Most first-time buyers in Florida do not need to put 20% down, and many qualify for down payment assistance that lowers the barrier even further. FHA loans start at a 3.5% minimum down payment (CrossCountry Mortgage), while some Conventional programs allow as little as 3%, and Florida's Hometown Heroes program can cover up to 5% of the loan amount in assistance for eligible workforce buyers. I'm Arielle Yeatter, a Senior Loan Officer at CrossCountry Mortgage in Boynton Beach, and I work with Florida buyers every day to sort through which path actually fits their savings and their goals. This guide walks you through the real down payment numbers, the state programs worth knowing about, and how to get pre-approved with confidence.
Before you start: plan to document your income, assets, and employment. Exactly which documents and what credit score you need depends on the loan program and your situation — requirements are not one-size-fits-all. Florida Housing programs generally require a minimum credit score of 640, approved home buyer education, and a purchase price and income below your county's limits. Your loan officer can confirm the specific requirements for the path you choose.
How much down payment do you actually need in Florida?
The short answer: many buyers put down far less than 20%. The exact number depends on the loan program you choose, and Florida offers several low-down-payment paths plus state assistance that covers part of the cost.
A Conventional loan through Fannie Mae or Freddie Mac can go as low as 3% for qualified first-time buyers. An FHA loan, which is popular with buyers who have a smaller down payment or a credit score in the low to mid-600s, requires just 3.5% down (CrossCountry Mortgage). VA loans for eligible Veterans and military families can require no down payment at all, and USDA loans in eligible rural areas can also offer zero-down options.
So the real question is not what the minimum is, but which program fits your situation. Your credit score, debt-to-income ratio (DTI), and the type of home you are buying all shape the answer. Your loan officer can run the numbers with you and show you what each option means for your monthly payment.
Is 20% down really required?
No. The 20% down rule is the most common myth in homebuying. It comes from the conventional loan requirement to avoid private mortgage insurance (PMI), but it is not a legal or universal requirement.
Putting down less than 20% on a Conventional loan usually means paying PMI, and FHA loans carry a mortgage insurance premium (MIP). That added cost is a tradeoff worth understanding. Some buyers prefer to pay it to get into a home sooner rather than waiting years to save a bigger down payment, while others wait until they can put down 20% to keep the monthly payment lower. There is no single right answer — it depends on your timeline and your goals.
Many first-time buyers in Florida choose the lower down payment route specifically because state assistance programs can help cover both the down payment and closing costs. That combination makes homeownership realistic for buyers who thought they would need to wait years to save enough.
The gap between a low down payment and a full 20% can be meaningful for a first-time budget, but the tradeoff — paying mortgage insurance to get into a home sooner — is one many buyers decide is worth it.
Florida-specific down payment assistance programs
Florida's state housing agency, the Florida Housing Finance Corporation, partners with approved lenders to offer first-time homebuyers low fixed-rate mortgages paired with down payment and closing cost assistance. Down payment assistance is available only when combined with Florida Housing's first mortgage loan, and eligibility typically requires a minimum credit score of 640, approved home buyer education, and purchase price and income below the limits for your county.
The state offers several second mortgage programs:
The state offers several second mortgage programs, each structured as a repayable loan that you receive at closing alongside Florida Housing's first mortgage:
Hometown Heroes (FL HTH) provides 5% of the total loan amount (minimum $10,000, maximum $35,000) on FHA, VA, USDA, and Conventional loans, as a 0% interest, deferred second mortgage with no monthly payments. It is not forgivable, and it becomes payable in full on sale, refinance, or when you stop occupying the home (Florida Housing).
Florida Assist (FL Assist) offers up to $10,000 on FHA, VA, USDA, and Conventional loans as a 0% interest, deferred second mortgage with no monthly payment due. It is also not forgivable and becomes payable on sale, transfer, refinance, or vacancy (Florida Housing).
HFA Advantage PLUS provides a forgivable second mortgage equal to 3%, 4%, or 5% of the loan amount at 0% interest with no payments required, forgiven at 20% per year over its five-year term (Florida Housing).
Florida Homeownership Loan Program (FL HLP) offers up to $12,500 as a 3% fully-amortizing second mortgage with a 30-year term that carries a monthly payment, which may need to be factored into your debt-to-income ratio (Florida Housing).
These details come straight from Florida Housing's Homebuyer Loan Programs guide. Because most of these are deferred or forgivable second mortgages, they often don't add an immediate monthly payment — but they are still repayable loans, and FL HLP in particular does add a monthly payment. Your loan officer can explain the repayment structure of each option before you commit.
Who qualifies for Hometown Heroes?
