Last reviewed: October 22, 2026. Laws, tax rates and programs change — confirm details with the official sources below and your lender, title company, insurance agent or attorney. This guide is general information, not legal or tax advice.
1. Set your budget
Look beyond the price: your monthly cost includes principal and interest, property taxes, homeowners insurance, flood insurance where required, and any HOA or condo fees. In South Florida, insurance and association fees can vary a lot from property to property, so ask for estimates early.
2. Get pre-approved
A lender reviews your income, credit and assets and issues a pre-approval letter. It tells you what you can borrow and makes your offers stronger. Compare loan types (conventional, FHA, VA, USDA where eligible) and ask about down-payment requirements.
3. Look into first-time buyer programs
Florida Housing Finance Corporation offers first-mortgage and down-payment assistance programs through participating lenders, and Miami-Dade and Broward counties offer local programs from time to time. Eligibility, income limits and funding change — check the official program pages and ask a participating lender. A HUD-approved housing counselor can also help you prepare.
4. Choose your agent and sign a buyer agreement
Before touring homes, you’ll sign a written agreement with your agent that explains the services provided and how the agent is compensated. Ask questions — terms are negotiable.
5. Tour homes and make an offer
Your agent pulls comparable sales so you know what similar homes sold for, then helps you write an offer with the right price, deposit, financing and inspection terms. Florida residential contracts commonly include an inspection period during which you can negotiate or cancel.
6. Inspections, insurance and appraisal
Schedule a home inspection right away. Insurers often ask for a 4-point inspection on older homes and a wind-mitigation report, which can lower premiums. Check the flood zone, get insurance quotes before your inspection period ends, and let the lender order the appraisal.
7. Closing
A title company or attorney handles the title search, title insurance and closing. You’ll receive a Closing Disclosure at least three business days before closing; compare it with your Loan Estimate. Then sign, fund and get your keys — and remember to file for the homestead exemption by March 1 of the following year if it’s your primary residence.
Frequently asked questions
How much do I need for a down payment in Florida?
It depends on the loan program — some programs allow low down payments, and Florida Housing’s assistance programs may help eligible buyers. A lender can show you options based on your situation.
Do I need flood insurance?
Lenders require flood insurance if the home is in a FEMA high-risk flood zone (zones starting with A or V) and the loan is federally backed or regulated. Even outside those zones, flood coverage is worth pricing in South Florida.
What is the homestead exemption?
If the home is your permanent residence on January 1, you can apply to your county property appraiser for a homestead exemption of up to $50,000, which lowers your taxable value. The deadline is March 1.