Three ideas that hold many people back
“I need 20% down.” Not always. There are loan programs with a lower down payment, and assistance programs that may cover part of the down payment or closing costs if you qualify. A lender reviews which options may apply to your case. Financing is subject to credit approval and to each program’s rules.
“My credit has to be perfect.” Credit is an important factor, but it is not the only one. Income, debts and savings are also reviewed. Checking this early gives you room to prepare.
“I’d better keep renting.” Renting is a valid option. A useful question is how much you pay in rent each year and what you get in return, compared with what you would pay for a home of your own. There is no single right answer.
How the process usually starts
A typical path is a conversation about your budget and goals, then a pre-qualification so you have a clearer picture of loan options. Pre-qualification is an initial estimate based on what you share. A pre-approval reviews documents such as income and credit and can give more support to an offer. Neither one is a final commitment to lend.
From there, you look at homes that fit, including new construction in areas such as Homestead when that matches what you want. Closing often takes about 30 to 45 days after an offer is accepted, depending on the loan and the property.
Down payment help in Florida and Miami-Dade
Florida Housing Finance Corporation and the Housing Finance Authority of Miami-Dade County offer assistance programs for qualified buyers. Availability, income limits and rules change. We can help you see which official programs may be worth reviewing, and you confirm the current details on the agency sites.
This page is general information, not legal, tax or financial advice and not a commitment to lend. Subject to credit approval. Programs and requirements change and depend on each case.