Down Payment
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A down payment is the upfront cash you put toward a home purchase, with the rest financed by your mortgage.
What Down Payment means
It ranges from 0% on VA and USDA loans to 3% on conventional and 3.5% on FHA. A larger down payment lowers your loan amount, can eliminate PMI, and improves your rate.
Florida example
A Florida buyer purchasing a $350,000 home puts 3.5% down ($12,250) on an FHA loan or 20% ($70,000) to skip PMI on a conventional loan. Down payment assistance can cover much of the upfront cash.
Your upfront investment
A down payment is the cash you put toward the home upfront. It is a percentage of the price, and the rest is financed. VA and USDA loans allow zero down, FHA starts at 3.5%, and conventional at 3%.
A larger down payment lowers your loan and monthly payment.
Where it can come from
Your down payment can come from savings, a gift from family, or Florida down payment assistance. You do not need 20% to buy.
Try our down payment calculator to compare amounts, then reach out and we will confirm the cash you need.
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