3% Down in Florida

The conventional floor — 3% down with cancellable PMI and competitive rates.

Down Payment %

On a $400K Home

$12,000

Loan Amount

$388,000

Sample Price

$400,000

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NMLS# 1859012 · Equal Housing Lender

3% Down · Florida

3% Down in Florida in Florida

In Florida specifically, 3% down pairs with state programs that change the math — Hometown Heroes (up to $35,000), county SHIP grants, and bond programs. Florida prices and insurance costs also shape the right down payment. As a local broker we shop lenders across all 67 counties for your situation.

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 · First-Time Buyers.

3% Down Snapshot

3%Down Payment %

$12,000On a $400K Home

$388,000Loan Amount

$400,000Sample Price

How It Works

Apply Online

5 min · soft credit pull only

Match Program

We shop lenders + assistance

Processing

Our team handles paperwork

Typically 14–21 days

FAQ

3% Down in Florida Questions

How does 3% down work in Florida?

Florida buyers can combine 3% down with Hometown Heroes and county assistance to cut cash to close, and a local broker shops lenders across all 67 counties. We factor Florida prices and insurance into the right down payment for you.

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.

Keep Going

3% Down Guide 3% Down · FHA 3% Down · Conventional 3% Down · First-Time Buyers All Down Payment Options Apply for Pre-Approval

3% Down in Florida?

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.