First-time buyer (generally: no principal-residence ownership in the past 3 years) options include 3%-down conventional (HomeReady / Home Possible), 3.5%-down FHA, and 0%-down VA/USDA — often paired with state down-payment-assistance grants or forgivable second loans.
Home insurance costs and condo-assessment rules weigh on affordability, and parts of Miami-Dade push into high-cost (jumbo) territory. Because local prices often top the 2026 conforming limit of $832,750, many Miami buyers using this route also look at jumbo financing. Note that Miami's higher insurance costs add meaningfully to the monthly payment here.
Do I really need 20% down as a first-time buyer?
No — 3% conventional, 3.5% FHA, and 0% VA/USDA are common; assistance programs can help further.
What is down-payment assistance?
Grants or forgivable/deferred second loans from state housing agencies, often with a homebuyer-education requirement.
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