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10% Down · First-Time Buyers

10% Down for First-Time Buyers

10% Down for First-Time Buyers — how it works, what it costs, and who qualifies.

Down Payment %
10%
On a $400K Home
$40,000
Loan Amount
$360,000
Sample Price
$400,000
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5 minutes · No cost · Soft credit pull only
NMLS# 2337695 · Equal Housing Lender
10% Down · First-Time Buyers

10% Down for First-Time Buyers in Florida

For first-time buyers, 10% down is usually about pairing the loan with Florida assistance. First-time buyers qualify for Hometown Heroes and SHIP help, which can cover most of the cash to close, and a soft-pull pre-approval makes your offer credible. We line both up before you tour homes.

Ten percent down cuts your PMI sharply and opens doors that smaller down payments do not — including many jumbo loans and piggyback structures that avoid PMI entirely. It is a strong position for move-up buyers.

On a $400,000 home, 10% down is $40,000. At this level PMI is low and falls off quickly as you build equity. Some buyers use a 10% down piggyback (an 80/10/10 structure) to skip PMI altogether by splitting the financing into a first and a small second mortgage.

Ten percent is also the entry point for many Florida jumbo loans above the conforming limit. We compare a single loan with PMI against a piggyback so you see which is cheaper over the years you actually plan to stay.

10% Down at a Glance

✓Low PMI that cancels quickly as equity grows.
✓Entry point for many Florida jumbo loans.
✓Enables an 80/10/10 piggyback to avoid PMI.
✓Lower balance, lower monthly payment than 5% down.

Read the full 10% down guide, or compare other loan types: FHA · Conventional · Florida.

10% Down Snapshot
10%Down Payment %
$40,000On a $400K Home
$360,000Loan Amount
$400,000Sample Price
How It Works
01
Apply Online
5 min · soft credit pull only
02
Match Program
We shop lenders + assistance
03
Processing
Our team handles paperwork
04
Close
We coordinate title and signing
FAQ

10% Down for First-Time Buyers Questions

Is 10% down good for first-time buyers in Florida?

Yes. First-time buyers can pair 10% down with Hometown Heroes (up to $35,000) and county SHIP grants, which often cover most of the cash needed. We map your exact cash to close and get you pre-approved first.

Can I avoid PMI with 10% down?

Sometimes, through an 80/10/10 piggyback: a first mortgage at 80%, a second at 10%, and your 10% down. That avoids PMI but adds a second payment, so it only wins in certain rate environments. We compare it against simply paying PMI.

Do jumbo loans require more than 10% down?

Many Florida jumbo loans now allow 10% down for strong borrowers, though some still want 15% to 20%. It depends on the lender, loan size, and your reserves. As a broker we shop the jumbo lenders that allow the lowest down payment for your profile.

Official resources

Verify the details for your own situation against these government and agency sources: Florida Housing homebuyer programs and CFPB Owning a Home guide.

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10% Down for First-Time Buyers?

A licensed Florida mortgage broker who shops the loan and the assistance for you. 5-minute pre-approval, honest numbers.

(561) 300-0380

Figures are illustrative only and based on a sample purchase price. APR, payments, and assistance amounts vary by credit score, loan amount, income, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 2337695. Equal Housing Lender.