5 Things Every First-Time Homebuyer in Florida Should Know
Buying your first home is exciting. It’s also confusing, stressful, and full of moments where you wonder if you’re doing the right thing. I get it.
Here are five things I tell every first-time homebuyer who walks through my door (or, more likely, texts me at 9pm on a Tuesday).
1. You Probably Need Less for a Down Payment Than You Think
A lot of people think you need 20% down to buy a house. That’s not true. FHA loans let you put down as little as 3.5%. VA loans require zero down. And there are conventional loan programs that start at 3%.
The 20% number comes from wanting to avoid PMI (private mortgage insurance), but PMI isn’t the end of the world. Sometimes it makes more sense to buy now with a smaller down payment than to wait years trying to save up 20%.
Let’s look at your numbers and figure out what actually makes sense for you.
2. Your Credit Score Isn’t Everything
Yes, your credit score matters. But it’s not the only thing lenders look at. Your income, your debt, your job history - it all plays a role.
FHA loans work with credit scores in the 580 range. And even if your score isn’t where you want it to be right now, there might be quick wins that can bump it up before you apply.
Don’t count yourself out before we even talk.
3. Get Pre-Approved Before You Start Shopping
This is the single best piece of advice I can give you. Before you fall in love with a house on Zillow, get pre-approved for a mortgage.
Pre-approval tells you exactly how much house you can afford. It also shows sellers that you’re serious. In a competitive Florida market, that can make the difference between getting the house and losing it to someone who came prepared.
The pre-approval process is straightforward. I’ll walk you through it.
4. Closing Costs Are a Thing - Budget for Them
Your down payment isn’t the only cash you’ll need at closing. There are closing costs - things like appraisal fees, title insurance, and lender fees. In Florida, these typically run between 2% and 5% of the home price.
So if you’re buying a $300,000 home, budget an extra $6,000 to $15,000 for closing costs. Some of these can be negotiated or rolled into the loan, and there are programs that can help with them. But you need to know they exist before you get surprised at the closing table.
5. Work With Someone Who Explains Things
Here’s the thing about big banks and online lenders: they process a lot of loans. That means you’re often just a number. You call with a question and get a different person every time. Nobody knows your situation. Nobody takes the time to explain things.
That’s why working with someone like me makes a difference. I’m one person. You have my number. When you have a question at 8pm because you just read something scary on Reddit about adjustable rates, you can text me and I’ll give you a straight answer.
The mortgage process doesn’t have to be confusing. You just need the right person walking you through it.
If you’re thinking about buying your first home in Florida, let’s talk. No pressure, no sales pitch. Just a conversation about your options.