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3.5% Down · Conventional

3.5% Down Conventional Loan

3.5% Down Conventional Loan — how it works, what it costs, and who qualifies.

Down Payment %
3.5000000000000004%
On a $400K Home
$14,000
Loan Amount
$386,000
Sample Price
$400,000
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NMLS# 2337695 · Equal Housing Lender
3.5% Down · Conventional

3.5% Down Conventional Loan in Florida

On a conventional loan, 3.5% down avoids FHA's upfront premium. It uses PMI that cancels at 20% equity instead of lasting the loan's life. For a buyer with a 680+ score, the conventional route is often cheaper per month. We run it against FHA so you see the real difference.

Three and a half percent down is the FHA minimum, and it is the most forgiving low-down path for buyers with a 580 to 680 score. FHA looks past thinner credit and higher debt ratios than conventional, which is why it is the workhorse loan for Florida first-time buyers.

On a $400,000 home, 3.5% down is $14,000. FHA carries an upfront mortgage insurance premium and a monthly one, but the trade is real flexibility on credit and debt. With a 580 score you still hit the 3.5% minimum; below that you need 10% down.

FHA also stacks cleanly with Florida Hometown Heroes and SHIP assistance, which can cover most or all of that 3.5%. That combination is how many Florida buyers get into a home with almost nothing out of pocket.

3.5% Down at a Glance

✓FHA minimum down payment at 3.5% with a 580+ score.
✓Forgiving on credit history and debt-to-income ratio.
✓Stacks with Hometown Heroes and SHIP down payment help.
✓Below 580, the minimum rises to 10% down.

Read the full 3.5% down guide, or compare other loan types: FHA · First-Time Buyers · Florida.

3.5% Down Snapshot
3.5000000000000004%Down Payment %
$14,000On a $400K Home
$386,000Loan 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

3.5% Down Conventional Loan Questions

Is 3.5% down better on a conventional loan?

For stronger credit, often yes. Conventional skips FHA's upfront mortgage insurance and its PMI eventually cancels, so the long-run cost can be lower. We compare 3.5% down on conventional versus FHA for your exact numbers.

What credit score do I need for 3.5% down?

FHA requires a 580 middle score for the 3.5% minimum down payment. Between 500 and 579 you can still get an FHA loan but with 10% down. A higher score lowers your rate, so if you are close to a threshold we will tell you whether a small bump is worth it.

Can assistance cover the 3.5% FHA down payment?

Yes. Florida Hometown Heroes offers up to $35,000 and county SHIP programs add more. Stacked with an FHA loan, that assistance can cover the full 3.5% down payment and part of your closing costs. We line both up before you shop.

Official resources

Verify the details for your own situation against these government and agency sources: Fannie Mae HomeReady and Freddie Mac Home Possible.

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3.5% Down Conventional Loan?

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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.