-warrantable condo loan, usually with more down. Ask early for the condo questionnaire, the budget, and any milestone inspection or SIRS report.

Near the University of Miami, some buyers purchase a condo to rent. That is an investment property, which may qualify for a DSCR loan based on rent instead of personal income. DSCR loans are business-purpose loans, not for a primary residence.

Property taxes and closing costs in South Miami

South Miami's 2026 adopted total millage is 18.9393 mills, about 1.89% of taxable value (Miami-Dade Property Appraiser, as of October 2026). The city's own operating rate is 3.9500, unchanged from 2025. Total millage dipped slightly from 18.9727 because school debt and county debt rates went down.

• On a $1,261,250 house, first-year taxes before exemptions would be roughly $23,900.
• On a $374,000 condo, roughly $7,080, plus HOA dues.

Your homestead exemption lowers that after you file, and the Save Our Homes cap limits future increases. Do not underwrite your budget on the seller's tax bill.

At closing, Florida charges documentary stamps on the note at $0.35 per $100 and intangible tax of 2 mills. On a $1,009,000 jumbo, that is about $3,532 and $2,018. Flood insurance depends on the specific address; check it on the county or FEMA map before you offer.

Programs that fit South Miami buyers

• Jumbo loans for most single-family purchases.
• Conventional and FHA for condos and townhouses near the $374,000 median.
• Bank statement loans for self-employed buyers, including medical professionals in private practice near the hospital corridor on US 1.
• Down payment help: Miami-Dade's program offers up to $35,000 for buyers under its income limits, and Florida Hometown Heroes offers up to 5% of the loan for eligible full-time workers such as health care and school staff. Both fit the condo side of South Miami better than the house side. QMS also offers a forgivable down payment grant.

QMS Lending is bilingual (English and Spanish), NMLS #1781090, rated 4.9 stars across 200+ Google reviews. You may qualify for more than one structure; we show you the options side by side. Subject to credit approval.

Down payment help for South Miami buyers

• 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% of the price from your own funds. ↗
• MDEAT Homeownership Assistance Program (HAP) Up to $28,500 (80% AMI or below) or $14,500 (above 80% up to 140% AMI); 0%, no payments, forgiven after 20 years of occupancy; 2-4 units ineligible. ↗
• Florida Hometown Heroes Up to 5% of the first mortgage ($10,000 minimum, $35,000 maximum), 0% deferred 30-year second, not forgivable; first-time buyers in eligible full-time jobs with a Florida employer. ↗

Nearby cities

Coral GablesPinecrestKendallWestchesterPalmetto Bay