The First-Time Home Buyer's Guide to Getting a Mortgage in Texas & Florida

Buying your first home in Texas or Florida comes down to three things: knowing how much you really need up front, picking the right loan program, and getting pre-approved before you shop. The good news — you almost certainly need less down payment than you think. Here's the whole path, start to finish, from a broker licensed in both states.

How much do you actually need to put down?

The biggest myth in homebuying is that you need 20% down. You don't. First-time buyers routinely buy with far less:

• Conventional loans — as little as 3% down for qualified buyers.
• FHA loans — 3.5% down with more flexible credit guidelines.
• VA loans — 0% down for eligible service members, veterans, and surviving spouses.
• Down payment assistance — Texas and Florida both offer programs that can help cover part of your down payment or closing costs.

The right choice depends on your credit, savings, and goals — which is exactly what a broker helps you sort out.

What lenders actually look at

Four things drive your approval:

1. Credit score — higher scores unlock better terms, but there are programs for a range of credit profiles.
2. Debt-to-income ratio (DTI) — how much of your monthly income goes toward debt payments.
3. Income stability — steady, documentable income.
4. Savings — for your down payment, closing costs, and a little cushion.

You don't need all four to be perfect. Part of my job is finding the program whose guidelines fit your real picture.

The step-by-step path to your first home

1. Get pre-approved first. Before you tour a single house, know your budget and get a pre-approval letter. Sellers take you seriously, and you shop with confidence.
2. Find your home and make an offer. Your pre-approval tells you — and the seller — exactly what you can do.
3. Loan processing and underwriting. The lender verifies everything and orders an appraisal.
4. Close. You sign, funds transfer, and you get the keys.

First-time buyer mistakes to avoid

• Shopping before pre-approval — you risk falling for a home you can't finance.
• Making big purchases or opening new credit during the process — it can change your approval.
• Changing jobs mid-loan without a heads-up — stability matters to underwriters.
• Forgetting closing costs — budget roughly 2–5% of the price on top of your down payment.
• Draining every last dollar — lenders like to see a reserve after closing.

What your monthly payment really includes

Your payment is more than principal and interest. In both Texas and Florida it typically also includes property taxes and homeowners insurance, collected through an escrow account. Texas property taxes tend to run higher, and Florida insurance can too, so we'll build those into your budget from day one — no surprises at closing.

Julia Kovalskiy is a residential mortgage loan originator (NMLS #2661068) licensed in Texas and Florida. This article is educational and is not a commitment to lend; programs, terms, and eligibility vary by lender and individual circumstances.