Florida Homebuying Myths That Still Confuse Buyers in 2026

If you're a South Florida homebuyer shopping in Broward, Miami-Dade, or Palm Beach (from Miramar and Pembroke Pines to Hollywood and Weston), you've probably heard advice from friends, social media, and "experts."

Some of it is helpful.

Some of it is outdated.

Here are the myths we still hear most, and what's actually true for Florida homebuyers in 2026.

Myth 1: "You need 20% down to buy a home in Florida."

Reality: Many qualified buyers use FHA loans or low-down conventional options.

• FHA loans require as little as 3.5% down

• Conventional loans can start at 3% for first-time buyers

• Down payment assistance programs exist across South Florida

See how buyers can purchase a home in South Florida without 20% down here.

Myth 2: "If I can afford the mortgage, I can afford the home."

Reality: In Florida, the mortgage is only part of the monthly cost.

• Property taxes vary by county

• Home insurance has increased significantly in 2026

• HOA or condo fees can add hundreds or thousands per month

Learn more about the true cost of owning a home in South Florida here.

Myth 3: "Cash to close = my down payment."

Reality: Cash to close includes much more than your down payment.

• Closing costs: Typically 2–4% of the purchase price

• Prepaid items: Insurance, property taxes, HOA dues

• Reserves: Sometimes required by lenders

Check out our guide for how much cash Florida buyers actually need here.

Myth 4: "Closing costs are always the same."

Reality: Closing costs vary by county, property type, and price.

• Broward County: Different title and recording fees than Miami-Dade

• Condo purchases: May include additional escrow requirements

• Purchase price: Higher-priced homes have higher closing costs

Use our county-by-county guide to average closing costs in South Florida here.

Myth 5: "Insurance is just a box to check at the end."

Reality: In 2026, Florida home insurance can make or break affordability.

• Wind/hurricane coverage is often required and expensive

• Flood insurance may be mandatory in certain zones

• Older homes or condos may face higher premiums or coverage limits

Understand why Florida home insurance is a critical factor for buyers here.

Myth 6: "HOA fees are only about amenities."

Reality: HOA and condo fees reflect the community's financial health.

• Low reserves can signal deferred maintenance

• Rising insurance costs can trigger special assessments

• Pending litigation may affect financing approval

See how to spot red flags in HOA fees before buying a Florida condo here.

Myth 7: "I'm pre-qualified, so I'm basically pre-approved."

Reality: Pre-qualification is just an estimate. Pre-approval is verified.

• Pre-qualification: No document review, rough estimate

• Pre-approval: Full underwriting review, strengthens your offer

• Competitive markets: Sellers in Broward and Miami-Dade prefer pre-approved buyers

Learn why pre-approval matters for making a competitive offer here.

Bottom line

South Florida homebuyers win when they focus on the real drivers of success:

• A sustainable total monthly payment (not just the mortgage)

• A property that is insurable at a reasonable cost

• HOA/condo costs that are stable and documented

• A realistic cash-to-close plan with room for surprises

Ready to Navigate Florida Homebuying with Confidence?

If you're buying in Broward, Miami-Dade, or Palm Beach and want to separate myths from real numbers (payment, insurance, HOA, and cash-to-close), we can help you model it before you commit:

• Start your pre-approval: Apply for a Florida mortgage pre-approval

• Explore homebuyer programs: See low-down payment options in South Florida

• Book a strategy call: Schedule a homebuying consultation

EZ Funding Group, Inc. NMLS #349022 | Jaime Charouf NMLS #348964 | Equal Housing Lender