Miami Beach homes—especially those in island neighborhoods—can cost hundreds of thousands dollars depending on the type, location and features you're looking for.  Thankfully there are many resources available that can help with actually paying for the home in question, loans by the Federal Housing Association (FHA) being one of them.

If you were expecting to buy Miami Beach homes using an FHA insured home loan, the clock is ticking.  Starting in October, the government plans to lower the maximum amount that can be borrowed while still qualifying for FHA insurance.  While this may not seem like a problem, keep in mind that this could translate to having to make a larger down payment or in some cases, applying for a conventional loan which carries higher interest rates than one insured by the FHA.

While October is still over a month away, remember that the whole mortgage finalization process can take up to 45 days to process so if you're interested in Miami Beach homes and would like to use the assistance of the FHA, you may want to start looking now before it becomes tougher on your finances.