The first purchase, explained in the order it actually happens.
You don’t need 20% down, you do need to understand the full cost, and most of the stress comes from not knowing what happens next. This page walks the sequence and the real options for a smaller down payment, with Florida specifics where they matter.
- Haven’t owned a primary residence in the past three years
- Have some savings but not 20%
- Are weighing renting vs. buying in South Florida
- Want to know what assistance actually exists
Eight steps from “maybe” to keys.
A conversation about range
Income, debts, savings, timeline, and what payment feels sustainable. No documents, no credit pull. You leave with a realistic price range and a sense of the cash you’ll need.
Credit, reviewed honestly
A score in the 620s can work; a score in the 700s costs less every month for years. If a few months of effort would move you a tier, Jared will say so.
Choose the down payment strategy
3% conventional, 3.5% FHA, 0% VA or USDA if eligible, or more down to cut mortgage insurance. Gifts from family are allowed under each, with documentation.
See the comparison below.Budget for closing costs, not just the down payment
Plan on roughly 2–5% of the price for closing costs and prepaids. In Florida that includes documentary stamp tax on the note and intangible tax on the mortgage, title and lender fees, and an escrow deposit for taxes and insurance. Sellers can contribute within program limits.
Pre-approval
Documents through the secure portal, credit pulled, numbers confirmed, letter issued. Now your offers mean something. How pre-approval works
Shop, with a payment in mind
Taxes and insurance vary wildly between properties here: a flood zone, an older roof, or a condo with a big assessment changes the real monthly cost. Jared can rerun the payment on any specific house before you offer.
Under contract to clear-to-close
Application on the lender’s portal, appraisal, inspection, insurance bound, underwriting conditions answered. Typical timelines run several weeks; the program and the property drive it.
Jared to confirm typical timelines he’s comfortable publishing.Closing
Closing Disclosure three business days before, final walkthrough, wire the cash to close (verify wire instructions by phone, always), sign, keys.
Four ways to buy with less than 20% down.
| Option | Minimum down | Mortgage insurance | Best when | Limits |
|---|---|---|---|---|
| Conventional 97 / HomeReady / Home Possible | 3% | PMI, cancellable at 80% LTV | Credit 680+; income under area limits for HomeReady/Home Possible | First-time buyer or income-limited; homebuyer education may be required |
| FHA | 3.5% | Upfront 1.75% + annual, usually for the life of the loan | Credit 580–680 or higher debt ratio | County loan limits; owner-occupied |
| VA | 0% | None monthly; funding fee unless exempt | Eligible military service | Primary residence; VA appraisal |
| USDA | 0% | 1% upfront + 0.35% annual | Eligible rural area and income under 115% of area median | Few eligible addresses near the coast |
Down payment assistance: Florida Housing Finance Corporation offers first-mortgage and assistance programs (including Hometown Heroes for eligible workers) through participating lenders, and some counties and cities run their own. Funding, eligibility, and lender participation change frequently. Jared to confirm which assistance programs his lender participates in before any are listed here.
How much do I really need saved?
Does renting vs. buying make sense here?
Can my parents help with the down payment?
Will student loans stop me?
What’s a homebuyer education course?
Start with the range conversation.
Nothing to prepare. Tell Jared where you are and he’ll take it from there.
- No credit pull, no obligation
- Not an application; no guarantee of approval or terms
- Rather talk? Call or text 954-649-0020
The first one is the hardest. It doesn’t have to be confusing.
Call or text Jared with the questions you think are too basic. They aren’t.