Skip to content
Purchase Mortgage Loan
Get Pre-Approved

First-time home buyer programs in Coral Gables, FL

Quick answer

First-time buyers in Coral Gables, FL can use 3%-down conventional loans (up to the $832,750 Miami-Dade County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 1 verified city, county or statewide assistance program. On the $1,007,500 median home, 3% down is about $30,225 and the estimated payment is $7,919/month at 7.18%.

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

Median household income: $130,803; value-to-income ratio 7.70. Coral Gables ranks 4 by home value and 81 by population among 343 places in our FL dataset.

What does a first-time buyer loan cost on a typical Coral Gables home?

ItemCoral Gables
Median home value (Census ACS)$1,007,500
Florida median home value$325,000
Down payment (3%)$30,225
Loan amount$977,275
Estimated monthly payment (PITI + MI)$7,919
Income needed (28% / 36%)$340,000 / $264,000
Miami-Dade County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

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

Payment includes Florida's 0.79% effective property tax rate (Census ACS), $2,779/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Coral Gables?

Coral Gables is in Miami-Dade County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $667,000.

The Coral Gables median home value of $1,007,500 is 210% above the Florida median, and above what the county limit supports.

Which down payment assistance programs can Coral Gables buyers use?

First-time buyer loans in nearby cities

South MiamiPinecrestGlenvar HeightsCoral TerracePalmetto BayOlympia Heights

First-time buyer loan FAQs for Coral Gables

On the $1,007,500 median: 3% conventional ≈ $30,225, 3.5% FHA ≈ $35,263, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in Miami-Dade County become jumbo loans.

At the $1,007,500 median value (above the Florida median of $325,000), the estimated payment of $7,919/month at 7.18% needs about $340,000 a year under the 28% housing guideline, or $264,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 1 statewide programs are verified for this city (1 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

Get matched with First-time buyer lenders in Coral Gables

Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.

Get My Matches

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.