Photo · Readiness isn't a feeling — it's four numbers a lender will check in about ten minutes. Your credit score, your savings, your debt load, and your income stability. Get honest with all four now and the rest of the process stops being scary, because you already know the answer the bank is going to give you.
Nothing here disqualifies you forever. Every number on this page is something you can move in a few months with a plan. That's the whole point of reading it before you start.
The four numbers, at a glance
- 620+
- Credit score
- 3.5%
- Min. down payment
- 43%
- Debt-to-income ceiling
- 2 yrs
- Income history
580+ can still work for FHA
FHA, on the purchase price
Most conventional loans
Lenders want to see stability
1 · Credit — the price of your money
Your credit score doesn't decide whether you can buy. It decides what you pay to buy. The same house financed at 620 versus 760 can differ by hundreds of dollars a month over a 30-year loan — that's tens of thousands of dollars for three digits.
Pull all three bureaus (Experian, Equifax, TransUnion) for free at annualcreditreport.com. Look for errors first — they're more common than you think. Then focus on two levers that move fast: pay balances below 30% of each card's limit, and never miss a payment in the months before you apply.
2 · Savings — three buckets, not one
Most first-time buyers budget for the down payment and forget the other two buckets. All three are real cash you need at the closing table or shortly after.
What you actually need in the bank
| Bucket | What it covers | Rough size |
|---|---|---|
| Down payment | Your equity stake at purchase | 3.5%–20% of price |
| Closing costs | Lender fees, title, taxes, prepaids, insurance | 2%–5% of price |
| Reserves | A cushion after closing for repairs & life | 2–6 months of payments |
On a $400,000 home with FHA: roughly $14,000 down + $10,000–$20,000 closing + a reserve cushion. Down-payment assistance programs in Florida can cover part of the first two buckets — ask your broker which you qualify for.
3 · Debt-to-income — the room you have left
Debt-to-income (DTI) is the share of your gross monthly income already committed to debt payments. Lenders use it to judge how much new mortgage you can carry. Add up the minimums on your car, student loans, credit cards, and the new housing payment, then divide by your gross monthly income.
Most conventional loans want total DTI at or under 43%, though strong files stretch higher. The fastest way to lower it isn't always earning more — it's paying off a small loan that carries a large minimum payment.
4 · Income stability — the boring superpower
Lenders are betting on the next 30 years, so they look backward two. A steady two-year history in the same line of work reassures them. Switching jobs within your field is usually fine; switching from salary to commission, or to self-employment, resets the clock and adds paperwork. If a career change is coming, it's often smarter to buy first.
The readiness checklist
- Credit pulled from all three bureaus, errors disputed
- Score at 620+ (or 580+ with an FHA path mapped)
- Down payment saved, or a down-payment-assistance program identified
- Closing costs budgeted separately (2%–5% of price)
- A reserve cushion of at least two months' payments after closing
- Total debt-to-income under ~43%
- Two years of steady income in the same field
- No big career or money moves planned for the next 6 months
- A pre-approval letter from a lender — not just a pre-qualification
Common readiness questions
What credit score do I need to buy a house in Florida?
Conventional loans generally start around 620. FHA loans can go down to 580 with 3.5% down, and as low as 500 with 10% down — though a higher score always means a lower rate. There is no single statewide minimum; it's set by the loan program and lender.
How much money do I really need saved?
Plan for three buckets: down payment (3.5%–20%), closing costs (2%–5%), and a reserve cushion of two-plus months of payments. On a $400K home that's often $25,000–$35,000 all-in, before any down-payment-assistance help.
Can I buy with student loans?
Yes — student loans are just one input into your debt-to-income ratio. As long as the minimum payment fits inside your DTI room, they don't disqualify you. Income-driven repayment plans can actually help your numbers.
Should I wait for a higher credit score or buy now?
It depends on the gap. Moving from 660 to 700 can meaningfully lower your rate and is often worth a few months' wait. Chasing 760+ while home prices and rents climb may cost you more than the rate savings. A broker plus a lender can model both paths against real numbers.