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3% Down · First-Time Buyers

3% Down for First-Time Buyers

3% Down for First-Time Buyers — how it works, what it costs, and who qualifies.

Down Payment %
3%
On a $400K Home
$12,000
Loan Amount
$388,000
Sample Price
$400,000
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5 minutes · No cost · Soft credit pull only
NMLS# 1859012 · Equal Housing Lender
3% Down · First-Time Buyers

3% Down for First-Time Buyers in Florida

For first-time buyers, 3% 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.

Three percent down is the minimum on conventional loans like Fannie Mae HomeReady and Freddie Mac Home Possible. It beats FHA for many buyers because the PMI cancels once you reach 20% equity instead of lasting the life of the loan.

On a $400,000 home that is $12,000 down. Because it is conventional, you avoid FHA's upfront mortgage insurance premium, and the monthly PMI drops off automatically as your equity grows. For a buyer with a 680+ score, 3% down conventional often costs less per month than 3.5% down FHA.

HomeReady and Home Possible add income flexibility — you can count a boarder's rent or a co-borrower who will not live in the home. We run both the FHA and the 3% conventional numbers side by side so you see the real monthly difference.

3% Down at a Glance

✓Conventional minimum down payment at 3% of the price.
✓PMI cancels at 20% equity — it is not permanent like FHA.
✓No upfront mortgage insurance premium to finance.
✓HomeReady / Home Possible allow flexible income sources.

Read the full 3% down guide, or compare other loan types: FHA · Conventional · Florida.

3% Down Snapshot
3%Down Payment %
$12,000On a $400K Home
$388,000Loan 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
Typically 14–21 days
FAQ

3% Down for First-Time Buyers Questions

Is 3% down good for first-time buyers in Florida?

Yes. First-time buyers can pair 3% 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.

Is 3% down conventional better than 3.5% FHA?

Often, yes, for buyers with a 680+ score. You put down slightly less, skip FHA's upfront premium, and your PMI eventually cancels instead of lasting the loan's life. FHA still wins for lower credit scores. We compare both for your exact numbers.

Who qualifies for a 3% down mortgage?

Most buyers with a 620+ credit score and steady income qualify for a 3% down conventional loan. HomeReady and Home Possible add income limits in some areas but also allow flexible income. We check which 3% program fits your file.

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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3% Down Guide3% Down · FHA3% Down · Conventional3% Down · FloridaAll Down Payment OptionsApply for Pre-Approval

3% 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# 1859012. Equal Housing Lender.