FHA Cash-Out loans in Miami, FL (Miami-Dade County)
The 2026 HUD one-unit FHA limit in Miami-Dade County is $667,000, so a FHA Cash-Out here supports a purchase price of roughly $691,192 with 3.5% down (about $24,192). Miami-Dade is a condo-heavy, high-cost HUD area where a large share of FHA offers are written on attached units, and where documentary stamp and surtax rules differ from the rest of Florida.
1-unit limit
$667,000
2-unit limit
$853,900
Max price at 3.5% down
$691,192
Minimum down
$24,192
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FHA Cash-Out in Miami at a glance
In Miami-Dade County, the 2026 FHA one-unit limit of $667,000 sets the maximum FHA Cash-Out loan amount, and HUD's reference median value for the county is $580,000.
Upfront MIP at the limit: $11,673 (1.75%, normally financed)
HUD reference median value in Miami-Dade County: $580,000
HUD metro area: MIAMI-FORT LAUDERDALE-WEST PALM BEACH
Directional escrow at the county median: about $818 a month
Local watch item: Condo approval is the single biggest deal-killer here — confirm the project is on HUD's approved list or plan for single-unit approval before the contract deadline.
Last reviewed August 23, 2026 against current FHA (HUD 4000.1) guidelines.
FHA Cash-Out Rates in Miami, Florida
Buyers pricing an FHA loan in Miami, Florida and the rest of Miami-Dade County are shopping the same wholesale FHA market as the rest of the state, but the option that fits best still comes down to the individual file. What you are quoted depends on the file — credit profile, base loan amount, down payment, property type, term and lock period each shift FHA pricing. Use the pricing form below to see live FHA options for your file, including provider APR and whether each option costs points or returns a lender credit. The options below are the same live wholesale FHA pricing referenced throughout this FHA Cash-Out local page.
Snapshot pricing unavailable
No current pricing snapshot — we never show sample rate figures.
Sample scenario: Florida primary residence, 30-year fixed FHA. Pricing is refreshed once every business day and can change between refreshes.
Loading the most recent FHA pricing snapshot…
Snapshot pricing is an example for the sample scenario described above. It is not a quote, an application, a pre-approval, a rate lock, an offer of credit or a commitment to lend, and it is not personalized to you.
APR is supplied by our pricing provider for the exact scenario priced. Other lender or third-party charges listed separately may not be reflected, and the final APR can change. Your final mortgage disclosures control.
A lender credit reduces eligible closing costs only. It cannot exceed those costs and is never cash back to the borrower.
Get my own FHA pricing
The three cards above are examples from the latest daily snapshot. Enter your own purchase price, down payment, credit score and location to see every eligible FHA option for your scenario, priced right now.
What $667,000 buys in Miami
FHA limits cap the loan amount, not the price. Here is the arithmetic on this county's own HUD limit.
Max purchase price at 3.5% down
$691,192
Minimum down payment
$24,192
Max FHA base loan amount
$667,000
Upfront MIP (1.75%, financed)
$11,673
Source: HUD CHUMS 2026 forward limit file. Figures are HUD maximums and illustrations — not a rate quote, an approval, or a commitment to lend.
Using a FHA Cash-Out in Miami
Florida homeowners who bought before the last run-up often hold significant equity while carrying high-rate consumer debt. An FHA cash-out at 80% loan-to-value is one route to consolidate, but the new loan carries FHA mortgage insurance for its life at that LTV, so the comparison against a conventional cash-out or a second mortgage is a real one.
A full appraisal is required, which brings Florida-specific condition issues back into play: roof age, open permits, seawalls and prior storm repairs are all inspected. Homes with unresolved permit history frequently need work before the loan can close.
In Miami-Dade County specifically: Miami-Dade is a condo-heavy, high-cost HUD area where a large share of FHA offers are written on attached units, and where documentary stamp and surtax rules differ from the rest of Florida. With the county limit at $667,000 against a HUD reference median of $580,000, the limit sits above the typical Miami-area value, so most of the market is within FHA reach.
Miami watch item
Condo approval is the single biggest deal-killer here — confirm the project is on HUD's approved list or plan for single-unit approval before the contract deadline.
County data
County FIPS
FL086
HUD metro area
MIAMI-FORT LAUDERDALE-WEST PALM BEACH
HUD median value
$580,000
Four-unit limit
$1,282,700
Miami ownership costs that change the payment
Monthly property tax (county median value)
$343
Monthly insurance (directional)
$475
Monthly escrow total
$818
Closing convention
Title/escrow state
Florida transfer / documentary tax: Documentary stamp tax $0.70 per $100 of price ($0.60 in Miami-Dade plus surtax), plus $0.35 per $100 on the note and 0.2% intangible tax on the mortgage.
