Minimums by loan type
Conventional loans allow low single-digit down payments for qualified buyers, FHA requires 3.5% down, and VA offers zero down for eligible borrowers. Twenty percent down removes mortgage insurance on a conventional loan but is a choice, not a rule — and PMI itself can be removed once your balance reaches 80% of the home's value.
Waterfront homes: save beyond the down payment
On canal and waterfront purchases — common in the neighborhoods between the Intracoastal and the Hillsboro Inlet — plan for costs that often land before or at closing: the first year of homeowners and, where required, flood insurance; a marine or seawall inspection; and sometimes a survey. These are modest relative to the purchase price but they matter for your cash planning, and insurance quotes are worth getting during the inspection period, not the week before closing.
How buyers fund it
Savings, proceeds from a home sold elsewhere, retirement account loans and family gifts are the most common sources. Gifts are permitted on most loan types with documentation — a gift letter and a traceable transfer. Down payment assistance programs also exist for eligible first-time buyers within income limits; ask your lender what's currently available, since funds come and go.
Keep reserves after closing
Coastal ownership rewards cushion: deductibles, insurance, and the occasional seawall or dock conversation. The best down payment is one that leaves your payment comfortable and your emergency fund intact.
Let's talk it through
Tell me the price range and property type you're targeting and I'll help you plan the full cash picture, down payment to closing day.
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