First-time home buyer?Your Miami mortgage, explained.

Start with a pre-approval, then shop for homes in that range. Once you're under contract, the lender orders an appraisal, underwriting verifies your file and you close, usually 30 to 45 days after your offer is accepted. With PREMIER, our loans typically close in about 21 days from contract.* In Miami, check the condo building and get insurance quotes early; both can stall a loan.

For most loan and assistance programs, it's someone who hasn't owned a home they lived in during the past three years. So a past owner, or someone who has only owned investment property, may still qualify. Each program sets its own rules, so we check them for you.

PREMIER is a licensed Florida mortgage broker, not a direct lender. Most people search for a “mortgage lender,” and finding the right one is exactly what we do: we compare loan programs from several wholesale lenders and handle your application from start to closing. The lender you choose funds and services the loan. A bank offers only its own loans; with a broker you see options from many lenders at once, and you're always free to compare our offer with any bank or lender.

Yes. You don't need to be a Florida resident or a U.S. citizen to buy in Florida, and some lenders offer loans for buyers with an ITIN or for foreign nationals, each with its own requirements. Florida also restricts some purchases by people domiciled in certain countries; a Florida real estate attorney can advise on that.

The big ones: opening new credit before closing, moving money without a paper trail, falling for a condo before checking the building, and underestimating insurance and dues. Following an emailed wire instruction without calling to confirm is another. Each is avoidable if you ask before you act.

Yes. Abdallah speaks English and Spanish, so you can text, call or meet in either language.

There is no single minimum; it depends on the loan program and the lender. FHA guidelines allow scores in the 500s, though most lenders set a higher floor, and since November 2025 Fannie Mae no longer sets a fixed minimum score for conventional loans approved through its automated underwriting (manually underwritten loans still have a minimum). A higher score usually means better terms. Check your reports for free at annualcreditreport.com (opens in a new tab) and fix errors before you apply. We can tell you which programs fit your current score.

Not with PREMIER. We pre-approve you with one soft credit check, which doesn't affect your credit score and isn't visible to other lenders. Every mortgage, including Non-QM loans, does require a full (hard) credit check before the loan is submitted to a lender. We run it only after you have a signed purchase contract and are ready to move forward, and we tell you before we do. That way your credit gets one full check, when it counts, not every time you look at homes.

It depends on the loan program. As of October 2026, Fannie Mae and Freddie Mac accept either Classic FICO or VantageScore 4.0 for conventional loans, and VA loans accept both. FHA loans and manually underwritten conventional loans still use FICO. PREMIER can review both, and when the loan program and lender allow it, we use the model that works better for you. Everyone on the same loan is scored with the same model. The score in your credit app may not be the one a mortgage lender uses, so ask us before you decide where you stand.

A pre-qualification is an estimate based on what you tell us; a pre-approval is based on documents we've reviewed. Miami sellers take a pre-approval far more seriously. Neither is final approval, which comes after the appraisal and underwriting.

Usually photo ID, recent pay stubs, W-2s or tax returns for the past two years, and recent bank statements. Self-employed buyers usually add business and personal tax returns. Be ready to explain any large deposits.

Often 60 to 90 days, depending on the lender, because your credit report and pay stubs go stale. If it expires, we update your documents and refresh it. Tell us before your situation changes.

Lenders compare your monthly debts, including the full housing payment, to your income; that's your debt-to-income ratio. In Miami, property taxes, insurance and condo dues are a big part of that payment. We price them for the specific home so your number is real.

Yes. Lenders usually look at two years of tax returns, and some offer programs that use bank statements instead. Your qualifying income is generally what's left after business deductions, so talk to us before you file your next return.

Mortgage credit checks made within a short shopping window are generally scored as a single inquiry. So comparing lenders won't hurt more than one check. What does hurt is new credit cards or car loans before closing.

Plan for three amounts: the down payment, closing costs and a cushion for moving in. The down payment depends on the loan program you qualify for, and closing costs appear on your Loan Estimate. Also budget for the inspection, appraisal, first year of insurance and any condo fees.

Yes. Several programs are built for small down payments, including government-backed loans and some conventional first-time buyer options; eligible veterans may qualify for VA loans. Each has its own credit, income and property rules. We compare them for your situation.

Yes. Florida Housing Finance Corporation (opens in a new tab) offers down payment and closing cost help through participating lenders, including Hometown Heroes for eligible first-time buyers in certain occupations and for military members and veterans. Assistance is usually a second loan with its own terms, and funds are limited. Ask us whether you qualify and what's available today.

Yes. The Miami-Dade Economic Advocacy Trust (opens in a new tab) offers a deferred second loan for down payment and closing costs to eligible low- to moderate-income buyers of a primary home in the county. The City of Miami and Miami Beach run their own programs. Applications go through a licensed lender.

Usually yes, if the program allows gifts and the money is documented. Expect a signed gift letter and a paper trail of the transfer. Tell us before the money moves.

Mortgage insurance protects the lender, not you, and most low down payment loans require it. On conventional loans it can usually be removed once you build enough equity; government loans have their own rules. We'll show you the cost and how it comes off.

