Question 1

What credit score do I need to buy a home in Miami?

Accepted Answer

Minimum credit scores vary by loan program. FHA loans accept scores as low as 580 with 3.5% down, or 500-579 with 10% down. Conventional loans through Fannie Mae and Freddie Mac typically require 620+, with meaningfully better pricing at 680+ and best pricing at 740+. VA loans have no set minimum from the government but most lenders look for 620+. Non-QM programs like bank statement loans can accept scores down to 600, and some asset-based programs go as low as 500. Beyond the minimum, a higher credit score generally means better interest rates, lower PMI cost on conventional loans, and access to more program options. If your score is on the border, focus on paying down revolving balances below 30% utilization and resolving any recent collections at least 90 days before applying.

Question 2

How much down payment do I need to buy a house in Miami?

Accepted Answer

Down payment requirements depend on the program you qualify for. FHA loans require 3.5% down with a 580+ credit score, or 10% down for scores between 500-579. Conventional loans start at 3% for first-time buyers through Fannie Mae HomeReady and Freddie Mac Home Possible programs, or 5% for standard conventional. VA loans offer 0% down for eligible veterans and active-duty service members. USDA loans also offer 0% down in qualifying rural areas (parts of Miami-Dade and Broward are USDA-eligible). Jumbo loans for luxury properties in Miami typically require 10-20% down. DSCR investment property loans require 20-25%. Foreign national programs require 25-30%. Florida residents also have access to down payment assistance programs like FL Hometown Heroes, which provides up to $25,000 in forgivable loans for first responders, healthcare workers, and teachers.

Question 3

Can I buy a home in Miami as a foreign national?

Accepted Answer

Yes. Miami is one of the top destinations for international buyers, and foreign national loan programs are specifically designed for non-US citizens purchasing property here. These programs typically require a 25-30% down payment, a valid passport, and proof of income or assets from your home country. No US credit history, Social Security number, or ITIN is required. Income can be documented through reference letters from your foreign bank, international CPA statements, or rental income from existing properties. Loan amounts commonly range from $200,000 to $5 million or more for luxury condos in Brickell, Miami Beach, Sunny Isles, or Aventura. Rates are typically slightly higher than conventional loans to reflect the additional underwriting complexity. LLC ownership is also permitted, which many international investors prefer for privacy and tax structuring. Closings usually take 45-60 days.

Question 4

What are Miami-Dade closing costs for a home purchase?

Accepted Answer

Closing costs in Miami-Dade County typically range from 2-5% of the purchase price, which on a $500,000 home means $10,000-$25,000. The breakdown includes lender fees (origination, appraisal, credit report, underwriting), title insurance (paid by seller in Miami-Dade by custom, but negotiable), documentary stamp tax on the deed (0.7% of purchase price, usually paid by seller), documentary stamp tax on the mortgage (0.35% of the loan amount, paid by buyer), intangible tax on the mortgage (0.2% of the loan amount, paid by buyer), recording fees, survey, pest inspection, flood zone determination, and prepaid items like homeowners insurance (first year paid upfront), flood insurance if required, property taxes (prorated), and mortgage interest. Condo buyers should also budget for estoppel fees and association application fees. We provide a full closing cost estimate during pre-qualification so there are no surprises.

Question 5

How long does it take to close on a home in Miami?

Accepted Answer

Most financed home purchases in Miami close in 30-45 days from accepted offer. Cash deals can close in as little as 7-14 days. The timeline depends on several factors: how quickly the buyer provides documentation, appraisal turnaround (usually 7-10 days), title search and insurance (5-7 days), condo association document delivery (can take 2-4 weeks in some buildings), inspection contingency period (typically 10-15 days), and final underwriting approval. FHA and VA loans may take slightly longer due to additional appraisal requirements. Foreign national and jumbo loans often take 45-60 days. The single biggest factor in a fast close is being pre-qualified with full documentation on file before making an offer. Getting pre-qualified before house hunting also makes your offer more competitive in Miami market conditions.

Feature	FHA	Conventional	VA
Min. Down Payment	3.5%	3%	0%
Min. Credit Score	580	620	No minimum*
Mortgage Insurance	Required (life of loan)	Removable at 20% equity	None
Loan Limits (2026)	$621,000	$766,550	No limit
Seller Concessions	Up to 6%	3-9%	Up to 4%
Gift Funds	Yes, 100%	Yes, with restrictions	Yes, 100%

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Home Purchase Loan Comparison

Home Buying Resources

First-Time Home Buyer's Guide to South Florida Real Estate

Miami Real Estate Market Trends: What Buyers Need to Know

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FHA
Federal Housing Administration
Loans

VA
Veterans Affairs
Loans

USDA
United States Department of Agriculture
Loans

DSCR
Debt Service Coverage Ratio
Investment Loans