How much down payment do you really need to buy a home in Florida?
It is the first question everyone asks, and the worst answered question on the internet. Most pages give you a single number and leave it there. That number is real, but it belongs to one program, and that program is not open to everyone.
Here is the full answer, with the real ranges for each path, no decoration. If it turns out your file needs more than you thought, it is better to know today than after you fall in love with a house.
One thing before we start: what we describe below are general program guidelines, not an offer. What you are actually asked for depends on your file, and is always subject to credit approval.
What is the real minimum down payment in Florida?
It depends on which path you qualify for, and the paths are very different from each other:
- Lowest — VA loans, for eligible veterans and service members. And USDA loans, in areas the government classifies as rural; Florida has more eligible areas than people expect.
- Very low — conventional programs for eligible first-time buyers, such as HomeReady and Home Possible.
- Low — FHA, for those who qualify. As of May 25, 2025, FHA is limited to U.S. citizens and lawful permanent residents.
- Moderate — standard conventional, the most common path.
- Higher — Non-QM programs, for income that cannot be documented the traditional way.
- High — ITIN programs, through portfolio or conventional channels.
- High — foreign nationals buying in Florida.
Notice something: the gap between the first line and the last one is enormous. That is why the useful question is not “how much is the down payment” but “which path do I qualify for”. That is exactly what a wholesale broker does: compare lenders to find where your file fits.
Do zero down payment loans really exist?
Yes, they exist, and they are not a gimmick. But they are not for everyone.
The two legitimate zero down paths are VA and USDA. VA is an earned benefit: if you served, it is yours, and it is often the best loan on the market. USDA depends on the map: the house has to sit in an eligible area and your income has to fall under a county limit.
Outside those two, when someone offers you “zero down” they are usually combining two things: a low down payment loan plus an assistance program that covers that down payment. The result feels like nothing out of your pocket, but it is not the same thing, because that assistance is almost always a second loan that gets repaid at some point.
Neither one is wrong. What is wrong is not explaining it to you.
Can the down payment be gift money?
This is the question that changes the most plans, and almost nobody asks it.
On a conventional loan for a one-unit primary residence, the entire down payment can come from a family gift. There is no required minimum that has to come out of your own account.
Several ITIN programs work the same way: that large down payment that sounds impossible can come entirely from a relative.
What you do need is to do it properly: a signed gift letter, and a documented paper trail. If someone deposits unexplained cash two weeks before closing, that becomes a problem. If it is done with the letter and the transfer from the start, it is routine.
What is Florida down payment assistance?
Florida Housing runs assistance programs used alongside a first mortgage. The idea is to cover part of the down payment and closing costs.
Here is the point to understand: the assistance is a second loan, not a grant. It has its own terms about when and how it gets repaid, and it depends on your income, your county, and in some cases your profession.
Amounts and rules change year to year and funds run out. That is why we do not publish figures here: we tell you the ones in effect for the round you are actually applying in.
Why is a larger down payment sometimes cheaper?
Because the down payment does not only buy equity. It also changes two costs:
Mortgage insurance. On a conventional loan, a low down payment means private mortgage insurance — but it can go away: it can be canceled when the balance reaches 80% of value, and it drops off automatically at 78%. On an FHA loan with a low down payment, mortgage insurance stays for the life of the loan. Over 30 years, that difference is a lot of money.
The risk the lender sees. The smaller the down payment, the more risk the lender takes, and that shows up in the terms you are offered.
We are not telling you to wait years to save a large down payment. The house you would buy today also goes up in price while you wait. We are telling you the number is not just picked: it is calculated.
What else do I need besides the down payment?
This is where most budgets break. The down payment is not the only thing paid at closing:
- Closing costs. In Florida these usually run between 2% and 5% of the price, depending on the case. They include the title search, title insurance, appraisal, inspection, recording, and state taxes.
- The first year of homeowners insurance. In Florida this is not a detail. It is among the most expensive in the country and it has to be quoted before you buy, not after.
- Reserves. Some programs require money left in the bank after closing, measured in months of payments. More common on Non-QM and investment properties.
- The earnest money deposit you hand over when you sign the contract. That one does count toward your down payment.
So how much should I have saved?
An honest way to plan: take the down payment for your path and add 3% to 5% of the price for closing and the first year of insurance. That is the number you can go house shopping with, without surprises.
And if that number feels far away today, three paths actually work: check whether you qualify for assistance, check whether a family gift is an option, or lower your price range. All three beat walking into a closing short on cash.
What to do now
Use the down payment calculator to see the numbers for your case, then look at the program catalog to figure out which path could be yours.
If you would rather have someone review it with you, pick the programs you are interested in and leave us your phone number. We give you the real numbers on the first call, including when the down payment comes out higher than you hoped.
Sources
- HUD, Single Family Housing Policy Handbook 4000.1
- HUD, Mortgagee Letter 2025-09, effective for case numbers assigned on or after May 25, 2025
- Fannie Mae Selling Guide — HomeReady and gift funds
- Freddie Mac Selling Guide — Home Possible
- U.S. Department of Veterans Affairs — VA home loans
- U.S. Department of Agriculture — Rural Development housing programs
- Florida Housing Finance Corporation — down payment assistance programs
What this article describes are general program guidelines, and they can change. They are not an offer or a commitment to lend. What applies to your case depends on your file and is subject to credit approval and current program guidelines. Infinity Wholesale Mortgages, LLC, Company NMLS #2420223. Equal Housing Opportunity.