How Much Do You Need for a Down Payment in Florida? The Answer Might Surprise You

If you’ve been wondering how much you need for a down payment in Florida, you’re not alone. Many homebuyers across the Sunshine State still believe they need 20% down to purchase a home — but that rule is outdated.

At Morgan Financial, we help Florida buyers — from Melbourne and beyond — become homeowners every day with far less than they expect, and sometimes with zero down.

The 20% Down Myth

For decades, buyers were told they needed to save 20% before buying a home. While that amount can reduce your monthly payment and help you avoid mortgage insurance, it’s no longer a requirement.

Today’s mortgage programs give Floridians more flexibility than ever to buy a home sooner and smarter.

Real Down Payment Options: How Much Do You Need for a Down Payment in Florida?

Here’s a look at the most common low-down-payment loan options available today:

• Conventional Loans: Start as low as 3% down for qualified first-time buyers.

• FHA Loans: Require just 3.5% down, even with lower credit scores.

• VA Loans: Offer 0% down for eligible veterans and active-duty military members.

• USDA Loans: Allow 0% down for homes in eligible rural or suburban areas — including parts of Brevard County.

You may be closer to homeownership than you think — even without a large savings account.

Should You Put More Down?

While a bigger down payment can:

• Lower your monthly payment,

• Reduce your long-term interest cost, and

• Help you avoid private mortgage insurance (PMI),

it’s not always the smartest financial move. Home prices and interest rates can shift while you’re saving, and that “perfect” down payment target might end up costing you more in the long run.

Our team can help you find the right balance — so you keep more cash in your pocket while still building equity in your new Florida home.

Choosing the Right Loan for Your Florida Home

Every borrower’s financial situation is unique. That’s why at Morgan Financial, we take the time to help you understand all your options. Whether you’re focused on minimizing upfront costs, maximizing long-term savings, or improving monthly affordability, we’ll run the numbers together to find the loan structure that makes sense for you.

We don’t believe in cookie-cutter loans — we believe in personalized strategies for real people buying real homes in Florida.

Let Morgan Financial Help You Get Locked In

At Morgan Financial in Melbourne, Florida, we make the homebuying process Fast, Enjoyable, and Consistent. Whether you’re a first-time homebuyer, a veteran, or ready to stop renting, we’ll help you explore your options and choose the loan that fits your goals.

📲 Visit MorganFinancial.net/contact to start your homeownership journey today — and see just how little you may need for a down payment in Florida.

For more helpful tips, check out our blog on Why Waiting for Rates to Drop Might Be A Mistake.

Disclosure

This content is for informational purposes only and does not constitute financial or legal advice. It is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice and may not be available in all areas or for all borrowers. All loans are subject to credit approval and underwriting guidelines. Not all applicants will qualify.
Morgan Financial | Equal Housing Lender | NMLS #318525 | Licensed in Florida Only