Buying your first home in Miami is very doable with a plan. Here are the steps, the costs to expect and the South Florida details first-time buyers often miss.
1. Know your numbers
Your monthly payment is more than principal and interest. In South Florida, homeowners insurance, flood insurance in some zones, property taxes and HOA or condo fees can add a lot. Ask your lender for a full monthly estimate on the price range you are considering.
2. Get pre-approved
A pre-approval from a lender tells you your budget and makes your offer stronger. Common loan types include:
| Loan type | Typical down payment | Good to know |
|---|---|---|
| FHA | As low as 3.5% | More flexible credit requirements; mortgage insurance applies |
| Conventional | As low as 3% for some first-time buyers | Mortgage insurance can come off once you build equity |
| VA | Often 0% | For eligible veterans and service members |
Exact requirements depend on the lender and your situation.
3. Ask about down payment assistance
State and local programs, such as those offered through Florida Housing and Miami-Dade County, can help eligible buyers with down payment and closing costs. Funding, income limits and rules change often, so ask your lender which programs are open when you apply.
4. Shop smart in South Florida
- Insurance first: get quotes during your inspection period. Roof age, windows and the home's age affect the price.
- Inspections: a general inspection, plus a wind mitigation inspection (which can lower insurance) and a 4-point inspection for older homes.
- Flood zone: check it before you fall in love with a house. See our flood guide.
- Condos and HOAs: review the budget, reserves, assessments, rules and approval process.
- Permits: make sure additions and conversions were permitted.
5. Make an offer and close
We pull recent comparable sales so your offer is based on facts, then guide you through inspections, appraisal, insurance and closing. Expect closing costs in addition to your down payment; your lender will give you an estimate.
6. After you move in
If the home is your primary residence, file for the Florida homestead exemption with the county property appraiser. In Miami-Dade, the deadline is March 1 of the year after you buy (for example, March 1, 2027 for a home bought in 2026). It can lower your property taxes and limit future increases.
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