For many buyers, the biggest hurdle to purchasing a home isn’t finding the right property—it’s saving for the down payment. If you’re asking yourself, “How much do I need for a down payment in Florida?”, you’re not alone. This is one of the most common questions we hear from first-time buyers and even from experienced homeowners who are ready to move up or invest.
The good news is that the amount you’ll need depends on several factors: the type of loan you choose, your financial situation, and whether you qualify for down payment assistance. Let’s break it down so you can plan with confidence.
What Is a Down Payment?
A down payment is the cash you contribute upfront when buying a home. It represents your financial commitment to the purchase and reduces the amount you need to borrow from a lender.
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Example: If you buy a $350,000 home with a 10% down payment, you’ll put $35,000 down in cash and borrow the remaining $315,000 as your mortgage.
The size of your down payment influences your monthly payment, loan options, and even how competitive your offer looks in Florida’s real estate market.
The “Traditional” 20% Down Payment
Many people believe you need 20% down to buy a home. While that used to be the standard, it’s no longer required for most buyers.
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On a $350,000 home, 20% would be $70,000.
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On a $500,000 home, 20% would be $100,000.
Advantages of 20% down:
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You avoid paying private mortgage insurance (PMI).
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You’ll have a smaller loan balance, which means lower monthly payments.
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Sellers may see you as a stronger, more serious buyer.
Disadvantages:
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Saving that much cash takes time.
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You may delay homeownership waiting for the full 20%.
In Florida’s competitive market, waiting years to save 20% could mean paying more for a home later as prices rise.
Minimum Down Payments by Loan Type
If you’re asking, “How much do I need for a down payment in Florida?” the answer often comes down to the loan you choose. Here are the most common options:
FHA Loan (3.5% Down)
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Designed for first-time buyers or those with less-than-perfect credit.
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Minimum down payment: 3.5%.
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On a $350,000 home, that’s $12,250.
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Requires mortgage insurance premiums (MIP).
Conventional Loan (3%–5% Down)
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Popular option with flexibility.
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Minimum down payment: 3% for first-time buyers, 5% otherwise.
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On a $350,000 home, 3% is just $10,500.
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PMI required if less than 20% down, but it can be removed later once you reach 20% equity.
VA Loan (0% Down)
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Available to veterans, active-duty military, and eligible spouses.
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Minimum down payment: 0%.
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On a $350,000 home, that means $0 down.
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No PMI required.
USDA Loan (0% Down)
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Available in designated rural areas of Florida.
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Minimum down payment: 0%.
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Great option for buyers outside metro areas.
Average Down Payment in Florida
According to recent housing reports, the average down payment in Florida is around 13% of the home’s purchase price. That number is higher than the national average, partly because of competitive markets in Orlando, Tampa, and Miami.
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For a $350,000 home, 13% equals $45,500.
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For a $500,000 home, 13% equals $65,000.
Keep in mind that averages reflect a mix of buyers—some putting 20% down, others just 3% or 5%. You don’t need to match the average to buy successfully.
How Your Credit Score Affects Down Payments
Your credit score doesn’t directly set your down payment, but it influences which loans you qualify for.
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Excellent credit (740+): May qualify for the lowest down payment options and best interest rates.
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Good credit (670–739): Still eligible for FHA or conventional with 3–5% down.
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Fair credit (580–669): FHA loan at 3.5% may be your best route.
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Below 580: You may need a larger down payment or time to improve your score.
The higher your credit, the less cash you’ll need upfront, and the more affordable your loan terms.
Don’t Forget Closing Costs
Down payments aren’t the only upfront expense. Buyers in Florida should also budget 2%–5% of the home’s purchase price for closing costs.
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On a $350,000 home, that’s $7,000–$17,500.
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Closing costs include lender fees, title insurance, appraisal, and prepaid taxes or insurance.
Sometimes sellers may agree to cover part of these costs, especially in a buyer’s market like Orlando or Tampa in fall 2025.
Down Payment Assistance Programs in Florida
Here’s the good news: Florida has several programs to help buyers with down payments.
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Florida Hometown Heroes Program
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Helps first-time buyers and essential workers like teachers, police officers, and healthcare workers.
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Provides up to 5% of the loan amount (max $35,000) for down payment and closing cost assistance.
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Florida Housing Finance Corporation (FHFC)
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Offers a variety of assistance options, including 0% deferred second mortgages to cover down payment costs.
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Local Programs
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Counties and cities, including Orange County and Tampa, often have their own grants or forgivable loan programs.
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These programs can significantly reduce the upfront amount you need to buy a home.
Tips for Saving for a Down Payment
If you’re not quite there yet, here are strategies that work:
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Automate savings into a separate “home fund” account.
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Cut back on discretionary spending temporarily (streaming, dining out).
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Use windfalls like bonuses or tax refunds.
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Explore employer assistance programs—some companies contribute toward employee home purchases.
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Consider a side hustle to accelerate savings.
So, How Much Do You Really Need?
The truth is, you may not need as much as you think. You can buy a home in Florida with as little as 3% down—or even zero with VA or USDA loans.
But that doesn’t mean you should put down the minimum. The more you can contribute, the less you’ll borrow, the lower your monthly payment, and the faster you’ll build equity.
Rule of thumb:
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Put down what you can comfortably afford while leaving enough savings for an emergency fund and moving costs.
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Don’t empty your bank account just to hit 20%.
Ready to Buy in Florida?
If you’re wondering exactly how much you need for a down payment in Florida, the best next step is to talk with a trusted local REALTOR® and a lender. They’ll help you explore loan programs, calculate your exact costs, and see if you qualify for assistance.
At The Nickley Group, we’ve guided thousands of families through the buying process. Whether you’re putting down 3% or 20%, we’ll connect you with the right resources and walk you through every step of your home purchase.