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 (and for a deeper dive, see our complete guide to PMI for Florida buyers):
- 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 entire down payment. The Hometown Heroes Program offers up to $35,000 in down payment and closing cost assistance, equal to 5% of your first mortgage loan amount (whichever is less, with a $10,000 minimum). It is a 0% interest, deferred loan with no monthly payments. You only pay it back when you sell or refinance. Funding is limited and first-come, first-served.
The FL Assist Program provides $10,000 in assistance that can be combined with an FHA loan (but not with Hometown Heroes). On a $285,000 home, that covers the entire 3.5% FHA down payment ($9,975), though closing costs and prepaids may still apply.
Between these programs, I have helped buyers reduce how much of their own cash they bring to closing. Assistance amounts are not guaranteed and depend on your loan size, eligibility, and funding availability at the time you apply. See all the programs on our financing page.
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.