Your First Home

First-Time Home Buyers

Buying your first home in South Florida is more attainable than most people think. Pure Equity walks first-time buyers through financing, down payment assistance, and every step from pre-approval to the keys, at no cost to you.

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HomeFirst-Time Buyers

Down Payment

As little as 0 to 3.5 percent with the right loan

Assistance

Florida down payment and closing-cost programs

Cost to You

Buyer representation at no out-of-pocket cost

First-Time Buyers in South Florida

How to buy your first home in South Florida

The hardest part of buying a first home is usually not the house, it is the money math and the fear of getting something wrong. The good news is that the down payment you actually need is far smaller than the old 20 percent rule, and Florida runs real programs that help first-time and moderate-income buyers cover the down payment and closing costs. Between low-down-payment loans and assistance programs, many renters can buy sooner than they expect.

Pure Equity guides first-time buyers through the whole process across Palm Beach, Broward, Miami-Dade, and the Treasure Coast. We explain each step in plain language, connect you with lenders who work with first-time programs, and negotiate on your behalf, all at no cost to you as the buyer. No question is too basic, and there is no pressure to rush.

How much you really need to put down

The real floor is much lower than most first-timers assume. VA and USDA loans can be zero down for those who qualify, FHA loans require as little as 3.5 percent, and several conventional programs go as low as 3 percent for first-time buyers. On a starter condo or townhome, that can mean a down payment in the thousands rather than the tens of thousands. We help you match the loan type to your credit, income, and the kind of property you want.

Florida down payment assistance

Florida Housing runs programs that help eligible buyers with the down payment and closing costs, including assistance for first-time buyers and for people in key local professions. Many counties and cities layer their own programs on top. These have income limits, homebuyer-education requirements, and property rules, so the details matter. Our guide to Florida down payment assistance programs breaks down who qualifies and how the money works, and we connect you with lenders approved to offer them.

Get pre-approved before you shop

A pre-approval turns you from a browser into a real buyer. It tells you exactly what you can spend, shows sellers your offer is credible in a competitive market, and surfaces any credit or documentation issues while there is still time to fix them. It costs nothing and does not commit you to a lender. We treat pre-approval as step one, before touring, so you never fall for a home outside your range.

Closing costs and the homestead exemption

Beyond the down payment, budget for closing costs, which typically run a few percent of the price and cover things like title, taxes, and lender fees. Some of these can be negotiated onto the seller or covered by assistance programs. Once you own and occupy the home as your primary residence, Florida's homestead exemption reduces your taxable value and caps how fast your assessed value can rise each year, one of the best long-term perks of owning here. Our closing-cost and mortgage calculators let you model the full monthly and upfront picture.

What lenders actually look at

Two numbers do most of the work. The first is your credit, which affects whether you qualify and what you are offered. The second is your debt to income ratio, which compares what you owe each month against what you earn. Both matter more than the size of your down payment, and neither has a single fixed threshold: requirements differ by loan program and by lender, and they change. That is why a real pre-approval beats any online estimate. A lender looking at your documents can tell you where you stand today, and if you are close to a line rather than over it, they can usually tell you what would move you.

Using gift funds from family

A gift toward your down payment is allowed on most loan programs, and plenty of first purchases happen this way. What matters is documentation. Lenders need to see where the money came from and that it is genuinely a gift rather than a loan you will be repaying, which usually means a signed gift letter and a paper trail through bank statements. The mistake that causes delays is moving money around informally before applying. Cash deposits and transfers between accounts with no clear source create questions in underwriting that take time to answer. Tell your lender about the gift early rather than at the point it appears.

What not to do between approval and closing

Your loan is checked again before it closes, so approval is not the finish line. Between the two, do not change jobs if you can avoid it, do not open a new credit account, do not finance furniture or a car, and do not make large unexplained deposits. Any of those can change the numbers your approval was built on, and buyers lose transactions this way every year over purchases they could easily have made a month later. The rule is simple: keep your financial life as boring as possible until the keys are in your hand, then buy the sofa.

Related Resources

Get Pre-Approved Down Payment Assistance First-Time Buyer Blog Mortgage Calculator Closing Costs Calculator Homes Under $300K

Primary sources: Florida Housing homebuyer programs, CFPB buying a house. Program rules and eligibility change, so confirm current requirements directly.

Talk to a First-Time Buyer Specialist Browse Homes Under $300K

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Questions

First-time buyers: frequently asked questions

How much do I need for a down payment on my first home?

Far less than the traditional 20 percent. VA and USDA loans can be zero down for eligible buyers, FHA requires as little as 3.5 percent, and some conventional first-time programs go as low as 3 percent. On an entry-level condo or townhome in South Florida, that can mean a down payment in the low thousands. The right number depends on your loan type, credit, and the property, which we help you sort out early.

What is down payment assistance and do I qualify?

Down payment assistance is money, usually a second loan or grant, that helps cover your down payment and sometimes closing costs. Florida Housing runs statewide programs, and many counties and cities add their own. Eligibility is based on income limits, a homebuyer-education course, and the property, and some programs are reserved for first-time buyers or specific professions. We connect you with approved lenders and help you see which programs fit.

Should I get pre-approved before looking at homes?

Yes, always. A pre-approval tells you your true budget, makes your offers credible to sellers, and catches any credit or paperwork issues while there is still time to fix them. It is free and does not lock you into anything. Shopping without one is the most common first-timer mistake, because it leads to falling for homes you cannot finance.

What are closing costs and who pays them?

Closing costs are the fees to finalize the purchase, typically a few percent of the price, covering title, taxes, and lender charges. They are separate from your down payment. In many transactions, some or all of them can be negotiated onto the seller or covered by an assistance program. We build a realistic closing-cost estimate into your plan so there are no surprises at the table.

What is the Florida homestead exemption?

It is a tax benefit for owners who make a Florida property their primary residence. It reduces the taxable value of your home and, through the Save Our Homes cap, limits how much your assessed value can increase each year. Over time this can save you thousands and keep your tax bill predictable. You apply through your county property appraiser after you move in, and we make sure first-time buyers know to do it.

What credit score do I need to buy my first home?

There is no single answer, which is genuinely the honest one. Requirements differ between loan programs and between lenders, and they change. Government backed programs are typically more flexible than conventional ones. Rather than guessing from an article, talk to a lender who can look at your actual credit and tell you what you qualify for now and what would improve it.

Can my parents help with my down payment?

Usually yes. Gift funds are allowed on most loan programs, provided the money is documented as a gift rather than a loan. Expect to provide a signed gift letter and a clear paper trail showing where the funds came from. Tell your lender about it at the start, because unexplained deposits discovered later in underwriting are a common cause of delay.

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