What is the minimum down payment for an FHA loan?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
The minimum FHA down payment is 3.5% with a credit score of 580 or higher. On a $300,000 Florida home that's $10,500. Scores between 500 and 579 require 10% down.
FHA also lets the entire down payment come from a gift, and it pairs well with Florida down payment assistance programs that can cover most or all of that 3.5%. We routinely stack the two to get buyers in with little out of pocket.
The 3.5% floor
The minimum down payment on an FHA loan is 3.5% with a credit score of 580 or higher. On a $300,000 home, that is $10,500. It is one of the lowest down payments available outside of VA and USDA loans.
If your score sits between 500 and 579, the down payment jumps to 10%. That is why nudging your score above 580 can save you real money upfront.
Where the money can come from
Your FHA down payment can come from savings, a gift from family, or Florida down payment assistance. FHA is friendly to gift funds, so a relative can cover part or all of it with a simple gift letter.
Pair FHA with a Florida assistance program and your out-of-pocket down payment can reach zero. Reach out and we will find the lowest-cash path into your home.