Buying · Common questions

How much do I need to buy a house in Florida?

Less than many people think. The cash you need comes in four parts: the down payment, closing costs, a deposit when you make an offer, and a little set aside. Here's how each works, with an example.

1. Down payment (depends on the loan)

Loan	Minimum down payment	On a $350,000 home
VA (eligible veterans and service members)	Often 0%	$0
USDA (eligible rural areas, income limits)	Often 0%	$0
FHA	3.5%	$12,250
Conventional	3% to 5% for many buyers; 20% avoids mortgage insurance	$10,500 to $17,500

Down payment assistance can cover some or all of this for many buyers.

2. Closing costs (often 2% to 5%)

Florida documentary stamp tax on the mortgage: $0.35 per $100 borrowed
Florida intangible tax: 0.2% of the loan
Lender's title insurance and title company fees
Lender fees, appraisal and credit report
Prepaid items: the first year of homeowners insurance and a few months of property tax for the escrow account

Sellers and builders sometimes pay part of the buyer's closing costs. Estimate your closing costs →

3. Earnest money deposit

When your offer is accepted you usually put down a deposit, often around 1% to 3% of the price. It isn't an extra cost: it counts toward your down payment and closing costs at closing.

4. Before and after closing

Home inspection (and often a wind mitigation and 4-point inspection for insurance)
Moving costs, utility deposits and a few things for the house
An emergency fund for repairs

Worked example

A $350,000 home with an FHA loan: about $12,250 down, plus closing costs and prepaid items of very roughly $8,750 to $14,000, before any help from the seller or a down payment program. Your exact figures depend on the loan, the county and the insurance.

Can I buy a house? How much can I afford?

Common questions

How much do I need for a down payment in Florida?

It depends on the loan: VA and USDA loans can need nothing down, FHA from 3.5%, and conventional loans from 3% to 5% for many buyers (20% avoids mortgage insurance). Down payment assistance programs can help with some or all of it.

How much are closing costs in Florida?

Buyers often pay roughly 2% to 5% of the price in closing costs and prepaid items. In Florida that includes documentary stamp tax on the mortgage ($0.35 per $100) and intangible tax (0.2% of the loan), title insurance, lender fees, and setting up the escrow account for taxes and insurance. Sellers or builders sometimes pay part of them.

Do I need money left over after closing?

It's wise, and some loans require reserves. Keep an emergency fund for repairs and moving costs.

By Bill McElhill, Realtor® and mortgage loan originator (NMLS #2176490) · Last updated October 2026

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