Property tax and insurance figures are directional reference values derived from U.S. Census Bureau ACS and NAIC published data applied to the HUD median value for Miami-Dade County — not quotes. Your actual escrow depends on the parcel, exemptions and carrier.
Down payment assistance for Miami buyers
Florida Housing and local county programs
Florida Housing Finance Corporation runs statewide first-mortgage and down payment assistance products that pair with FHA financing, and several counties add their own bond or SHIP-funded assistance. Eligibility, funding availability and terms are set by the administering agency, not by us.
What is the FHA Cash-Out loan limit in Miami-Dade County, FL for 2026?
HUD's 2026 one-unit FHA limit for Miami-Dade County is $667,000, with $853,900 for a duplex, $1,032,150 for a triplex and $1,282,700 for a fourplex. The FHA Cash-Out program uses that same county limit.
How much loan can an FHA Cash-Out support in Miami-Dade County, FL?
At the $667,000 limit, 3.5% down supports a purchase price of roughly $691,192 with about $24,192 down. Upfront mortgage insurance of 1.75% ($11,673 at the limit) is normally financed on top of the base loan. These are illustrations, not a quote or an approval.
What credit score do I need for an FHA Cash-Out loan in Florida?
FHA sets 580 as the minimum score for 3.5% down and allows 500-579 with 10% down. FHA does not publish a different score requirement for Florida — but lenders apply their own overlays, and a stronger score usually improves the rate you are offered.
What will taxes and insurance add to the payment in Miami-Dade County, FL?
Using Florida's directional effective property tax rate of 0.71% and a typical annual homeowners premium near $5,700, escrow on a $580,000 home runs roughly $343 a month in taxes plus $475 in insurance — about $818 before mortgage insurance. Actual figures depend on the exact parcel, carrier and exemptions.
FHA Cash-Out Miami frequently asked questions
What is the FHA Cash-Out loan limit in Miami-Dade County, FL for 2026?
HUD's 2026 one-unit FHA limit for Miami-Dade County is $667,000, with $853,900 for a duplex, $1,032,150 for a triplex and $1,282,700 for a fourplex. The FHA Cash-Out program uses that same county limit.
How much loan can an FHA Cash-Out support in Miami-Dade County, FL?
At the $667,000 limit, 3.5% down supports a purchase price of roughly $691,192 with about $24,192 down. Upfront mortgage insurance of 1.75% ($11,673 at the limit) is normally financed on top of the base loan. These are illustrations, not a quote or an approval.
What credit score do I need for an FHA Cash-Out loan in Florida?
FHA sets 580 as the minimum score for 3.5% down and allows 500-579 with 10% down. FHA does not publish a different score requirement for Florida — but lenders apply their own overlays, and a stronger score usually improves the rate you are offered.
What will taxes and insurance add to the payment in Miami-Dade County, FL?
Using Florida's directional effective property tax rate of 0.71% and a typical annual homeowners premium near $5,700, escrow on a $580,000 home runs roughly $343 a month in taxes plus $475 in insurance — about $818 before mortgage insurance. Actual figures depend on the exact parcel, carrier and exemptions.
Can I use down payment assistance with an FHA Cash-Out loan in Florida?
Florida Housing Finance Corporation runs statewide first-mortgage and down payment assistance products that pair with FHA financing, and several counties add their own bond or SHIP-funded assistance. Eligibility, funding availability and terms are set by the administering agency, not by us. Assistance is layered behind the FHA first mortgage and does not change FHA's own underwriting requirements.
Is Simply Approved Mortgages licensed in Florida?
Yes. Simply Approved Mortgages LLC (NMLS #2620881) is licensed to arrange residential mortgage loans in Florida and Colorado, including Miami-Dade County, FL. We are a mortgage broker, not a direct lender, and all loans are subject to lender underwriting and approval.
What should Miami buyers watch out for on an FHA file?
Condo approval is the single biggest deal-killer here — confirm the project is on HUD's approved list or plan for single-unit approval before the contract deadline — and on an FHA Cash-Out file that item is best raised inside the inspection period, because the appraiser's condition notes and the underwriter's clearance both have to be resolved before a closing date can hold.
Does the property have to be my primary residence?
