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How Much Down Payment for a House in Florida in 2026
- Aaron Polk | BS Economics/Mathematics + MBA Finance
- Jan 11
- 5 min read
Quick Answer (Florida 2026)
Average down payment in Florida: 5% (first-time homebuyers: 3.8%; repeat homebuyers: 6.1%)
Minimums by program: Conventional 3%-5%, FHA 3.5%, VA/USDA 0%
On a $476,000 home, 3.5% = $16,660, 5% = $23,800
Florida offers multiple down payment assistance (DPA) programs that pair with low-down-payment loans.
Buying a home in Florida in 2026 doesn’t have to mean draining your savings. While many first-time buyers worry they need 20% down, the truth is: low down payment mortgages are widely available, and they’re more flexible than most people think.
Whether you're moving to Tampa, Orlando, or Miami, or already live here and want to buy, this guide from AsertaLoans breaks down exactly how to get a home loan in Florida with a low down payment. We’ll explain available loan types, eligibility tips, and how working with a Florida mortgage broker can save you thousands.
Let’s dive in.
Do You Really Need 20% Down to Buy a House?
No. This is one of the most persistent myths in real estate.
While 20% down helps you avoid Private Mortgage Insurance (PMI) and reduces your monthly payment, it’s not required.
Here’s the truth:
FHA loans require as little as 3.5% down
Conventional loans may go as low as 3% down for qualified buyers
VA loans (for veterans) require 0% down
USDA loans (for eligible rural areas) also offer 0% down
Yes, you can buy a home in Florida with 3% down or no down payment if you qualify.
What’s the Average Down Payment in Florida Right Now (2026)?
Understanding your market helps you calculate realistic down payment goals. As of late-2025:
Median home price ~$675,000
~$590,000
~$415,000
~$418,400
~$387,000
Cape Coral
~$370,000
Statewide Average
~$476,000
That means:
20% down on a $476K home = $95,200
5% down = $23,800
3.5% down (FHA minimum) = $16,660
0% down (VA/USDA eligible) = $0
Clearly, choosing the right loan program can make or break your ability to buy.
Best Low Down Payment Loan Options in Florida (2026)
Let’s break down the most common types of low-down payment loans:
FHA Loans in Florida
Minimum down payment: 3.5% typically but 0% is offered
Who qualifies: Buyers with credit scores of 580+ (or 10% down if 500–579)
Popular areas: Miami, Orlando, Tampa, Jacksonville
FHA mortgages are ideal for first-time buyers or those with lower credit scores. The Federal Housing Administration backs them and comes with flexible requirements.
Conventional Loans (3% Down)
Minimum down payment: 3%
Who qualifies: Buyers with good credit (typically 620+), income limits may apply
Special programs: Fannie Mae’s HomeReady® and Freddie Mac’s Home Possible®
These are great for buyers who don’t want FHA’s lifetime mortgage insurance. You may be eligible to cancel PMI once you reach 20% equity.
VA Loans (for Veterans)
Minimum down payment: 0%
Who qualifies: Eligible veterans, active-duty military, and some surviving spouses
Perks: No PMI, competitive rates, low closing costs
USDA Loans
Minimum down payment: 0%
Who qualifies: Moderate-income buyers in eligible rural or suburban areas
Not just farms: Many parts of Florida qualify, including the outskirts of Orlando and Ocala
Down Payment Assistance Programs in Florida (2026)
Florida offers several state and local down payment assistance (DPA) programs, primarily for first-time buyers. These programs can provide forgivable loans, grants, or second mortgages to help cover your down payment and/or closing costs.
Florida Housing Finance Corporation (FHFC) Programs
Florida Hometown Heroes: 0% down payment + Up to $20,000 towards closing costs
Florida Assist: Up to $10,000 in a deferred second mortgage
HFA Preferred / HFA Advantage PLUS: Forgivable second mortgages
Salute Our Soldiers: For eligible veterans and active-duty military members
Many counties and cities also offer their own assistance, so check for:
Tampa/ Hillsborough SHIP funds
Orlando/Orange County assistance programs
Pro Tip
Working with a mortgage broker like AsertaLoans gives you access to these programs automatically. We help match you with the best fit.
