Good information from a reliable source.

Buying A Home In Florida? Part 1

Thinking of buying a home in The Sunshine State? Florida may differ from your current home state in regard to minimum down payments, property types, and the costs involved.


Here is Part 1 of a series that may be helpful in buying a home in Florida:

Getting a home loan on the property can be a great way to buy a home with the least amount out of pocket.


Low down payments

Depending on what state you are coming from, you might find that you do not need to put down as much as is required in your home state, particularly if you are borrowing within the conforming loan limits. For instance, if you are borrowing within the conforming loan limits, you may be able to put down as little as 3% on a primary residence. There are even programs where you can put 0% down on a primary residence if you make under a certain amount of income and the home is located in an eligible rural area.


For those of you looking to buy a vacation home in Florida, you may also be surprised to hear you only need a minimum down payment of 10% of the purchase price.


Looking to buy an investment property? You can put down as little as 15%.

The minimum down payment requirements may differ from the amounts mentioned above. Much will depend on the property type, loan product, the lender, and your current financial situation, including your credit score. For instance, if the property type is a Florida condominium, lender guidelines often require more down. You will want to discuss your particular situation and property with a reputable licensed Florida mortgage loan originator.



Florida Properties

When buying a home in Florida, you may hear some different terminology thrown around regarding the property.



When you buy in Florida, you may find the home that you love is in a PUD and has an HOA. What does that mean? A PUD is a Planned-Unit Development. An HOA is a Homeowners Association. When your home is in a PUD, it means that your home is part of a community that has standards that you must abide by. They typically require your home be maintained to the community standard. For instance, it may be against HOA regulations to keep a boat on a trailer in your front yard. Another common HOA requirement involves making sure exterior of your home is well maintained.


One of the main roles of the HOA is to make sure everyone abides by the community standards. There is usually a community fee charged monthly, quarterly and/or annually. The HOA also oversees the collection of the dues and maintenance of the common grounds.


Many residential properties in Florida are either a Single-Family Residence in a PUD or a Condominium. If you do fall in love with a home with either of these property types, expect a Homeowners/Condo Association Fee.


Click here to get our guide to Buying a Condo.



Don’t Forget Part 2

Browse Part 2 to learn more about insurance and additional state taxes.

looking down at front door mat that says 'home'

Every attempt has been made to ensure that the above information is valid at the time of publication. Subject to credit approval. NMLS #318098.

Let's Get Started

This is the exciting part—taking the initial step toward making your homeownership goals come true. When you’re ready to take the plunge, consider us as a part of your team, looking out for your best interests. Let’s find the best mortgage, uniquely tailored for you. Let’s do this!

Recent Posts

Firefighter sitting on steps with helmet next to them.
First-Time Homebuying

FL Hometown Heroes Program

The FL Hometown Heroes Program makes housing affordable for eligible front-line by providing down-payment and closing cost assistance to qualified first-time homebuyers.

Read More »
A caught fish with a hook in its mouth on a fishing line.
Things To Do

6 Things To Do In Okeechobee County, FL

Okeechobee County is a county located in the Florida Heartland region of the state of Florida. This is a great county for outdoor enthusiast. Here are some amazing outdoor adventures you can do while visiting.

Read More »
Skip to content