Loan Programs · Buying a home

Your first home, explained step by step

Buying your first home in South Florida comes with a lot of questions. We start with your budget and goals, then show you the loan options and assistance programs that fit. You will know what to expect at each step before it happens.

First-Time Home Buyer Loans explained

There is no single first-time buyer loan. Instead, first-time buyers can use several programs that make getting started easier: conventional options with low down payments, FHA loans with flexible credit guidelines, VA loans for those who served, and Florida Housing programs that can help with down payment and closing costs. In Florida, you generally count as a first-time buyer for these programs if you have not owned a primary residence in the past three years. All options are subject to credit approval and program guidelines.

Who it fits

  • Renters ready to stop paying someone else's mortgage
  • Buyers who have not owned a primary home in the past three years
  • Young professionals and families moving up from an apartment
  • Buyers who want help understanding the process before they start touring homes
  • Buyers combining savings with a gift from family

Florida specifics

  • Florida Housing Finance Corporation offers first mortgage and down payment assistance programs through approved lenders, with income and purchase price limits by county.
  • Once you own and live in your Florida home, you can apply for the homestead exemption with your county property appraiser by March 1, which can lower your property taxes.
  • Insurance is a bigger part of the payment in Florida than in many states. We get a quote early so the budget is real.
  • Many starter homes in South Florida are condos or townhomes with HOAs, so association fees, reserves and building approval are part of the plan.

How it works with Justin

  1. We start with a conversation about your budget, savings and timeline.
  2. We review credit and income and show you which programs you qualify for, including assistance.
  3. You get a preapproval so you can make offers with confidence.
  4. We stay in touch through inspection, appraisal and underwriting so nothing surprises you at closing.

Documents to gather

  • Pay stubs and two years of W-2s
  • Two months of bank statements
  • Gift letter if family is helping
  • Photo ID and Social Security number
  • Current lease or rental history if requested

Things to consider

  • Low down payment loans usually include mortgage insurance.
  • Assistance programs have income limits, purchase price limits and their own approval steps, which can add time.
  • Your maximum approval is not always your comfortable budget. We help you find the number that works month to month.
  • Avoid new debt or job changes between preapproval and closing.

Share a few details and Justin will tell you whether First-Time Buyer fits, with real numbers for your loan.

First-Time Home Buyer Loans: common questions

Who counts as a first-time home buyer in Florida?

For most programs, including Florida Housing, you are a first-time buyer if you have not owned and lived in a primary residence in the past three years. Some programs make exceptions for veterans or for certain areas. We check each program's definition for you.

How much do I need to buy my first home?

Some programs allow as little as 3 to 3.5 percent down, and VA loans may require none for eligible borrowers. You will also need money for closing costs and reserves, though seller credits and assistance programs can help. Exact amounts depend on credit approval and program guidelines.

Can I get help with my down payment in South Florida?

Yes. Florida Housing and several county programs in Palm Beach, Broward and Miami-Dade offer assistance to eligible buyers. Funding, income limits and purchase price limits change, so we check what is open when you are ready.

Should I get preapproved before I look at homes?

Yes. A preapproval tells you what you can afford and shows sellers you are ready. It also gives you time to fix any issues before you find the right home.

What is the homestead exemption?

Florida's homestead exemption lowers the taxable value of the home you live in as your permanent residence and limits how fast that value can rise each year. You apply with your county property appraiser, and the deadline is March 1 of the year after you buy.

Related loan programs

  • Down Payment Assistance — Florida down payment assistance: Florida Housing programs, Hometown Heroes and Palm Beach, Broward and Miami-Dade county help for eligible home buyers.
  • FHA Loans — FHA home loans in South Florida: low down payment, flexible credit, FHA condo approval and Palm Beach, Broward and Miami-Dade loan limits explained.
  • Conventional Loans — Conventional home loans for South Florida buyers and owners: 2026 conforming limits for Palm Beach, Broward and Miami-Dade, down payment and PMI basics.
  • Seller-Paid Rate Buydown — How a seller-paid buydown can lower your early payments on a South Florida home. Temporary vs. permanent buydowns, seller credit limits and builder offers.
  • VA Loans — VA home loans for Florida veterans and service members: no down payment for eligible buyers, funding fee basics, condos and South Florida tips.

South Florida areas where it fits

Guides on this topic

See all 21 loan programs, mortgage loans in Florida, or every state where Justin lends.

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