Florida First-Time Homebuyer Mortgage Guide
Florida First-Time Homebuyer Mortgage Guide
Florida First-Time Homebuyer Mortgage Guide: Everything You Need to Know Before Buying Your First Home
Buying your first home is exciting—but it can also feel overwhelming. Between credit scores, down payments, inspections, and closing costs, many buyers aren’t sure where to start. This guide walks Florida homebuyers through the mortgage process step-by-step so you can move forward with confidence.
Who Qualifies as a First-Time Buyer?
You may qualify even if you owned a home before.
In most loan programs, you’re considered a first-time buyer if you haven’t owned a home in the past three years.
This means you may qualify if:
you previously owned but sold years ago
you went through a divorce and no longer own a home
you owned with a spouse but were never on the mortgage
Minimum Credit Score Requirements
Typical ranges:
Loan Type Minimum Score
FHA ~580
Conventional ~620
VA no official min, but most lenders prefer 620
USDA ~640
Credit is not just about the score. Lenders also review payment history, debt ratios, and financial stability..
Down Payment Options
Many buyers believe they need 20% down, but that’s not true.
Typical options include:
FHA – 3.5% down
Conventional – as little as 3% down (first time), 5% down for your "next home"
VA loans – 0% down for eligible veterans or the surviving, unmarried spouse of a veteran
Down payment assistance programs are available, restrictions apply
What Are Closing Costs?
Closing costs typically range from 3-4% of the purchase price and may include:
lender fees such as a credit report fee, underwriting or processing fee
appraisal, property boundary survey
title insurance and title closing fee
escrow setup
prepaid taxes and insurance, etc
In many cases, buyers can negotiate seller concessions to help cover some or all of these costs.
Steps to Buying Your First Home
Check credit and financial readiness with me, your loan officer
We will start your pre-approval
Work with your real estate agent to present and negotiate offers
Once your offer is accepted, you are in contract to purchase (typically 30 days to get to closing day)
Complete your Home inspection and the lender will order the appraisal
Loan underwriting process (this can take up to a few weeks to complete)
Closing day!
Common First-Time Buyer Mistakes
waiting too long to talk to a lender and miss out on your dream home
falling in love with a home before knowing what you can qualify for
trying to replace the home you lived in with your parents (rather than going for the starter home)
opening new credit before during the loan process or prior to closing
making large purchases during this process (wait until AFTER closing!)
underestimating total costs of homeownership
Where Do I Begin?
Thinking about buying your first home in Florida?
I help first-time buyers understand the mortgage process clearly so they can purchase with confidence.
Schedule a free homebuyer consultation to review your options and create a plan.
Talk soon!
Kristi