It depends on your credit, savings, the property and, for VA, your service. FHA is often more flexible on credit, conventional loans can drop mortgage insurance later, and VA loans are for eligible veterans and service members. We compare them side by side for your file.

It depends on how long you'll keep the home, the monthly payment you're comfortable with and the risk you accept. A fixed rate stays the same for the life of the loan; an adjustable rate can change after an initial period. A shorter term usually means a higher monthly payment and less total interest.

It depends on the price, the loan and the home, and only a Loan Estimate gives you real figures. In Miami the payment also includes property taxes, insurance with wind coverage, flood insurance where needed, and dues. Send us the property and we'll run it, or see the full monthly cost in Casa Clara (opens in a new tab).

They're the two standard forms that show your loan terms and costs. You get the Loan Estimate within three business days of applying and the Closing Disclosure at least three business days before closing. Compare them line by line; we explain any change. The CFPB home-buying guide (opens in a new tab) walks through both.

Yes; comparing Loan Estimates is the simplest way to see differences in fees and terms. As a broker we compare several wholesale lenders for you. You're always free to compare our offer with anyone else's.

Usually lender fees, Florida's taxes on the mortgage, title insurance as agreed in the contract, recording fees, prepaid insurance and taxes, and the inspection and appraisal. Florida taxes a mortgage at $0.35 per $100 of the loan (documentary stamps (opens in a new tab)) plus a 0.2% intangible tax. Your Loan Estimate lists every figure.

In Miami-Dade and Broward the buyer customarily pays for the owner's title policy, but the contract decides. In most of the rest of Florida the seller customarily pays. Premiums are set by state regulation; other title fees can vary.

They're based on the assessed value as of January 1 after your purchase, which usually resets toward the price you paid. So the seller's bill is often not your bill. We use the Property Appraiser's (opens in a new tab) estimator with your price when we qualify you.

It lowers the taxable value of your primary residence by up to $50,000 and caps yearly assessment increases at 3% or inflation, whichever is lower. You file with your county's property appraiser by March 1. It can lower the escrow part of your payment over time.

It's an account your loan servicer keeps to pay your property taxes and insurance for you. Part of each monthly payment goes into it, and you fund an initial deposit at closing. It's reviewed yearly, so the payment can change when taxes or insurance change.

Taxes are prorated: the seller credits you for their share of the year, because Florida taxes are paid at year end. The lender also collects an initial escrow deposit for future bills. Both appear on your Closing Disclosure.

No. The building must meet the lender's and program's rules, not just you. Lenders review reserves, insurance, litigation, critical repairs, special assessments and how many units are rented or owned by one party. Send us the building before you make an offer.

It's a building that doesn't meet standard conventional guidelines, often because of low reserves, litigation, high investor ownership or pending repairs. Some lenders offer loans for these buildings with different terms. We'll tell you what's available for a specific building.

Florida requires structural milestone inspections and Structural Integrity Reserve Studies for condo buildings three or more stories tall. Lenders review them because unfunded repairs can lead to large assessments. Ask for both reports before you offer.

Yes. Monthly dues count in your debt-to-income ratio, just like taxes and insurance. Since Florida's post-Surfside reserve rules, dues have risen in many buildings, so we use the building's current budget.

Usually not until it's finished; you pay deposits during construction and get the mortgage at completion. At that point the lender must approve the building and appraise your unit. Talk to us before signing so the financing plan is clear.

Your lender requires it, and in Miami it must include windstorm coverage, a large part of the cost. The premium is part of your monthly payment and your qualifying ratio. Get quotes during your inspection period.

It's required if the home is in a FEMA Special Flood Hazard Area (check the flood maps (opens in a new tab)) and your loan is from a federally regulated or insured lender or is government-backed, which covers most mortgages. Citizens (opens in a new tab) is also phasing in a flood requirement for its homeowner policies with wind, reaching all of them by January 1, 2027 (condo unit policies excepted). Many owners outside high-risk zones carry it anyway.

It can. Florida insurers must offer credits for features like roof shape, roof attachment and impact windows or shutters. A lower premium means a lower escrow payment.

Usually an HO-6 policy for the inside of your unit, your belongings and liability. The association's master policy covers the structure, and the lender reviews that too. We'll tell you the minimum coverage required.

The underwriter verifies your income, assets, credit and the appraisal against the program's rules. They may ask for more documents; quick answers keep your closing on time. Once everything clears, you get a clear to close.

Don't open new credit, make large purchases, change jobs or move large sums without a paper trail. The lender re-checks your credit and employment before closing. If something changes, call us first.

The loan is based on the lower of the price or the appraised value, so you may need to renegotiate, cover the gap or cancel if your contract allows. If the appraisal missed key sales, the lender can request a reconsideration of value. We'll walk you through your options.

You sign the loan and closing documents with the title company or attorney, send your funds and get the keys once the loan funds and records. Bring a government photo ID. Confirm wiring instructions by phone first.

Never wire money based on an email alone. Call the title company at a number you've verified yourself before you send anything. A message saying wiring instructions changed is a red flag.