Buying your first home is a major milestone, and a little preparation can make the process much easier. Building the right team and understanding your options before you start house hunting helps you move forward with confidence. Here are five tips for first-time buyers in Stuart, Palm City, Jensen Beach, and the rest of Martin County. If you're ready to take the first step, send me a message and let's get started!
1. Get Pre-Approved Before You Start Shopping
A pre-approval tells you what you can realistically spend and shows sellers you're a serious buyer. In a competitive market, an offer without one is easy to pass over. Talk with a local lender early, even a few months before you plan to buy. They can also point out any credit or debt issues you have time to fix. Remember that the most you can borrow isn't the same as what feels comfortable each month, so set your own budget too.
2. Build the Right Team
Your first purchase goes more smoothly with experienced people around you:
- A lender who knows first-time buyer and down payment assistance programs.
- A buyer's agent who knows local neighborhoods, flood zones, HOA rules, and pricing.
- A licensed home inspector to check the home's condition before you commit.
- An insurance agent to quote homeowners and flood coverage before you make an offer.
- A title company or real estate attorney to handle the closing.
Your agent can introduce you to trusted local professionals for each role.
3. Explore Down Payment Assistance
Many first-time buyers don't realize how much help is available. A few programs worth asking your lender about:
- Florida Housing Finance Corporation: 30-year fixed-rate first mortgages through participating lenders, paired with down payment and closing cost assistance such as the Florida Assist (up to $10,000, a 0% deferred second mortgage). Florida Housing generally defines a first-time buyer as someone who hasn't owned and lived in a primary residence in the past three years, and its programs have credit score, income, and purchase price limits. See Florida Housing's homebuyer programs.
- Florida Hometown Heroes: for eligible full-time workers such as health care workers, school staff, first responders, child care workers, and military members and veterans. It offers up to 5% of the first mortgage amount (between $10,000 and $35,000) toward down payment and closing costs. See the Hometown Heroes program page.
- Martin County SHIP Purchase Assistance: the county's State Housing Initiatives Partnership plan offers down payment, closing costs, and gap financing to income-qualified first-time buyers, as a deferred loan that is partly forgiven over time. Funding opens in rounds, so check availability. See Martin County's SHIP plan.
Good to know: Most of these programs require a homebuyer education course and an approved participating lender, so line those up early. Funding, limits and terms change often, so confirm the current details with your lender or the program before you count on them.
4. Budget for the True Cost of Owning in Florida
Your mortgage payment is only part of the picture. Before you fall in love with a home, get real numbers for:
- Homeowners insurance, which can vary widely based on a home's age, roof, and construction.
- Flood insurance, which may be required depending on the flood zone, and is worth considering even when it isn't.
- Property taxes, based on the home's assessed value after you buy, not necessarily the seller's current bill.
- HOA or condo fees, plus any special assessments.
- Closing costs and moving expenses, along with a cushion for repairs.
Ask for insurance quotes as soon as you find a home you like. They can change which homes fit your budget.
5. Inspect Carefully and File for Homestead
A professional home inspection can uncover problems with the roof, plumbing, electrical or air conditioning before you're committed. In Florida, ask your insurance agent whether a wind mitigation inspection or a four-point inspection could help you qualify for coverage or lower your premium.
Once you own and live in the home as your primary residence, apply for Florida's homestead exemption, which can lower your property taxes and limit how much your assessed value can rise each year. In Martin County, file with the Martin County Property Appraiser by March 1.
Ready to Start Looking?
Browse homes for sale on the Treasure Coast, see our Stuart homes under $400,000, or visit our finance page to get pre-approved.
First-Time Homebuyer FAQs
Who counts as a first-time homebuyer in Florida?
For Florida Housing's programs, a first-time buyer is generally someone who hasn't owned and lived in a primary residence during the past three years. That means you may qualify even if you owned a home before. Individual programs can have their own rules, so check with your lender.
How much do I need for a down payment?
It depends on the loan. Some loan types allow very small down payments, and certain VA and USDA loans may require none. Down payment assistance programs can cover part of what you need. Your lender can show you the options for your situation.
Is there down payment assistance in Martin County?
Yes. Statewide, Florida Housing offers assistance such as the Florida Assist and the Hometown Heroes program through participating lenders. Martin County's SHIP plan also includes purchase assistance for income-qualified first-time buyers when funding is available. Limits and availability change, so confirm current details before you apply.
What is the Florida Hometown Heroes program?
It's a Florida Housing program for eligible full-time workers such as health care workers, school staff, first responders, child care workers, and military members and veterans. It provides up to 5% of the first mortgage amount, between $10,000 and $35,000, toward down payment and closing costs as a 0% deferred second mortgage.
How long does it take to buy a home?
Once your offer is accepted, closing commonly takes about 30 to 45 days, depending on the loan, inspections and appraisal. Getting pre-approved and organizing your documents early helps everything move faster.
Do I need flood insurance?
If the home is in a high-risk flood zone and you have a federally backed mortgage, your lender will generally require it. Even outside those zones, flood coverage is worth pricing out in coastal Florida. Get a quote before you make an offer.
When do I apply for the homestead exemption?
After you own the home and make it your permanent residence, apply with your county property appraiser. In Martin County the filing deadline is March 1. The exemption can reduce your property taxes and limit future increases in your assessed value.
Let's Find Your First Home
I'm Eric Slifkin, and I assist first-time buyers in Stuart and the Treasure Coast. Feel free to reach out with your questions—no pressure.
Send Me a Message Call 772-288-1765
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