Yes. Every FHA forward program, including the FHA Cash-Out, requires owner occupancy — you must occupy the home as your primary residence, generally within 60 days of closing. Second homes and rentals are not eligible.
Can I buy a condo in Miami-Dade County, FL with an FHA Cash-Out loan?
Only if the project is on HUD's approved condominium list or the unit qualifies for single-unit approval. This matters more in Florida than almost anywhere else because so much reachable inventory is attached. You can search the current list on HUD's condominium lookup.
How long does an FHA Cash-Out loan take to close in Florida?
A clean file commonly runs on a standard 30-45 day contract timeline. Appraisal scheduling, insurance binding and, for attached homes, condo documentation are the items that most often move the date.
What documents will I need?
Expect 30 days of pay stubs, two years of W-2s or full tax returns if self-employed, two months of bank statements for every account used, photo ID, and a written explanation for any employment gap. Self-employed borrowers are underwritten on net income after expenses, which is often lower than gross deposits.
Where do these Miami-Dade County, FL numbers come from?
County loan limits come from HUD's official CHUMS 2026 forward-limit file. Median values are the HUD dataset's reference figures, and the tax and insurance ranges are directional figures derived from Census ACS and NAIC published data. Nothing on this page is a rate quote, a loan offer, or a commitment to lend.
Florida Mortgage Broker License #MBR7685 | Colorado Mortgage Company Registration
Florida advertising disclosure (Chapter 494, Florida Statutes): Simply Approved Mortgages LLC, Florida Mortgage Broker License #MBR7685, NMLS #2620881, is a licensed Florida mortgage broker regulated by the Florida Office of Financial Regulation and is not a lender. Any rate, payment, down payment or down payment assistance figure shown on this page is an illustrative estimate for educational purposes only — it is not a quote, rate lock, offer or commitment to lend, and it is not an advertisement of specific credit terms available to any particular borrower. Down payment assistance is a third-party program subject to its own eligibility, income, property and availability requirements. All loans are subject to lender underwriting and approval. Simply Approved Mortgages LLC is not affiliated with, approved by or endorsed by HUD, FHA or any government agency. Equal Housing Opportunity.
Simply Approved Mortgages is not affiliated with or endorsed by HUD, FHA, or any government agency.
Included with your FHA estimate
Get your FHA Pre-Approval Summary.
Complete the short form and we send back a full FHA breakdown: your county loan limit, the minimum FHA down payment, financed upfront MIP, monthly mortgage insurance, and an estimated payment — plus whether down payment assistance can cover your cash to close.
Maximum FHA loan amount for your county
Minimum FHA down payment and cash-to-close estimate
Upfront and annual MIP included
Estimated monthly payment with taxes and insurance
Takes about 3 minutes · No obligation · Summary emailed and shown on screen
Illustration only, generated from the information you enter. Not a Loan Estimate, pre-qualification, commitment to lend, or approval. Subject to appraisal, credit and income review, FHA guidelines, and final lender approval. Equal Housing Opportunity.
FHA Estimate Summary
Purchase price
$385,000
Down payment (3.5%)
$13,475
Base loan amount
$371,525
Financed UFMIP (1.75%)
$6,502
Est. monthly payment
Shown in your summary
Sample figures for illustration only — not a quote, rate lock, offer of credit or commitment to lend. Simply Approved Mortgages · NMLS #2620881 · Equal Housing Opportunity
Weighing it up
Pros and cons of this FHA program
The trade-offs below are specific to this FHA program. Reviewed August 23, 2026 against HUD Handbook 4000.1 and the current HUD county loan limit file.
What works in your favor
Every FHA program shares the same 3.5%-down, 580-FICO core eligibility.
Gift funds and seller credits are permitted across the program family.
Moving between FHA programs mid-file is possible without starting over.
What to plan around
Each program carries its own appraisal, documentation and timeline rules.
Mortgage insurance applies across the family and is priced by term and LTV.
The county limit still caps the loan amount whichever program you choose.
Worked example
The 3.5%-down structure this program is built on
Program mechanics differ, but the down payment and MIP arithmetic below is the base every FHA file starts from.
The 3.5%-down structure this program is built on
Purchase price
$425,000
FHA down payment at 3.5%
$14,875
Base loan amount
$410,125
Upfront MIP at 1.75%, financed
$7,177
Total FHA loan amount
$417,302
Illustration only — not a quote, rate lock, offer or commitment to lend. Subject to lender underwriting and approval.
Document checklist
What documents you need for this FHA program
This is the set an FHA underwriter typically asks for. Having it ready before you write an offer is the single biggest difference between a two-week and a six-week file.
