How Much Down Payment Do You Really Need to Buy in Orlando?
A breakdown of down payment requirements across the major loan programs available to Orlando buyers.
By Ryan Kennedy, NMLS #1434300 · Orlando Mortgage Broker, Icon Mortgage Group
A breakdown of down payment requirements across the major loan programs available to Orlando buyers.
By Ryan Kennedy, NMLS #1434300 · Orlando Mortgage Broker, Icon Mortgage Group
One of the most persistent myths in home buying is that you need 20% down. For most Orlando buyers, that simply isn't true — and the real answer depends on which loan program fits your situation.
Conventional loans allow as little as 3% down for qualified first-time buyers, with 5% and 10% down also common. Putting down 20% avoids private mortgage insurance (PMI), but it's a choice, not a requirement.
FHA loans require 3.5% down with a credit score of 580 or higher, and allow the entire down payment to come from a gift or an approved down payment assistance program.
Eligible veterans, active-duty service members, and surviving spouses can finance up to 100% of the purchase price with a VA loan — no down payment required in most cases.
For eligible properties in qualifying areas surrounding Orlando (parts of Lake, Osceola, Polk, and Sumter counties), USDA loans also offer 100% financing.
Florida's Hometown Heroes program can add down payment and closing cost help on top of an FHA, conventional, or VA loan for eligible workforce buyers — see our down payment assistance page for details.
The right down payment isn't a single number — it's whatever gets you the best combination of monthly payment, cash reserves, and loan terms for your situation. That's worth a conversation before you assume you need more saved than you actually do.