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Conventional Loans in Palmetto Bay, FL (2026): Down Payment, PMI & Limits — $787,000 Median

Quick answer

Conventional buyers in Palmetto Bay, FL need $23,610 at 3% down or $157,400 at 20% down on the $787,000 Census median home value. Miami-Dade County's $832,750 conforming limit is $45,750 above that median; 5% down gives an estimated $6,123/month payment including $312 estimated PMI.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

How does Palmetto Bay compare with Florida?

The city's median is above the statewide median by $462,000. The higher price-to-income ratio makes the down payment and monthly debt budget particularly important. The median is 94.5% of the conforming limit. A median-valued purchase exceeds the FHA base-loan limit at 3.5% down.

How much down payment and PMI would a typical Palmetto Bay home need?

Down paymentCash downEstimated PMI / monthEstimated PITI + PMIIncome at 28% / 36%
3%$23,610$318$6,237$268,000 / $208,000
5%$39,350$312$6,123$263,000 / $205,000
10%$78,700$295$5,840$251,000 / $195,000
20%$157,400$0$5,012$215,000 / $168,000

3%-down conventional products have borrower/program restrictions. PMI uses a fixed 0.5% annual loan-balance estimate at less than 20% down; it is not a credit-specific quote or an assumed discount by down payment. Payments include state-average tax and insurance and assume zero other debts.

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Is there down payment assistance in Palmetto Bay?

Home buying in Palmetto Bay · The Florida version

Conventional loans in the nearest eligible cities

Palmetto EstatesPinecrestCutler BayKendallSouth Miami HeightsThree Lakes

Home loan options in Palmetto Bay

FHA loansFirst-time home buyer programsVA loansHome affordabilityJumbo loans

Frequently asked questions

Conventional buyers in Palmetto Bay, FL need $23,610 at 3% down or $157,400 at 20% down on the $787,000 Census median home value. Miami-Dade County's $832,750 conforming limit is $45,750 above that median; 5% down gives an estimated $6,123/month payment including $312 estimated PMI.

0 city-level, 0 county-level and 1 statewide programs are verified for this city (1 total). Eligibility and available funds depend on each official program's terms.

Median household income is $143,368, while median home value is $787,000, a 5.49 price-to-income ratio. At 5% down, 7.18% and state-average taxes and insurance, about $263,000 income is needed under the 28% housing guideline; debts also count toward the 36% total-debt guideline.

Sources

Data last updated November 5, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.