Identity and residency
Government-issued photo ID and Social Security number
Two-year residence history with landlord contact where you rented
Assets
Two months of statements for every account used for down payment or reserves
A signed gift letter plus the donor's source of funds for any gifted money
Retirement statements when reserves are drawn from those accounts
Property and credit
Fully executed purchase contract with all addenda
Homeowners insurance quote, plus flood coverage where required
Written explanation for credit events, plus bankruptcy or foreclosure paperwork if applicable
Specific to this scenario
Any program-specific documentation, such as a contractor bid on a renovation file
Income documentation
Self-employed vs. W-2 employed: what it means for your FHA loan
The program you choose does not change how your income is documented — how you are paid does. FHA does not apply a different credit score, down payment or county limit to self-employed borrowers — it applies a different documentation standard.
FHA documentation differences between W-2 employed and self-employed borrowers
Item
W-2 employed
Self-employed
History required
Two-year employment history, with gaps explained. A job change inside the same field is usually fine.
Generally two years of self-employment. A shorter history can sometimes be considered when there is documented prior experience in the same line of work.
How income is calculated
Base pay from pay stubs and W-2s. Bonus, overtime and commission generally need a two-year history to be averaged in.
Net income from tax returns, averaged and adjusted for allowable add-backs such as depreciation. Write-offs that reduce taxable income also reduce qualifying income.
Documents that open the file
30 days of pay stubs, two years of W-2s, and a verification of employment.
Two years of personal and business returns, year-to-date P&L and balance sheet, and evidence the business is still operating.
Verification at closing
The employer is re-verified shortly before closing; do not change jobs mid-process without telling your loan officer.
Continued existence of the business is re-verified close to closing, typically through a third-party or licensing check.
Most common delay
Unexplained gaps, a new job with variable pay, or a VOE the employer never returns.
A declining year over year, or a large deduction that removes the very income needed to qualify.
What we suggest
Get the VOE moving on day one — it is the item most often outstanding at the end.
Have your accountant produce the year-to-date P&L before you shop, so qualifying income is known before you write an offer.
If you are W-2 employed
Pay stubs covering the most recent 30 days
W-2 forms for the last two years
A verification of employment; HUD Handbook 4000.1 Update 18 tightened the written and electronic VOE rules, so expect the employer record to be verified directly
Documentation of bonus, overtime or commission income if you want it counted
If you are self-employed
Two years of personal federal tax returns, all schedules
Two years of business returns for a partnership, S-corp or C-corp, plus K-1s
A year-to-date profit and loss statement and balance sheet
Business license, CPA letter or equivalent evidence the business is active
General FHA documentation guidance per HUD Handbook 4000.1, including Update 18 changes to written and electronic verification of employment. Requirements vary by borrower, property, lender and program, and all loans are subject to lender underwriting and approval. Sources: HUD Handbook 4000.1
Run the numbers for Miami-Dade County
FHA payment, affordability, closing cost and refinance calculators for Miami-Dade County, Florida
Prefilled with the 2026 HUD reference median of $580,000 for Miami-Dade County, Florida, a 0.71% effective property tax rate and a directional $5,700 annual homeowners premium. Change any input — the interest rate is your own assumption, not an offer.
Figures are illustrations based on the values you entered — not an offer, rate lock, or commitment to lend. Emailing your scenario sends it to a licensed loan officer in Florida or Colorado.
Estimates for general educational purposes only. Interest rates shown are assumptions you enter, not quoted rates, and nothing here is a rate lock, APR, payment quote, pre-approval, offer or commitment to lend. Results exclude HOA dues, flood or wind policies, mortgage insurance changes, points and lender-specific fees. FHA upfront MIP of 1.75% and annual MIP of 0.55% follow HUD Mortgagee Letter 2023-05 for a 30-year term at 3.5% down. Property tax and insurance inputs are directional state references, not a parcel-level bill. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state. All loans are subject to lender underwriting and approval. Equal Housing Opportunity. Sources: HUD Mortgagee Letter 2023-05 (MIP) · HUD Mortgagee Letter 2025-23 (2026 loan limits) · U.S. Census Bureau ACS · NAIC homeowners insurance · CFPB Closing Disclosure
Taxes, insurance and local expenses
What owning actually costs in Miami-Dade County, Florida
Mortgage pricing moves the payment a little. Property tax and insurance move it a lot, and they are entirely local. These figures are built from the 2026 HUD county dataset for Miami-Dade County, Florida and Florida tax and settlement conventions, reviewed August 23, 2026.
