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FHA Loans · FL

FHA Home Loans in Coral Gables, FL

Coral Gables is a suburban market built around newer single-family stock and school-district demand. Miami-Dade County uses the $847,440 national baseline conforming limit for 2026. HUD set the county's one-unit FHA limit at $667,000 — $125,713 above the $541,287 national floor. With a median around $985,000, the typical Coral Gables purchase already sits above the conforming limit, so jumbo or high-balance financing is the normal path here. Because the $667,000 FHA ceiling lands below the $985,000 median, FHA buyers in Coral Gables are generally shopping the lower half of the market, buying a condo or townhome, or bringing more than the 3.5% minimum to close the gap. On 2–4 units, the FHA limits step up to $853,900 (duplex), $1,032,150 (triplex), and $1,282,700 (fourplex) — the route Florida buyers use to house-hack with 3.5% down while tenants carry part of the payment.

Part of our statewide guide toFHA loans in Florida— programs, limits and every city we cover.

3.5% Down
$34,475
Monthly Total
$4,381/mo
2026 FHA Limit
$667,000
Income Needed
$196,099/yr
FHA Limit Alert

The 2026 FHA loan limit in Miami-Dade County is $667,000. The Coral Gables median home price is $985,000, which is above the FHA limit. Buyers may need to cover the gap with a larger down payment or explore jumbo financing.

Down Payment Comparison

Most Popular
FHA 3.5% Down
$34,475
Lower MIP
FHA 10% Down
$98,500
No PMI
Conventional 20%
$197,000

Monthly Payment Breakdown

Loan TypeP&IMIP / PMIMonthly Total
FHA 3.5% down$4,086$295$4,381
Conventional 5% down—$328$6,319

Upfront MIP of $11,264 (1.75%) is typically rolled into the loan balance.

Down Payment Assistance

Florida buyers in Miami-Dade County can layer FHA with Florida Housing's Hometown Heroes and the FL Assist second mortgage for down payment and closing cost help. Both are income-limited by county and require a first-time buyer status in most cases — Coral Gables's $985,000 median usually keeps the assistance math workable.

How an FHA loan works in Coral Gables

FHA loans are insured by the Federal Housing Administration and made by FHA-approved lenders. As a mortgage broker, Tayton Capital compares those lenders for you. The 2026 one-unit FHA limit in Miami-Dade County is $667,000, and the Coral Gables median home price of about $985,000 is above that limit, so a median-priced home needs a larger down payment to keep the loan within FHA's cap.

On a $985,000 purchase with 3.5% down ($34,475), the base loan is about $643,657. FHA adds an upfront mortgage insurance premium of 1.75% ($11,264), usually financed into the loan, plus an annual premium paid monthly — about $295 a month here. With principal and interest near $4,086, the modeled payment is $4,381 a month before property taxes, homeowners insurance and any HOA dues.

Our model puts the household income needed for a median-priced Coral Gables home at about $196,099 a year. Lenders count your other monthly debts too, so car, student-loan and credit card payments raise that number.

FHA requirements for Coral Gables buyers

  • Credit score of 580 or higher for the 3.5% minimum down payment; scores from 500 to 579 need 10% down. Individual lenders can set higher minimums.
  • Loan amount at or below $667,000 for a one-unit home in Miami-Dade County (higher limits apply to 2–4 unit properties).
  • The home must be your primary residence — FHA generally requires you to move in within 60 days of closing and live there for at least a year.
  • An FHA appraisal checks the home against HUD's minimum property standards for safety and soundness.
  • Gift funds from family and approved down payment assistance can cover the down payment.
  • Annual mortgage insurance lasts 11 years with 10% or more down, or the life of the loan with less than 10% down.

FHA vs conventional in Coral Gables

With 5% down, a conventional loan on the same $985,000 home takes $49,250 at closing versus $34,475 for FHA. In our model the conventional payment is about $6,319 a month against $4,381 for FHA — FHA comes out about $1,938 a month lower at this price.

FHA usually fits Coral Gables buyers with credit scores under about 680, higher debt-to-income ratios or very little saved for a down payment. Conventional mortgage insurance can be removed once you reach 20% equity; FHA's usually takes a refinance if you put less than 10% down.

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