Last updated June 12, 2026
Reviewed by
Priya Shah
, Senior Mortgage Editor
No credit check · No obligation · Results in 60 seconds
Miami, Florida: 2026 Market Data
📊 LOCAL MARKET DATA
Median home price: $620,000
Median household income: $55,000
Average annual auto premium: $3,420
Top carriers: Citizens, Universal, Security First
Data from U.S. Census Bureau, NAIC, state insurance department
Quick Answer
Miami's 701 metro credit score puts most borrowers in the 580+ (3.5% down) tier. With conventional at 72.1% and FHA at 18.4%, Chase's dual-track pre-approval — FHA and conventional simultaneously — is the standard Miami approach when the score is near the 620 conventional cutoff.
Miami Mortgage Math: $372,000 Loan at Current Rates
Let's run real numbers on a $372,000 loan, which lands close to what many Miami FHA buyers finance after their down payment. At a rate hovering in the mid-6% range, your principal and interest payment falls somewhere around $2,350 per month before anything else gets added. And in Miami, plenty gets added. Florida property taxes on a home in that range can run $4,500 to $7,000 annually depending on your Miami-Dade millage rate, and homeowners insurance here is the real budget shocker. Wind and flood exposure push premiums far above the national average, with many Miami policies landing between $4,000 and $9,000 a year. FHA also requires mortgage insurance, both an upfront premium financed into the loan and an annual premium split across your payments. Stack it all together and your true monthly outlay can climb past $3,400. Running this math before you shop keeps the rate quote from masking what you'll actually pay.
What is the average mortgage rate in Miami right now?
As of 2026, the average 30-year fixed mortgage rate in Miami, FL is approximately 6.49%. The 15-year fixed runs roughly 70–80 basis points lower. Rates change daily with bond market movements — locking in at the right time can save thousands over the life of your loan.
What credit score do I need for a mortgage in Florida?
In Florida, most lenders require 620 (FHA) / 640+ (conventional) to qualify. FHA loans accept scores as low as 580 with 3.5% down (or 500 with 10% down). Conventional loans above 740 typically receive the best rates — improving your score by even 40 points before applying can lower your rate by 0.25–0.5%.
How much down payment is typical in Miami?
First-time buyers in Miami commonly put down 3.5% on FHA loans or 5–20% on conventional loans. The Florida Housing Finance Corporation FL Assist — up to $10,000 in down payment help. A 20% down payment eliminates PMI and reduces your monthly payment, but is not required.
What are Florida-specific first-time buyer programs?
Florida offers the Florida Housing Finance Corporation FL Assist — up to $10,000 in down payment help. These programs typically have income limits of 80–120% of area median income and require completion of an HUD-approved homebuyer education course. Ask your lender to run a combined FHA + assistance program quote alongside a conventional loan.
FHA vs. conventional in Miami — which is more common?
FHA loans are popular in Florida's coastal markets due to the lower down payment requirement. FHA loans are easier to qualify for but carry an upfront MIP fee (1.75% of loan amount) plus annual MIP. Once you have 20% equity, conventional loans allow PMI cancellation — making them more cost-effective long-term for buyers who can qualify.
How long does closing take in Florida?
The typical mortgage closing timeline in Florida is 45–50 days from application to closing. Pre-approval before making an offer can shorten this to 30–35 days. Delays most often occur at appraisal, title search, or underwriting — your loan officer can flag issues early if you provide all documentation upfront.
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