How much do you need for a down payment on a home in Central Florida?
The amount you need for a down payment on a home in Central Florida depends on the loan type and your financial goals. While many think they need 20%, the truth is you may be able to buy with as little as 3% down—or even zero with VA or USDA loans. Understanding your options helps you buy sooner.
For first-time homebuyers, many conventional loans allow for just 3–5% down. FHA loans require 3.5%, and VA and USDA loans often require nothing down. This means if you’re buying a $350,000 home, your down payment might range from $0 to $17,500, depending on your loan.
Your down payment also affects your monthly payment. A larger down payment reduces your loan amount, which lowers your monthly mortgage. It can also help you avoid private mortgage insurance (PMI), which adds to your costs if your down payment is under 20%.
That said, putting down less doesn’t mean you’re making a bad decision. In fact, many buyers in Orlando choose to keep more cash in savings—especially with today’s higher interest rates or if they need to make repairs after moving in. The key is knowing what you qualify for and how each option affects your finances.
In Central Florida, local down payment assistance programs are also available for eligible buyers. These can provide grants or low-interest loans to help cover your upfront costs. The requirements vary, but I can connect you with trusted lenders who know which programs are active and how to apply.
I’m Eve Metlis with Watson Realty, and I’ve helped hundreds of buyers across Orlando, Ocoee, Winter Garden, and Windermere buy homes with various down payment amounts. Whether you have 3%, 20%, or aren’t sure what you can afford, I’ll walk you through your options and connect you with the right mortgage professionals.
Buying a home doesn’t always require 20% down. What matters most is that you understand your choices and pick the one that fits your situation best. Let’s make a plan to get you home—on your terms.