Hometown Heroes is aimed at income-qualified first-time homebuyers working in eligible workforce occupations — the essential roles that keep communities running. Borrowers typically need a minimum credit score of 640, must be within county income limits, and must not have owned a primary residence in the past three years (Florida Housing).
Hometown Heroes funding is allocated annually and is committed quickly. Florida Housing received $50 million for the 2025–2026 fiscal year, made those funds available to participating lenders on August 18, 2025, and reported them fully committed on February 20, 2026; it then released $13 million in program income, and as of April 17, 2026 all $63 million had been reserved (Florida Housing). Because current-cycle funds may already be committed, confirm live availability with your loan officer before you plan around it.
Step 1: Get pre-approved before you shop
Pre-approval is the single most useful step you can take before looking at homes. It provides an estimate of potential loan qualification, based on the information you provide — it is not a guarantee of a loan amount, an affordability determination, or final approval. A pre-approval estimate helps you shop in a realistic price range and shows sellers you are a serious buyer.
Your loan officer will review your income, assets, and credit to provide a pre-approval estimate. The documents you need — and whether you qualify — depend on your situation and the loan program you choose. A pre-approval estimate does not guarantee you will be approved or that you'll qualify for a specific down payment assistance amount; final approval depends on full underwriting of your completed application.
Step 2: Choose the loan program that fits
Picking the right loan is where your savings and your monthly comfort come together. Talk to your loan officer about which of these fits your credit score, your income, and the home you are buying:
FHA loans allow a 3.5% down payment and a lower credit bar, which makes them the most popular choice for first-time buyers.
Conventional loans can go as low as 3% down but usually require a stronger credit profile and may add PMI below 20% down.
VA loans for eligible Veterans and Active-Duty Service Members can require no down payment.
USDA loans offer zero-down options in eligible rural and suburban areas.
I regularly help Florida buyers with FHA, VA, Conventional, and state-assisted loans, and I can break down the tradeoffs in plain terms so you are choosing based on facts, not guesswork. Your loan officer will run the real numbers for your situation — the monthly payment, the mortgage insurance, and how much assistance you qualify for — before you commit to anything.
Step 3: Budget for closing costs and other expenses
The down payment is only part of the money you need at closing. Closing costs — which cover the appraisal, title work, lender fees, and more — vary with the home, the loan, and your area, so the actual amount depends on your specific transaction. Buyers also plan for homeowners insurance, property taxes, and a home inspection. Ask your loan officer for an estimate of your likely closing costs before you commit to a budget.
Some state assistance programs help with closing costs in addition to the down payment. The Hometown Heroes program, for example, offers down payment and closing cost assistance for eligible workforce buyers. Because qualifying for any assistance program depends on your situation and current availability, ask your loan officer to walk you through the full closing picture so you can plan the cash you may need to bring.
Step 4: Work with a local loan officer
Because Florida programs are tied to county income and price limits, working with a loan officer who knows the local market matters. As a Senior Loan Officer in Boynton Beach, I help Palm Beach County buyers identify the state programs and loan types that may fit their situation, and I can walk you through each step of the home financing journey in simple, straightforward terms.
Rates and terms are subject to change based on market conditions, and every loan depends on an underwriting approval — there is no guarantee of a specific rate or approval without going through the application process. That is exactly why we run the numbers together before you make any decision.
1Is 20% down really required in Florida?
No. Most first-time buyers put down 3% to 3.5% with a Conventional or FHA loan, and state programs like Hometown Heroes can cover part of the down payment and closing costs. The 20% figure is common advice, not a requirement.
2What credit score do I need for down payment assistance?
Down payment assistance requires a minimum credit score of 640 for Florida Housing programs, plus approved home buyer education, and your purchase price and income must stay below the limits for your county. Confirm the current thresholds with your loan officer.
3How do I apply for Hometown Heroes or FHFC assistance?
Ask your loan officer, who can check the live funding status. Hometown Heroes funding is committed annually and can run out, but other programs like Florida Assist and HFA Advantage PLUS may still be open.
Contact me with questions
Ready to talk through your down payment options and the Florida programs you may qualify for? Let's find the path that fits your budget.
Contact me with questionsFHA: CrossCountry Mortgage, LLC is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government.
VA: CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office. Certificate of Eligibility required for VA loans.
USDA: Subject property and borrower income and credit must qualify to USDA guidelines.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. CrossCountry Mortgage, LLC (“CrossCountry”) does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by CrossCountry. CrossCountry its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort, or other tortious action.
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. CrossCountry Mortgage, LLC NMLS3029 (www.nmlsconsumeraccess.org).
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