cost to buy a home in florida

Michelle Zambrano | January 5, 2021

How much you'll need to put down to buy a home depends on the loan program.

There are 3 types of loan programs: Conventional, FHA, and VA


Conventional loans are the most common loan programs.

Generally, you need a 640 FICO score to qualify.

There are different programs within the Conventional umbrella. Most require a down payment of 5% of the purchase price, but some require as little as 3%.

For example, a purchase price of $100,000 could require a down payment of just $3,000, but could be as high as $5,000.

Rates for Conventional loans are usually higher than FHA, but are more inexpensive long term since they don't require mortgage insurance once the borrower has 21% equity in the property.

Federal Housing Administration (FHA)

FHA loans are backed by the Federal government.

You only need a 580 score to qualify, but rates tend to improve with 620 and  higher.

FHA requires a down payment of 3.5% of the purchase price.

For example, a purchase price of $100,000 would require a down payment of $3,500.

Rates tend to be very low, but the program requires the borrower to pay for mortgage insurance for the life of the loan.

Veteran Affairs Loan (VA)

VA loans are special programs provided to veterans of the US Armed forces. 

VA loans do not require any down payment. 

A qualifying veteran can purchase a home with 0% down.

VA loans do not have annual mortgage insurance. 

There is only a 1 time mortgage insurance payment which is taken at closing.

What to Do If You Don't Have Down Payment Money

Local state and county programs can assist you with $7500 - $50,000 in down payment and closing cost assistance. 

Click the button below now to find out if you qualify in just 45 seconds. 

There is no cost or obligation to buy anything.

No credit card is required.