What is the minimum down payment for a house?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
The minimum is $0 with a VA or USDA loan for eligible buyers. Otherwise it's 3% on a conventional loan or 3.5% on FHA. Most first-time Florida buyers put down 3% to 5%.
Down payment assistance can reduce or eliminate even that small amount. We'll match you to the lowest-down path you qualify for.
The floor for each loan
The minimum depends on the loan. VA and USDA loans allow zero down for those who qualify. FHA loans require 3.5% down with a credit score of 580 or higher. Conventional loans go as low as 3% down for many first-time buyers.
So the true floor is $0 on the right loan. Even the common FHA path asks for only 3.5%, which is far below the 20% many buyers fear.
What sets your number
Your credit score, loan type, and property type all move the minimum. A score under 580 on FHA, for example, pushes the down payment to 10%. A second home or investment property asks for more down than a primary residence.
We will find the lowest down payment you truly qualify for. Start with our down payment calculator, then apply and we will confirm your exact minimum.