Buying a home in Florida in 2026 comes with unique opportunities and challenges. From navigating the state’s competitive housing market to understanding South Florida’s specific requirements — including the ongoing insurance crisis and new condo regulations — having a clear step-by-step plan is essential.
Ready to start your home buying journey? Schedule a free consultation with Mortgages Done Right today.
How Much Home Can You Afford in South Florida?
Before touring homes, determine your budget. Lenders typically approve buyers whose total monthly housing costs (principal, interest, taxes, insurance, and HOA fees) do not exceed 28% of their gross monthly income. Factor in Florida’s rising homeowners insurance premiums — up over 400% since 2019 in some areas — as this significantly impacts affordability in Palm Beach County and beyond.
Use a mortgage calculator, or better yet, speak with a broker who can provide a realistic picture based on current rates and insurance costs. Getting pre-approved is the best way to know exactly what you can afford.
The 7 Steps to Buying a Home in Florida
- Check your credit score. Aim for 620 or higher for conventional loans, though FHA loans may accept scores as low as 580.
- Get pre-approved for a mortgage. This shows sellers you are serious and gives you a clear price range. A pre-approval letter from a local lender carries weight in South Florida’s market.
- Find a local real estate agent. Choose an agent experienced in your target area — whether that’s Royal Palm Beach, Wellington, or elsewhere in Palm Beach County.
- Start house hunting. Tour properties within your budget, keeping property taxes, insurance, and HOA fees in mind.
- Make an offer. Your agent will help you craft a competitive offer based on comparable sales in the area.
- Underwriting and appraisal. The lender reviews your financials and orders an appraisal to confirm the home’s value.
- Close and move in. Review and sign closing documents, pay closing costs and your down payment, and receive the keys to your new Florida home.
What Makes South Florida Different for Homebuyers?
South Florida’s housing market has several unique factors that buyers in other parts of the country do not face. The property insurance crisis has driven premiums up dramatically since 2019, with some homeowners seeing 400% increases. This directly affects monthly housing costs and loan qualification.
Additionally, new legislation (HB 913/SB 4-D) has introduced stricter reserve requirements for condominium associations following the Surfside tragedy. This has led to higher HOA fees and special assessments, making it critical to review condo association financial health before purchasing.
Mortgages Done Right helps buyers navigate these challenges with local expertise and access to over 25 wholesale lenders. If you are looking at first-time homebuyer programs, we can guide you through every step of the process.
When Should You Talk to a Mortgage Broker?
The best time to speak with a mortgage broker is before you start house hunting. A broker can pre-approve you, explain your loan options, and help you understand your true budget — including the South Florida-specific costs that many online calculators miss. Call Mortgages Done Right at (561) 777-7622 or schedule your free consultation online to get started.