Estimated ownership costs in Miami-Dade County, Florida on a $580,000 home
Cost
Estimate
How it works here
Property tax
$343 / mo
About 0.71% effective on $580,000 — roughly $4,118 a year. Millage is set locally, so verify the parcel's actual bill.
Homeowners insurance
$475 / mo
Directional $5,700 a year for a single-family owner policy in Florida. Wind, hail and flood may be separate policies.
FHA annual mortgage insurance
$257 / mo
0.55% of the $559,700 base loan at 3.5% down, 30-year term, per HUD Mortgagee Letter 2023-05.
FHA upfront MIP
$9,795
1.75% of the base loan, normally financed into the $569,495 total loan amount rather than paid in cash.
State transfer / documentary tax
FL
Documentary stamp tax $0.70 per $100 of price ($0.60 in Miami-Dade plus surtax), plus $0.35 per $100 on the note and 0.2% intangible tax on the mortgage.
Settlement convention
Title/escrow state
A title or escrow company customarily conducts the closing and issues the policy.
The expense buyers here miss most
Wind/hurricane and flood are usually separate policies, and the Save Our Homes cap resets on sale — budget the post-closing tax bill, not the seller's.
How this affects the FHA file
Taxes and insurance are part of the qualifying payment, so a $818 escrow in Miami-Dade County consumes debt-to-income capacity before a single dollar of principal and interest is counted. Underwriting uses the post-closing figures, not the seller's current bill.
Estimates for general education only — not a quote, rate, APR, pre-approval, offer or commitment to lend. Property tax rates are effective rates derived from U.S. Census Bureau ACS data; actual millage is set by county, city, school and special districts. Insurance figures are directional annual premiums, not quotes. Transfer, deed, recordation and mortgage taxes summarise state-level statutes; counties and municipalities frequently add their own. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Sources: U.S. Census Bureau — ACS property tax data · NAIC Homeowners Insurance Report · CFPB — understanding closing costs
Equity strategy
Cash-out, HELOC, debt consolidation and investment equity in Miami-Dade County, Florida
Four different ways to use the same equity, worked against a $580,000 value with about $359,600 owed. Each one solves a different problem, and each one has a real cost. Figures are equity arithmetic under HUD Handbook 4000.1 loan-to-value limits, not quotes.
Cash-out refinance
On a $580,000 home in Miami-Dade County, Florida with roughly $359,600 owed, FHA caps a cash-out refinance at 80% of appraised value — about $464,000. That leaves roughly $104,400 gross, or near $89,900 after typical costs, from $220,400 of equity.
Why it can work
One first lien, one payment, one servicer.
FHA cash-out has no seasoning penalty beyond the required 12 months of on-time payments and 12 months of occupancy.
Proceeds are loan funds, not income, so they are generally not taxed as income.
What it costs you
You are re-starting amortization on the entire balance, not just the cash you take.
FHA cash-out keeps annual mortgage insurance for the life of the loan at above-90% LTV, and 11 years at or below 90%.
If your existing first lien is priced better than today's market, you give that up to access the equity.
HELOC or second lien instead
Lenders commonly write a second lien to about 85% combined LTV — near $133,400 available here without disturbing the first mortgage. It is the right tool when the existing first lien is worth keeping.
Why it can work
Leaves a good first mortgage completely untouched.
You draw only what you use, so you are not carrying interest on money sitting idle.
Closing costs are usually far lower than a full first-lien refinance.
What it costs you
Most HELOCs carry a variable rate, so the payment can rise while the balance stays the same.
Draw periods end, and the repayment period that follows raises the payment sharply.
A second lien still secures your home — the risk profile is the same as the first.
Consolidating higher-cost debt
Moving unsecured balances into the $104,400 of accessible equity in Miami-Dade County typically lowers the monthly outflow, because a 30-year amortization stretches a payment that a card or auto note compresses into a few years.
Why it can work
Frees monthly cash flow, which can also improve qualifying debt-to-income for a later move.
Consolidates several due dates into one predictable escrowed payment.
Removes revolving balances that were re-pricing at the issuer's discretion.
What it costs you
You convert unsecured debt into debt secured by your home — a missed payment now risks the house.
Stretching a 3-year balance over 30 years can raise the total dollars paid even when the monthly figure falls.
It fixes the symptom, not the spending. Re-running the cards afterwards leaves you with both debts.
Mortgage interest deductibility depends on how the funds are used — confirm with your tax advisor, not your lender.
