First-time home buyer in Florida: who qualifies, and with how much
Nelson Paredes · REALTOR® · One Stop Realty Center Inc
Updated October 20, 2026
Three requirements
Getting a loan approved comes down to three things: your credit, what you owe each month compared with what you earn, and the cash you have on the day you sign the purchase (closing day).
These are the three a lender checks before approving you, and none of them makes up for the others: great credit does not make up for missing the cash at closing. The down payment is far smaller than people believe — with the government-backed loan that needs little down (FHA) it is 3.5% of the price, not 20%.
No agency publishes a single list of requirements: each program writes its own. The minimum credit scores (580 and 500) and the down payment percentages are written FHA rules. Checked September 3, 2026.
Most people never ask, afraid of hearing no. And that is how another year goes by on something they could already do.
Here is the surprise that changes the math for a lot of people: it does not have to be literally your first house. For most Florida programs you count as a first-time buyer if you have not owned a primary residence in the last three years, and several programs have exceptions (below).
That means if you sold four years ago, or the house was only in the name of a former spouse, or you inherited something that was never your primary home, there is a good chance you qualify.
The exceptions almost nobody knows. The three-year rule has exceptions. It does not apply if you are a military veteran or if you buy in an area the federal government marks as a priority (a Federally Designated Targeted Area). With FL Assist, FL HLP, HFA Plus, Hometown Heroes and Broward’s tax discount (MCC) you can use them even if you owned a home last year. In the Miami-Dade housing agency’s program (HFA), only the priority area counts.
Careful: some city programs ask for more. Miami’s District 5 program requires that you have never owned a home.
The other base requirements are three, and they are always looked at together: your credit, the ratio between what you owe and what you earn, and the cash you actually have available to close. None of them is looked at alone.
The 20% figure is the most expensive myth in circulation. It exists to avoid the insurance the lender charges when you put little down (mortgage insurance), not to be able to buy. In practice, here is what each program requires in writing — a lender can still ask for more:
Loan type Minimum down payment (percent of the price) Typical minimum credit FHA 3.5% 580 FHA with low credit 10% 500 to 579 A regular bank loan (conventional) 3% 620 (set by the lender; the automated system of Fannie Mae, a company that buys loans from lenders, has required no fixed minimum since November 2025) The veterans loan (VA) 0% Set by the lender, not the VA The rural loan (USDA) 0% 640 On a $450,000 house in Miami-Dade, the down payment with an FHA loan at 3.5% is $15,750. Not the $90,000 many people expect.
The down payment is not the only thing you pay at closing. On top of the down payment come the closing costs, which are the fees you pay at closing. They run between 2% and 5% of the price nationally, per Freddie Mac (another company that buys loans from lenders), and they come out of your pocket that same day. In Miami-Dade they run higher, because the home insurance is paid a year in advance: on that same house, that is another $16,200 to $28,300, on top of the down payment.
With your numbers, not the example. With five questions and no credit check: how many properties for sale are within your reach and what you'd pay a month.
See what I can buyWith a score of 580 you already get an FHA loan with 3.5% down. Between 500 and 579 it is still possible, but the down payment jumps to 10%. Below 500, FHA closes the door by written rule. The others do not set an official minimum, but in practice the lender sets its own.
Here is what matters: going from 560 to 580 saves you more money than a year of saving. On that $450,000 house, moving from 10% down to 3.5% is $29,250 less you have to bring. Twenty credit points are worth more than twelve months of saving.
- Get your card balances under 30% of the limit. That moves the score fastest.
- Do not close old cards: the age of your history counts.
- Do not open anything new in the six months before you apply.
- Check your report for errors. An account that is not yours showing up on it is more common than you would think.
These are public funds with written requirements. They are not a favor and they do not depend on who you know.
Florida Hometown HeroesUp to $35,000For specific occupations: healthcare, school staff, first responders, public safety, court employees, child care, military and veterans. Working full time for a Florida-based employer. Up to 5% of your first mortgage (the main loan on the house), with a $10,000 minimum.Florida AssistUp to $10,000A second loan with no interest and no monthly payment: you pay it back later, when you sell, replace your mortgage with a new one (refinance), or stop living there.Miami-Dade (county)Up to $35,000The county has its own pot, separate from the state. A loan with no interest and no monthly payment, over 30 years, for low to moderate income households.The question to always ask. Do you have to pay it back or not? A loan you do not have to pay back disappears if you stay in the home for the years the program asks for. One with the payment put off does not disappear: it just waits. Both help, but one is money given and the other is money lent without a hurry.
The programs, for your case. Answer the basics — where you want to buy, the price, how many live in the home and your income — and see which Miami-Dade and Broward programs could fit you, with their amount and whether they are open today.
See which programs could fitIf you are a teacher, police officer, firefighter, paramedic, nurse or work in healthcare, look at Hometown Heroes before anything else. It is the only program on this list built around your occupation, and it usually gives more than the general ones.
On your side there are two requirements and both have to be met: being in one of the listed occupations and working full time for a Florida-based employer. You do not have to be a public employee --- a nurse at a private hospital qualifies the same. On top of those two come the program's own: income limit, maximum home price, and a participating lender. Meeting your two is not enough if you are over the income limit.
- 1Run your numbersBefore talking to anyone, know your numbers: rough credit, what you owe monthly, and how much cash you genuinely have available.
- 2Take the homebuyer classAlmost every assistance program requires it. It can be taken online, some agencies give it free and others charge for it, and the certificate is good for two years on the state programs. Doing it early saves you weeks later.
- 3Get the lender letter (pre-approval), not a quick estimate (pre-qualification)A pre-qualification is an unverified estimate. A pre-approval is the lender letter that says how much it will lend you, and it looks at your documents. Without one, in Miami-Dade your offer is not taken seriously.
- 4Apply to programs before you make an offerFunds run out and paperwork takes time. Applying after you have picked a house is the most common way to miss out.
- 5Now go look at housesWith the pre-approval and the program approved, you know your real ceiling and can offer with strength.
Before you go see it. Paste the link or the address of the property you like, in Miami-Dade or Broward, and we tell you what you need to know before you go see it.
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This guide orients you, it does not advise you. The ranges are estimates, and final terms are set by the lender, the insurance company, or the homeowners or building association, based on your specific case.
