Homebuyer Guide · Updated July 2026

First-Time Homebuyer Checklist for Miami (2026)

Everything to prepare before your first purchase in South Florida — from credit score targets to the documents your lender will ask for on day one. Written by Reinier Cancio, bilingual Miami loan officer, NMLS #1615071.

1. Start with your credit score — six months out

Most loan programs in Florida require a minimum credit score between 580 and 620. FHA loans accept scores as low as 580 with 3.5% down (and 500 with 10% down), while conventional loans typically need 620 or higher — with the best rates reserved for 740+.

Check your score at least six months before you plan to buy. That gives you time to dispute errors (about one in five credit reports contains one), pay down revolving balances below 30% utilization, and avoid new credit inquiries. A 20-point improvement can move you into a better pricing tier and save thousands over the life of the loan.

One Miami-specific note: if you're a recent immigrant building U.S. credit from scratch, some programs accept alternative credit history (rent, utilities, remittance records) or an international credit report. Ask before assuming you don't qualify.

2. Save for more than just the down payment

The down payment gets all the attention, but it's only part of the cash you'll need at closing:

• Down payment: 0% (VA), 3% (conventional first-time programs), 3.5% (FHA), or more.
• Closing costs: typically 2–5% of the purchase price in Miami-Dade — title, taxes, insurance, lender fees. See my full breakdown of closing costs in Miami-Dade County.
• Home inspection: $400–$600 (more for larger homes or older construction).
• Appraisal: $500–$700, paid during the loan process.
• Reserves: lenders want to see at least two months of mortgage payments left in your account after closing.

On a $450,000 home with FHA financing, realistic all-in cash to close is roughly $30,000–$45,000 — before any assistance programs. Run your own numbers with my affordability calculator.

3. Gather your documents early

Have these ready before you apply — it's the difference between a 24-hour pre-approval and a two-week back-and-forth:

• Last two years of W-2s or tax returns
• Last 30 days of pay stubs
• Last 60 days of bank statements — all pages, even the blank ones (underwriters require them)
• Valid government-issued ID and Social Security number
• If self-employed: profit-and-loss statement plus 12–24 months of business bank statements

Self-employed in Hialeah or Doral with strong deposits but modest tax returns? Bank-statement loan programs qualify you on deposits instead of tax returns — a common fit for South Florida's small-business community.

4. Get pre-approved before you shop

In Miami's competitive market, sellers and listing agents take pre-approved buyers seriously — and often won't consider offers without a letter. A pre-approval means your income, assets, and credit have been verified. A pre-qualification is just an estimate based on what you tell the lender; it carries far less weight.

Most pre-approvals are issued within 24–48 hours once documents are in. Start with my free 2-minute pre-qualification quiz — no hard credit pull — and I'll tell you which programs fit before you commit to anything.

5. Use Florida's down-payment assistance

Florida offers real money for first-time buyers, and most people don't know they qualify:

• Florida Hometown Heroes: up to 5% of the loan amount (capped at $35,000) toward down payment and closing costs, as a 0% deferred second mortgage. Originally for teachers, nurses, police, and military — now open to most full-time Florida workers under the income cap.
• Miami-Dade County programs: income-qualified grants and second mortgages that can stack with FHA financing.
• Conventional 97 / HomeReady / Home Possible: 3% down conventional programs with reduced mortgage insurance for moderate-income buyers.

These programs have income limits, purchase-price limits, and homebuyer-education requirements — I'll check your eligibility as part of pre-qualification.

6. Choose the right loan for your situation

The right program depends on your credit, savings, and how long you'll stay. If you're deciding between the two most common options, read my side-by-side: FHA vs. Conventional — which one fits you? Buying in a specific city? I've written local guides for Miami, Hialeah, Kendall, and Doral.