Florida resale homes typically require a down payment of 3.5% to 20%, depending on the loan type. Conventional loans usually demand 20% for no private mortgage insurance (PMI), while Federal Housing Administration (FHA) loans require 3.5%. VA loans often have no down payment for qualified veterans. Jumbo loans may accept 10% down. Lenders may adjust requirements based on credit scores, income, and property value.

The down payment requirements in Florida align with national lending standards but are influenced by local real estate trends and regulatory frameworks. For conventional loans, a 20% down payment minimizes loan-to-value (LTV) ratio to 80%, reducing default risk and eliminating PMI. Data from the Federal Housing Finance Agency (FHFA) shows that 20% down payments remain standard for conforming loans, as they align with Fannie Mae and Freddie Mac guidelines. In contrast, FHA loans use 3.5% down due to mortgage insurance premiums (MIP), which offset lower upfront costs. The U.S. Department of Housing and Urban Development (HUD) reports that FHA loans accounted for 6.5% of U.S. home purchases in 2022, with Florida’s share reflecting national trends.

VA loans exclude down payments for eligible veterans, leveraging government backing to lower borrowing costs. The U.S. Department of Veterans Affairs (VA) notes that 66% of VA loans in 2023 required no down payment, reflecting their popularity in Florida, where 1.2 million veterans reside. Jumbo loans, exceeding conforming limits ($766,550 in 2024), often require 10% down, as higher LTV ratios increase lender risk. Florida’s 2023 median home price of $395,000 (Zillow) means a 10% down payment equals $39,500, a manageable threshold for many buyers.

Lender criteria also consider creditworthiness; a FICO score below 620 may require a larger down payment or additional reserves. Florida’s 2023 average down payment was 14%, per ATTOM Data Solutions, slightly below the U.S. average of 15%, suggesting regional affordability. State-specific programs, like the Florida First-Time Homebuyer Program, offer grants for 6% down on resale homes, further easing requirements. In summary, Florida’s down payment policies balance risk management, government incentives, and market accessibility, ensuring diverse buyer participation while safeguarding lender interests.