What is the minimum down payment in Florida?

The minimum down payment in Florida depends on your loan type. FHA loans require 3.5% down (minimum credit score 580). Conventional loans allow 3% down through Fannie Mae's Conventional 97 program (minimum credit score 620). VA loans for veterans and USDA loans for eligible areas require zero down payment.

Can I buy a house in Florida with 3% down?

Yes, you can buy a house in Florida with just 3% down using a conventional loan through Fannie Mae's Conventional 97 program. On a $300,000 home, that is $9,000 down. You will need a minimum credit score of 620 and mortgage insurance until you reach 20% equity. Many buyers combine this with down payment assistance.

What credit score do I need for minimum down payment in Florida?

For an FHA loan with 3.5% down, you need a minimum credit score of 580. For a conventional loan with 3% down, you need 620 or higher. VA loans have no official minimum (most lenders want 620+). USDA loans typically require 640 for the zero-down option.

Minimum Down Payment in Florida 2026: FHA 3.5%, Conventional 3%, VA/USDA 0%

The old rule of 20% down is dead for most buyers. In Florida in 2026, you have multiple options that let you buy with very little money upfront. Here is what each loan type requires.

Down Payment Requirements by Loan Type

FHA Loan: 3.5% Minimum Down

Credit score needed: 580+ (500-579 with 10% down)
Down payment on $300K home: $10,500
Best for: First-time buyers, lower credit scores. Mortgage insurance required (both upfront MIP and monthly). Can be combined with down payment assistance programs.

Conventional Loan: 3% Minimum Down

Credit score needed: 620+ (better rates at 740+)
Down payment on $300K home: $9,000
Best for: Buyers with good credit who want lower long-term costs. PMI drops off when you reach 20% equity. Stricter DTI requirements than FHA.

VA Loan: 0% Down

Credit score needed: No official minimum, most lenders want 620+
Down payment on $300K home: $0
Best for: Veterans, active-duty military, and surviving spouses. No PMI. Flexible DTI requirements. Funding fee applies (can be rolled into loan).

USDA Loan: 0% Down

Credit score needed: Typically 640
Down payment on $300K home: $0
Best for: Buyers in eligible suburban and rural areas. Income limits apply (up to $110,650 for 1-4 person households). Low mortgage insurance rates.

What Happens If You Put Less Down?

Putting less than 20% down means you will pay for mortgage insurance. Here is how it works for each loan type:

FHA: Upfront MIP of 1.75% of the loan amount (can be rolled into the loan), plus monthly MIP for the life of the loan unless you put 10% down
Conventional: Private Mortgage Insurance (PMI) that drops off automatically when you reach 20% equity, or you can request cancellation at 80% loan-to-value
VA: No PMI. Instead, a one-time VA funding fee (2.15% for first-time use, can be rolled into the loan)
USDA: Annual fee of 0.35% of the loan balance, much lower than FHA or conventional PMI

How Down Payment Assistance Works

The best part about buying in Florida right now: you may not need to save up your down payment at all. The Hometown Heroes Program offers up to $35,000 in down payment and closing cost assistance. It is a 0% interest, deferred loan with no monthly payments. You only pay it back when you sell or refinance.

The FL Assist Program provides $10,000 in assistance that can be combined with an FHA loan. That covers your entire 3.5% down payment on a $285,000 home plus most of your closing costs.

Between these programs, I have helped dozens of buyers close on homes with $0 out of pocket. See all the programs on our financing page.

Minimum Down Payment in Florida: What You Actually Need in 2026