Gisele Bündchen is “excited” about her third pregnancy, her first with boyfriend Joaquim Valente, a source tells PEOPLE exclusively.

According to the source, the 44-year-old supermodel is feeling good about the pregnancy. Bündchen hasn’t revealed the baby’s gender because she doesn’t plan on finding out on her own until the baby is born, the source tells PEOPLE, adding that Bündchen is already several months along and plans to welcome her baby home .

“Gisele is very happy in Miami,” says the source. “She enjoys her life there. Everyone is fine.”

Bündchen feels “very lucky” to have met Valente, a jiu-jitsu instructor, the source said.

Never miss a story again — sign up for PEOPLE’s free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories.

“They started out as friends but have been dating seriously for over a year,” the source continues. “She is happy about the baby and feels good. She’s been here for a few months and is planning on having a home birth.”

On Monday, October 28, a source exclusively told PEOPLE that Bündchen and Valente, 37, are expecting their first baby together.

“Gisele and Joaquim are excited about this new chapter in their lives and look forward to creating a peaceful and loving environment for the entire family,” the source told PEOPLE.

Bündchen and her ex-husband, retired NFL quarterback Tom Brady, have two children, son Benjamin Rein, 14, and daughter Vivian Lake, 11. Brady, 47, and Bündchen announced their divorce after 13 years of marriage in October was completed in 2022. The former couple has joint custody of their children.

Bündchen and Valente were first seen together in November 2022. They denied having a romantic relationship for months, but a source told PEOPLE in February 2024 that they started dating in June 2023.

The PEOPLE Puzzler crossword is here! How quickly can you solve it? Play Now!

“They have been together since June. They’re taking it slow,” the source said at the time. “In the beginning they were good friends. She is very private about it and wanted to keep it a secret while they were getting to know each other.”