How much do I need for a down payment and closing costs?

The down payment is the part of the purchase price you pay from your own funds. The rest is covered by your mortgage.

Many first-time buyers assume they need 20 percent. In practice, some loans allow 3 percent or less, and several programs are designed for first-time buyers with lower down payments. A lender can tell you what you qualify for.

Closing costs are the fees to complete the purchase, and they include lender fees, title insurance, taxes, and recording fees, plus any inspections you order.

They are separate from the down payment and are typically paid at closing. You get a written estimate early so there are no surprises.

In South Florida, your total monthly housing cost also includes property taxes, homeowners insurance, and often HOA or condo fees. Those can be significant, so the full picture matters as much as the down payment.

It helps to get pre-approved early. That gives you a real number for both the loan and the closing costs before you start looking at homes.

You may be able to use gift funds from family for part of the down payment, and some programs offer down payment assistance. Both have rules, so it is worth exploring with a lender who knows the programs.

Some sellers also agree to concessions that cover part of the buyer's closing costs, depending on the market and the negotiation.

I connect you with a lender who explains your options clearly, and I give you a written estimate of the costs early in the process.

My goal is for you to walk into the purchase knowing your real number, so the home you choose fits comfortably and not just on paper.