How Much Is a 3% Down Payment in Florida?
Let’s say you’re eyeing a $350,000 home in Orlando:
3% down = $10,500
FHA 3.5% down = $12,250
20% down = $70,000
Big difference, right?
But remember: while your upfront cost is lower, your monthly payment may be slightly higher due to PMI or mortgage insurance. That’s where a mortgage broker helps you compare the total price, not just the down payment.
Tips to Qualify for a Low Down Payment Loan
Here’s what mortgage lenders in Florida are looking for:
Credit Score
Aim for 620+ for conventional loans, and 500+ for FHA
If lower, consider credit repair
Debt-to-Income Ratio (DTI)
Your monthly debts (credit cards, car loans, etc.) should not exceed 50-57% of your gross monthly income
Employment History
Stable employment (2 years or more) helps strengthen your application
Document Readiness
Get your W-2s, tax returns, pay stubs, and bank statements ready early
The Role of Mortgage Brokers in Florida
You could go directly to a bank, but mortgage brokers often give you better access to a broader range of lenders, more flexible terms, and local DPA programs.
At AsertaLoans, our team:
Shop rates from multiple lenders (not just one bank)
Knows which lenders are friendly to low down payment borrowers
Helps you layer assistance programs to reduce the cash needed at closing
Keeps you informed and supported from pre-approval to closing
Whether you’re looking in Jacksonville, Orlando, Tampa, or Miami, we’ve helped buyers just like you get approved with as little as 3% down or even less.
Florida Cities Where Low-Down Payment Loans Are Common
We’ve seen strong demand and approval rates for low down payment loans in:
Diverse FHA and conventional activity
Many USDA-eligible suburbs
Active DPA programs, especially for first-time buyers
Affordable pricing plus VA and FHA options
Fort Myers/Naples
Strong conventional loan performance
Avoid These Common Mistakes When Seeking Low-Down Payment Options
Not Comparing Lenders
Different lenders offer different rates, fees, and PMI structures even for the same loan type.
Ignoring Local DPA Programs
Many buyers leave free assistance on the table simply because they didn’t know it existed.
Forgetting To Budget For Closing Costs
Low down payment ≠ , low total cost. Always plan for 2–5% of the purchase price in closing costs, or ask your lender about rolling them into the loan.
Is It Worth Buying Points on a Low Down Payment Mortgage?
Buying points can lower your interest rate, but only makes sense if you plan to stay in the home for several years. Since buyers using low down payments may refinance or move sooner, weigh this carefully.
Ask your broker to run both scenarios: with and without points.
FAQs: Low Down Payment Mortgages in Florida
1. Can I Buy A House In Florida With No Money Down?
Yes, with a VA loan (military veterans only) or a 0% down FHA loan. Contact us for more info.
2. How Do I Know If I Qualify For Down Payment Assistance?
Most programs are based on income, location, and whether you're a first-time homebuyer. A mortgage broker can check your eligibility and help you apply.
3. Do I Still Pay PMI with A 3% Down Payment?
Typically, yes. Conventional loans require PMI if you put down less than 20%, but this can be canceled once you reach 20% equity. FHA loans include mortgage insurance for the first 11 years of the loan unless you refinance.
4. What’s Better For Low Down Payment: FHA or Conventional?
It depends. FHA is more lenient with credit, while conventional may cost less long-term if you qualify. We help you compare both side by side.
Ready to Take the First Step?
Buying a home in Florida doesn’t have to mean saving for years. With the right loan type, assistance programs, and mortgage broker support, you can get into a home faster than you think, with just 3% down or even zero.
Let AsertaLoans guide your journey.