Using equity toward an investment property
The roughly $89,900 net available here can serve as the down payment on a rental. FHA financing itself requires owner occupancy, so the new property would be financed conventionally or as a business-purpose loan, not with FHA.
Why it can work
Converts idle equity in one property into a second income-producing asset.
Rental income may later help qualify, once it has the documented history the lender requires.
Diversifies your position across two properties instead of one.
What it costs you
You are now carrying two mortgages against one income if the unit sits vacant.
Investment-property financing requires larger down payments and stricter reserves than FHA.
FHA occupancy rules apply to your existing loan — the home you refinanced must remain your primary residence.
Local landlord licensing, insurance and tax treatment differ from owner-occupied ownership.
Illustrative equity calculations for general education only — not a quote, rate, APR, payment, pre-approval, offer or commitment to lend, and not tax or legal advice. Values assume the stated appraised value and balance; your equity, loan-to-value and available proceeds will differ. FHA cash-out refinances are limited to 80% loan-to-value and require owner occupancy per HUD Handbook 4000.1. HELOCs and second liens are separate products with their own terms and are commonly variable-rate. Consolidating unsecured debt into a mortgage secures that debt against your home. Consult a tax advisor regarding deductibility. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Local FHA & housing market updates
Local FHA and housing market updates for Miami-Dade County, Florida
Dated changes from the official sources that actually govern an FHA file here, each one linked to the primary source it came from. Nothing below is a rate quote, an offer of credit, a prediction or advice about when to buy.
Local cost pressureVerified January 1, 2026
What is moving the payment in Florida: taxes, insurance and settlement costs
Reported by U.S. Census Bureau: Effective property tax in Florida runs about 0.71% of owner-occupied value, and a directional single-family homeowners premium is around $5,700 a year.
What it means in Miami-Dade County (our analysis): In Miami-Dade County, Florida, wind/hurricane and flood are usually separate policies, and the Save Our Homes cap resets on sale — budget the post-closing tax bill, not the seller's. Florida is customarily a title/escrow state, and documentary stamp tax $0.70 per $100 of price ($0.60 in Miami-Dade plus surtax), plus $0.35 per $100 on the note and 0.2% intangible tax on the mortgage. On this program page it matters because the program requirements above are applied to the local limit and local property costs shown here.
Florida Housing keeps its assistance seconds paired with FHA first mortgages
Reported by Florida Housing Finance Corporation: Florida Housing Finance Corporation publishes the current terms of its homebuyer assistance seconds, including Florida Assist, the Florida Homeownership Loan Program and Hometown Heroes.
What it means in Miami-Dade County (our analysis): Miami-Dade County, Florida buyers pair these seconds with an FHA first mortgage, so the assistance amount, lien position and repayment terms change the FHA qualifying picture here. Program terms are set by the agency and change without notice — confirm current terms on the agency page before relying on them. On this program page it matters because the program requirements above are applied to the local limit and local property costs shown here.
Reported by U.S. Department of Housing and Urban Development: The update changed how lenders handle written and electronic verification of employment, restructured Federal Home Loan Bank set-aside treatment for down payment assistance, and revised HECM life expectancy set-aside requirements.
What it means in Miami-Dade County (our analysis): These are national underwriting rules, not local ones: a file on a Miami-Dade County, Florida property is underwritten to the same handbook, so the practical local effect is on how quickly employment can be re-verified before closing here. On this program page it matters because the program requirements above are applied to the local limit and local property costs shown here.
Reference median value used for Miami-Dade County this cycle: $580,000
Reported by U.S. Department of Housing and Urban Development: HUD's 2026 limit calculation for this county is anchored to a median value of $580,000 inside the MIAMI-FORT LAUDERDALE-WEST PALM BEACH area.
What it means in Miami-Dade County (our analysis): At 3.5% down that implies roughly $20,300 of down payment on a median-priced Miami-Dade County purchase, before closing costs and prepaid escrows. Reference figure only — not an appraisal, valuation or offer. On this program page it matters because the program requirements above are applied to the local limit and local property costs shown here.
FHFA's 2026 conforming limits reset the FHA-versus-conventional line
Reported by Federal Housing Finance Agency: FHFA publishes conforming loan limits each year alongside HUD's FHA limits.
What it means in Miami-Dade County (our analysis): In Miami-Dade County, Florida the two limits do not match, so above $667,000 a conventional loan can finance a larger amount than FHA — which is why both programs are worth pricing side by side on a purchase here. On this program page it matters because the program requirements above are applied to the local limit and local property costs shown here.
