You Don’t Need 20% Down To Buy in South Florida

Many buyers in the South Florida real estate market believe they need a 20% down payment to purchase a home. In reality, most first-time homebuyers put down far less.

In the Miami real estate market, loan options such as FHA allow down payments as low as 3.5%. VA and USDA loans offer zero-down options for qualified buyers. Conventional loans may also allow as little as 3% down, depending on credit and guidelines.

According to the National Association of Realtors, the median down payment for first-time buyers is around 10%, not 20%. That difference can significantly shorten your timeline to buy in South Florida.

Down payment assistance programs are another major opportunity. Thousands of programs exist nationwide, and many Florida buyers qualify without realizing it. Some programs offer grants or credits that can be applied toward down payment and closing costs.

As a real estate agent and Realtor with The Selling Properties Group at LPT Realty, I work closely with lenders across the South Florida housing market to help buyers understand realistic down payment requirements and available assistance options in Miami and surrounding areas.