How much money do you really need to buy a home in Florida?

On a $350,000 home, an FHA loan with 3.5% down means $12,250 for the down payment plus $7,000 to $17,500 in closing costs, for roughly $19,250 to $29,750 total cash needed. A VA loan needs $0 down, just $7,000 to $17,500 in closing costs. With Hometown Heroes assistance (5% of your loan amount) covering the down payment, total cash can drop to a few thousand dollars, depending on your loan size and closing costs. Assistance amounts and availability are not guaranteed.

Can you buy a home with zero down payment in Florida?

Yes for some buyers. VA loans require zero down payment, Hometown Heroes covers up to $35,000 (5% of the loan amount, whichever is less) toward down payment and closing costs, FL Assist provides up to $10,000 (and cannot be combined with Hometown Heroes), and seller concessions can help cover closing costs. With the right combination, some buyers purchase a home with little cash out of pocket, but assistance is subject to eligibility, limited funding, and confirmation with your lender.

How Much Do You Really Need to Buy a Home?

The Two Costs: Down Payment and Closing Costs

When you buy a home, you need money for two things: your down payment and your closing costs. Let's break them down for a $350,000 home, which is a typical price in affordable South Florida communities.

FHA Loan (3.5% Down)

Down Payment (3.5%)$12,250

Closing Costs (2–5%)$7,000–$17,500

Total Cash Needed$19,250–$29,750

VA Loan (0% Down)

Down Payment$0

Closing Costs (2–5%)$7,000–$17,500

Total Cash Needed$7,000–$17,500

With Hometown Heroes Assistance

Down Payment$0 (covered by program)

Closing CostsPartially covered

Total Cash NeededA few thousand dollars (varies by loan size and costs)

Hometown Heroes provides 5% of your loan amount (up to $35,000), so the amount depends on your purchase price and loan size. It is not guaranteed to cover your full down payment plus all closing costs.

What Are Closing Costs, Exactly?

Closing costs cover the administrative and legal work involved in the transaction. They typically include loan origination fees, appraisal fees, title insurance, recording fees, and prepaid items like property taxes and homeowners insurance. In Florida, closing costs typically run 2–5% of the purchase price.

Here's a secret most buyers don't know: you can negotiate for the seller to pay some or all of your closing costs. In many markets, this is standard practice. For a line-by-line breakdown of every fee, see our full guide to Florida buyer closing costs.

How to Reduce What You Bring to Closing

With the right combination of programs, many buyers reduce how much cash they need out of pocket (assistance amounts are not guaranteed and depend on your loan size and funding availability):

Hometown Heroes covers up to $35,000 (5% of your loan amount, whichever is less) for down payment and closing costs
FL Assist provides $10,000 in assistance (cannot be combined with Hometown Heroes)
VA loans require zero down payment
Seller concessions can help cover closing costs

The Bottom Line

Don't let the "20% down" myth stop you from exploring homeownership. Most buyers put far less than 20% down. With Florida's assistance programs, you could buy a $350,000 home with a few thousand dollars out of pocket, depending on your loan size and the funding available. Talk to a lender to find out what's possible for your specific situation.

Program details, funding availability, and terms are current as of October 2026 and change frequently. Confirm current program details, availability, and terms with your lender at the time you apply.

Find Out What You Need

Financing questions? Ryan connects buyers with qualified lenders who confirm eligibility. Reach Austin Edwards at Ocean Blue Lending at 561-426-8238 to see exactly what you may qualify for.

For more high-intent buyer content, visit RyanParkerRealty.com. For seller resources, visit SouthFloridaSellerGuide.com.