Miami-Dade County's 2026 one-unit FHA limit is $667,000
Reported by U.S. Department of Housing and Urban Development: HUD's 2026 county file sets the one-unit insured maximum in Miami-Dade County, Florida at $667,000, with $853,900 on an owner-occupied two-unit property.
What it means in Miami-Dade County (our analysis): The limit applies to FHA case numbers assigned on or after January 1, 2026 — the case number date, not your contract date, controls which year's limit applies to a Miami-Dade County purchase. On this program page it matters because the program requirements above are applied to the local limit and local property costs shown here.
Cash-out commentary · Last reviewed August 23, 2026
Weigh the equity cost against the debt being paid
FHA cash-out caps at 80% loan-to-value and resets mortgage insurance on the new balance. It can make sense to retire high-rate debt or fund a real improvement; it rarely makes sense for short-term cash needs once the MIP and closing costs are counted.
Our recommendation
Compare total cost of the cash-out against every other borrowing option.
Ask SAM anything about FHA loans in Miami-Dade County, Florida
SAM is the Simply Approved Mortgages AI assistant, grounded in HUD Handbook 4000.1 and the 2026 HUD county limit file. It answers general FHA questions instantly. A licensed loan officer reviews every scenario before any terms are confirmed.
Hi — I'm SAM. Ask me about FHA loan limits, credit, mortgage insurance, down payment assistance or what an underwriter will need from you. General education only: I don't quote rates, and nothing I say is an offer or commitment to lend.
Ask Simply AI provides general educational information about FHA loan programs. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Where to go next
Continue with the FHA topic that matches where you are, or talk to a licensed loan officer about your own numbers.
Short on cash to close? Ask about the FHA DPA, offered through Simply Approved Mortgages: 2.5%, 3.5%, or 5% of your loan amount toward your down payment and closing costs, structured as a 10-year repayable second lien at your first-mortgage rate + 2%. FICO 580+, primary residence only — it's an option on every loan program on this site.
How it works
Three tiers. Real money toward your home.
2.5% / 3.5% / 5% of the lesser of purchase price or appraised value
Pairs with FHA, Conventional, VA, and USDA first mortgages
10-year repayable second lien — no silent forgivable strings
Not available in: New York, Washington, U.S. Virgin Islands, Guam, Northern Mariana Islands, and American Samoa. All loans subject to underwriting approval and program guidelines.
Amount calculator & eligibility checker
See how much assistance you may qualify for
Enter a purchase price, pick an assistance tier, and confirm property and residency. Results are illustrative — not a quote or commitment.
Simply Approved Mortgages DPA
DPA amount calculator & eligibility checker
Estimate 3.5% assistance on the lesser of price or appraisal, layered over a 30-year fixed FHA first mortgage.
Estimated DPA
$14,000
3.5% of $400,000
2nd-lien P&I
$174
10-yr · 8.500%
Amount calculator
Lesser of price or appraisal
$400,000
DPA at 3.5%
$14,000
2nd-lien term
10-year fixed, repayable
2nd-lien rate
8.500%
Monthly P&I
$174/mo
Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear only on your Loan Estimate and Closing Disclosure.
Eligibility checker
Documentable qualifying income?
Willing to complete homebuyer education before closing?
Property in NY, WA, USVI, Guam, MP, or AS?
Answer each question above to see your preliminary result.
Figures are illustrations based on the values you entered — not an offer, rate lock, or commitment to lend. Emailing your scenario sends it to a licensed loan officer in Florida or Colorado.
Preliminary self-check only — no credit pulled. Not a quote, lock, offer, or commitment to lend. Simply Approved Mortgages is not affiliated with HUD, FHA, VA, USDA, FHFA, or any government agency. Equal Housing Opportunity. NMLS# 2620881.
Our pricing philosophy
Transparency. Simplicity. Consumer Choice.
At Simply Approved Mortgages, we believe borrowers deserve clear information, professional guidance, and access to competitive mortgage solutions.
Our company is built around a straightforward philosophy: provide transparent mortgage guidance, maintain a consistent compensation structure on most transactions, and help borrowers make informed financing decisions based on their individual needs and goals.
For many mortgage transactions, Simply Approved Mortgages typically operates using a lender-paid compensation structure of approximately 1.50%. Actual compensation may vary based on lender requirements, loan program, state regulations, loan amount, and other transaction-specific factors.
We believe transparency helps consumers better understand the mortgage process and make informed decisions when comparing financing options.
