Brevard County · Buying
Buying my first home in Brevard County
Every step in plain words, from what you can afford to the keys.
Free · Agents who know Brevard County · Every step in one app
Buying your first home is exciting, and it can also feel like walking into a room where everyone speaks a language you never learned. Pre-approval, escrow, closing costs, contingencies. It is normal to worry about asking a silly question, picking the wrong home or paying too much. Everyone who owns a home today was a first-time buyer once.
The process is not as mysterious as it looks. It follows the same steps for almost everyone: know your budget, get pre-approved, find a home, make an offer, check the home, finalize the loan and close. Each step has a clear purpose, and there are federal rules that make lenders show you their costs in writing.
Below is how buying works in Florida, the real help that exists for first-time buyers in Brevard County, and what to gather so you can move forward with confidence.
What’s different for you
- Know what you can afford. Four questions give an honest estimate in a minute.
- Get pre-approved. A real lender makes it official.
- Tour and choose. Save homes and ask your agent for tours.
- Make an offer, step by step. One question per screen, every term explained.
When you start in CloseHive from this page, your plan already includes these steps, along with the usual ones for buying in Brevard County. You always see what to do next, and your agent handles the how.
What to know
Start with an honest budget
Your real monthly cost is more than the loan payment. It includes property taxes, homeowners insurance, mortgage insurance if your down payment is small, and HOA fees if there are any. The CFPB also suggests keeping an emergency cushion, usually three to six months of expenses, before deciding how much to put down.
Down payments can be smaller than you think
FHA loans allow down payments as low as 3.5%. The CFPB says conventional loans backed by Fannie Mae or Freddie Mac can need as little as 3%. VA loans and USDA loans can need no down payment for buyers who qualify. Smaller down payments usually mean mortgage insurance and higher costs over the life of the loan.
Florida and Brevard have help for first-time buyers
Florida Housing Finance Corporation offers first mortgages and down payment help through participating lenders. Its page lists a 640 minimum credit score, an approved homebuyer education course, and income and price limits by county. Brevard County's Purchase Assistance Program offers a 0% deferred second mortgage for eligible first-time buyers at or below 80% of the area median income, with a 5-hour homebuyer class. Funds and rules change, so ask a lender or the program office what is open now.
What 'first-time buyer' means
For Florida Housing's programs, you count as a first-time buyer if you have not owned and lived in a main home in the past three years. Brevard County's program uses the same three-year idea. So you may qualify even if you owned a home long ago.
You get your costs in writing
After you apply, a lender must give you a Loan Estimate within three business days. It shows your rate, monthly payment and closing costs, so you can compare lenders. Before closing, you must get a Closing Disclosure at least three business days ahead. Compare the two and ask about any change.
An appraisal is not an inspection
The lender's appraisal checks value for the lender. HUD's own form tells buyers that appraisals are not home inspections. A home inspection, which you choose and pay for, looks at the roof, plumbing, electrical, air conditioning and more, so you know what you are buying.
Florida disclosures to read
Florida law asks sellers three flood questions at or before the contract: flood damage while they owned it, flood insurance claims and flood help such as FEMA aid. Florida also requires a disclosure telling buyers not to rely on the seller's current property taxes, because a sale triggers a new assessment.
Claim your homestead after you move in
Once the home is your permanent residence, apply for the homestead exemption with the Brevard County Property Appraiser by March 1 of the year you want it. It can lower your home's taxable value by up to $25,000 and starts the Save Our Homes cap on future increases.
Your options
What to gather
- Your last two pay stubs and last two years of W-2s
- Two recent bank statements for every account
- A photo ID
- Your free credit reports from AnnualCreditReport.com
- A list of monthly debts: car, student loans, cards
- Your current rent and lease end date
- Money set aside for an inspection, appraisal and closing costs
- A homebuyer education class, if you plan to use down payment help
- Loan Estimates from at least two lenders to compare
Mistakes to avoid
- Shopping before pre-approval. Get pre-approved first so you know your real price range and sellers take your offer seriously.
- Using all your savings to buy. Keep an emergency cushion for repairs and surprises after you move in.
- Skipping the inspection. An appraisal is not an inspection. Get a home inspection so you know the home's condition before you commit.
- Opening new credit before closing. New cards or car loans can change your approval. Wait until after closing.
- Not comparing lenders. Ask for Loan Estimates from more than one lender and compare rates and fees side by side.
Brevard County in numbers
- The typical home in Brevard County is worth about $339,600, and 77% of homes are lived in by their owners.
- Typical rent here is about $1,556 a month, including utilities.
Free help
Questions people ask
How much do I need for a down payment?
Some loans allow very little down; your lender shows the options that fit you.
How much do I need for a down payment?
It depends on the loan. FHA allows as little as 3.5%, some conventional loans 3%, and VA and USDA can need nothing down for those who qualify. You also need money for closing costs, which down payment help may cover in part.
What credit score do I need to buy a house?
FHA allows maximum financing with a score of 580 or higher. Florida Housing's programs list a 640 minimum. Lenders can set their own higher requirements, so ask.
Is there first-time homebuyer help in Brevard County?
Yes. Florida Housing Finance Corporation offers down payment help statewide through participating lenders, and Brevard County has a Purchase Assistance Program for eligible first-time buyers. Both have income limits and require a homebuyer class.
What is a Loan Estimate?
A form a lender must give you within three business days of your application. It shows your rate, payment and closing costs so you can compare lenders.
Do I need a home inspection if I'm getting an appraisal?
Yes, it is wise. An appraisal checks value for the lender; it is not a home inspection. An inspection tells you about the home's condition.
What is homestead exemption?
A Florida property tax break for your permanent residence. In Brevard County you apply by March 1, and it can reduce taxable value by up to $25,000 and cap future increases.
How long does buying a home take?
It varies. Once you are under contract, the contract sets the dates for the inspection, loan approval and closing. Your agent and lender keep you on that timeline.
What is mortgage insurance?
Insurance that protects the lender when your down payment is small. It is required on every FHA loan and usually on conventional loans with less than 20% down. On a conventional loan you can ask to cancel it once your balance reaches 80% of the original value.