Melbourne · Buying
Buying with a small down payment in Melbourne
Low-down-payment loans explained, with the monthly cost of each.
Free · Agents who know Melbourne · Every step in one app
Melbourne is home to Melbourne Orlando International Airport and sits on the Indian River.
Saving for a down payment can feel like trying to hit a target that keeps moving. Rent, bills and life take most of each paycheck, and the idea that you need 20% down can make owning a home feel years away. If that is where you are, you are in good company, and the 20% idea is not the whole story.
Read the full guide: buying with a small down payment, step by step →
What this means in Melbourne
- The typical home here is worth about $306,400. With 10% down, that is a loan of about $275,800; owners here typically spend about $1,689 a month on housing costs (Census), which gives you a real local starting point for your budget.
- About 39% of homes in Melbourne were built before 1980. Older Florida homes often need a 4-point inspection (roof, electrical, plumbing, heating and cooling) before an insurer will cover them, so ask for one early, before your inspection window closes.
- To look up a home's flood zone in Melbourne, use City of Melbourne Flood Hazard Information. A home's flood zone decides whether a lender requires flood insurance.
- To open a City of Melbourne water account you need ID and proof of ownership or a lease. A $20 service start fee shows up on the first bill, and a deposit may be billed too.
What’s different for you
- See low-down options. Some loans need little or nothing down.
- Compare the monthly cost. Less down usually means a higher monthly payment.
- Ask about assistance. Your lender knows local down payment help.
When you start in CloseHive from this page, your plan already includes these steps, along with the usual ones for buying in Melbourne. You always see what to do next, and your agent handles the how.
Melbourne in numbers
- The typical home here is valued at about $306,400, which is 10% lower than Brevard County as a whole ($339,600).
- The typical home here was built around 1985, about 41 years ago. Ask about the roof's age early, because Florida insurers look at it closely.
- About 40% of homes here are rented, more than the county's 23%. Expect some buyers to be investors.
- Owners with a mortgage pay about $1,689 a month in housing costs, $164 more than typical rent ($1,525). Many of those owners bought years ago at lower prices, so today's buyers often pay more.
A typical Melbourne home costs about 4.6 times the typical household income here ($66,991 a year), compared with 4.3 times across Brevard. With 10% down, the loan on a $305,000 home would be $274,500, and Florida's mortgage taxes at closing would be about $1,510.
Questions people ask
What loans have low down payments?
Options can include FHA, VA, USDA and some conventional loans; your lender explains which fit.