Our promise
Mortgage financing should be understandable, transparent, and focused on helping consumers make informed decisions.
Our goal isn't to maximize compensation per transaction. Our goal is to build lifelong client relationships through transparency, service, and competitive mortgage solutions.
Why compensation transparency matters
Understanding all aspects of the financing process
Many borrowers spend significant time comparing interest rates, but may be less familiar with how mortgage companies and loan originators are compensated.
Compensation structures can vary among lenders, mortgage brokers, banks, credit unions, and other mortgage providers. Compensation is only one component of a mortgage transaction and should be evaluated alongside interest rates, APR, lender fees, discount points, closing costs, loan features, and overall loan suitability.
At Simply Approved Mortgages, we believe consumers benefit from understanding all aspects of the financing process before making a decision.
Interactive illustration
See how compensation scales by loan amount
Move the slider to compare a hypothetical 1.50% Simply Approved Mortgages compensation structure with a hypothetical 2.75% used by some other lending options. For educational purposes only.
$400,000
$50,000$2,000,000
Typical market comp at 2.75%$11,000
Simply Approved Mortgages at 1.50%$6,000
Potential closing cost difference
Hypothetical impact on lender compensation only
~$5,000
For illustration only. Figures are hypothetical and not a quote, offer, rate lock, or guarantee of savings. Lender compensation is one component of closing costs; actual loan terms, interest rates, fees, APR, and total costs vary by program, loan amount, credit qualifications, property, occupancy, state, and market conditions.
Illustrative compensation comparison
Comparing a hypothetical 1.50% to a hypothetical 2.75%
The example below compares a hypothetical 1.50% compensation structure used by Simply Approved Mortgages to a hypothetical 2.75% structure used by some other lending options, solely for educational purposes.
Loan Amount
Simply Approved Mortgages (1.50%)
Other lending options (2.75%)
Difference
$250,000
$3,750
$6,875
$3,125
$350,000
$5,250
$9,625
$4,375
$500,000
$7,500
$13,750
$6,250
$750,000
$11,250
$20,625
$9,375
$1,000,000
$15,000
$27,500
$12,500
These examples are illustrative only and are intended to demonstrate how different compensation percentages may produce different compensation amounts based on loan size.
These examples do not represent borrower fees, interest rates, APR, closing costs, loan terms, pricing, or savings, and should not be interpreted as a guarantee that any borrower will receive lower costs or better loan terms.
Our commitment to borrowers
Our goal is to provide
Professional mortgage guidance
Transparent communication throughout the loan process
Access to a broad range of mortgage programs
Competitive financing options based on borrower qualifications
A streamlined application and approval experience
Support for homebuyers, homeowners, and real estate investors
A team-focused approach
Support for every type of borrower
Whether you're purchasing a home, refinancing an existing mortgage, consolidating debt, or financing an investment property, our team is committed to helping you evaluate available options and make informed decisions.
Compare more than just the interest rate
When evaluating mortgage options, borrowers should consider the complete financing package
•Interest Rate
•Annual Percentage Rate (APR)
•Lender Fees
•Discount Points
•Closing Costs
•Loan Features and Flexibility
•Prepayment Terms
•Product Eligibility Requirements
•Customer Service and Support
The most appropriate mortgage solution depends on each borrower's individual financial circumstances, objectives, qualifications, and preferences.
Important Disclosure: Simply Approved Mortgages LLC typically utilizes a lender-paid compensation structure of approximately 1.50% on many mortgage transactions; however, compensation may vary based on lender requirements, loan program, state law, loan amount, borrower qualifications, and other transaction-specific factors. Compensation is only one component of mortgage pricing and does not, by itself, determine interest rates, APR, lender fees, closing costs, loan terms, or overall borrower costs. The information provided on this page is for general educational and informational purposes only and should not be construed as mortgage advice, a commitment to lend, an offer to extend credit, a rate quote, a loan approval, or a guarantee of savings. All mortgage loans are subject to credit approval, underwriting requirements, property approval, and program eligibility guidelines. Borrowers should carefully review all disclosures, including the Loan Estimate and Closing Disclosure, before proceeding with any mortgage transaction. Simply Approved Mortgages LLC • NMLS #2620881 • Equal Housing Opportunity.
Ready when you are
Get pre-qualified in minutes — no obligation.
Talk to a licensed Simply Approved Mortgages loan officer. We'll review your goals, walk through FHA, Conventional, VA, USDA, and DPA options, and give you straight answers — same day.
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