How much do I need for a down payment?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Less than most people think. FHA needs 3.5%, conventional can go as low as 3%, and VA and USDA allow $0 down for eligible buyers. On a $300,000 home, 3% is just $9,000.
Florida assistance programs can cover much of even that. We'll show your options at each down payment level and how much help you can stack on top.
Minimums by loan type
Less than you might think. VA and USDA loans allow $0 down for eligible buyers. FHA loans start at 3.5% down. Conventional loans can start at just 3% down for first-time buyers. The old 20% rule is a myth for most people.
On a $350,000 Florida home, 3.5% down is $12,250 and 3% down is $10,500. A zero-down loan asks for nothing toward the down payment at all.
Weigh the trade-offs
A bigger down payment lowers your monthly payment and can drop mortgage insurance sooner. A smaller down payment gets you into a home faster and keeps cash in your pocket for repairs and reserves.
There is no single right answer. Use our down payment calculator to compare a few amounts side by side, then call us to pick the number that fits your budget.