Buy Your First Home in Florida With Confidence

Why first-time buyers in Florida have more options than they think

If this is your first home, you’ve probably heard the same advice everyone gets: “you need 20% down.” That’s wrong for most first-time buyers in Florida. Between FHA, VA, conventional 3%-down loans, and Florida-specific programs like Hometown Heroes, the actual barrier to ownership is much lower than the internet makes it sound. The right loan depends on your credit, your savings, your job, and whether you’ve served in the military — not a one-size rule.

At Turtur Home Loans, every first-time buyer starts with a free pre-approval consultation. We run the numbers across every program you qualify for, then show you the monthly payment, closing costs, and out-of-pocket cash side by side. No pressure to apply, no impact to your credit until you’re ready.

The four loan programs first-time buyers should compare

FHA loans. 3.5% down with credit scores as low as 580. Backed by the Federal Housing Administration, FHA is the most common first-time-buyer path. The mortgage insurance (MIP) lasts the life of the loan in most cases, but the down payment is low and the credit standards are forgiving. Best for buyers with limited savings and a credit score under 700.

Conventional 3% down. Fannie Mae’s HomeReady and Freddie Mac’s Home Possible programs let you buy with as little as 3% down if your credit score is 620+ and your income is at or below 80% of the area median. PMI drops off automatically once you have 22% equity, so the long-term cost is lower than FHA. Best for buyers with decent credit who plan to stay in the home five years or longer.

VA loans. 0% down, no PMI, no monthly mortgage insurance. Available to active-duty service members, veterans, and qualifying surviving spouses with a valid Certificate of Eligibility. Closing costs are limited by the VA. There’s a one-time funding fee that can be rolled into the loan. If you served, this is almost always the best program available.

Florida Hometown Heroes. A state-funded down payment and closing cost assistance program for eligible Florida workers — teachers, nurses, law enforcement, firefighters, and most full-time Florida employees. Provides up to 5% of the loan amount as a 0%-interest second mortgage, repayable when you sell or refinance. Stackable with FHA, VA, or conventional first mortgages.

What you actually need to qualify

Three numbers do most of the work in a first-time approval:

• Credit score. Most programs need 580 minimum (FHA, VA), 620 for conventional. Higher scores get better rates, but the difference between 620 and 720 is usually less than half a percentage point.
• Debt-to-income ratio. Your total monthly debt payments (including the new mortgage) divided by your gross monthly income. Most programs cap at 45%-50%. We can run this number in 10 minutes if you know your monthly debt.
• Cash to close. The down payment plus closing costs. Florida closing costs typically run 2%-4% of the purchase price. On a $400,000 home with 3.5% down FHA, you’d need roughly $14,000 down plus $8,000-$16,000 in closing costs — but seller credits, lender credits, and Hometown Heroes can reduce that materially.

How the Turtur process works

1. Free consultation (15 minutes). Share your basic info — credit range, savings, target price. We tell you what’s realistic in your county and which programs make sense.
2. Pre-approval in 24 hours. Once you decide to move forward, we run a soft credit pull (no score impact) and issue a pre-approval letter you can submit with offers.
3. Shop with confidence. Your real estate agent gets a buyer who’s already qualified. Sellers take you seriously. You make offers knowing your monthly payment in advance.
4. Close on time. Average close timeline in Florida: 21-30 days. We coordinate appraisal, title, and underwriting so you don’t have to chase paperwork.

Common first-time buyer questions

How much money do I really need to buy? On a $350,000 home with FHA, you need roughly $12,250 down plus $7,000-$14,000 closing costs. Hometown Heroes can cover a chunk of that. Many first-time buyers in Florida close with $10,000-$20,000 total out of pocket.

Does it cost anything to get pre-approved? No. Pre-approval is free. You only pay (for the appraisal, typically $500-$600) once you have a property under contract.

What if my credit is below 620? We can still work with you. FHA goes to 580 with 3.5% down, or 500 with 10% down. If your score is in the 500s, we’ll usually start with a credit-repair recommendation before pulling a full application.

How long does the whole process take? From pre-approval to keys in hand: typically 30-45 days once you have a property under contract. Pre-approval itself takes 24 hours.

Florida-specific things to know

• Hurricane and wind insurance is a real cost in Florida and lenders require it. Budget $1,500-$4,500 annually depending on county, age of home, and roof condition.
• Property taxes in Florida vary by county. Broward and Palm Beach both run roughly 1.0%-1.3% of assessed value annually. Homestead exemption (file by March 1) reduces your taxable value by $50,000 once you live in the home.
• Condos and townhomes have additional underwriting steps. The HOA financials and warrantability status matter. We routinely close condo purchases — but it adds 5-10 days to the timeline.
• Doc stamps and intangible tax. Florida charges $0.35 per $100 in documentary stamps on the note, plus 0.2% intangible tax on the mortgage. These are part of closing costs.

Ready to get started? Fill out the form on this page or call (754) 224-5704. Turtur Home Loans, NMLS #2836215.