Brevard County · Buying
Buying with a small down payment in Brevard County
Low-down-payment loans explained, with the monthly cost of each.
Free · Agents who know Brevard County · Every step in one app
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.
Many home loans allow much smaller down payments, and some allow none for buyers who qualify. There is also down payment help in Florida and in Brevard County. The trade-off is real, though: putting less down usually means paying more each month and more over the life of the loan. Seeing the numbers clearly is what lets you choose well.
Below are the main low-down-payment loans, what each one costs, where to find help, and how to keep a cushion so you are not stretched thin after you move in.
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 Brevard County. You always see what to do next, and your agent handles the how.
What to know
You may not need 20% down
The CFPB says FHA loans can need as little as 3.5% down, and conventional loans backed by Fannie Mae or Freddie Mac can need as little as 3%. VA loans can need no down payment when the price is not more than the appraised value. USDA's guaranteed loans offer 100% financing for eligible homes and buyers.
Less down usually means mortgage insurance
If you put down less than 20%, you will likely pay for mortgage insurance, which protects the lender. It is required on every FHA loan, with an upfront charge and a monthly charge. USDA loans also have a charge at closing and a monthly one. VA loans have no monthly mortgage insurance but usually have a one-time funding fee.
Conventional mortgage insurance can come off
On a conventional loan, you can ask your servicer to cancel private mortgage insurance when your balance is scheduled to reach 80% of the home's original value, if you meet the requirements. It must end automatically when the balance is scheduled to reach 78%, if you are current on payments.
Smaller down payments cost more over time
A smaller down payment means a bigger loan, more interest and mortgage insurance. The CFPB notes that low-down-payment options can mean higher costs over the life of the loan. Ask lenders to show the monthly payment and total cost for two or three down payment amounts.
Florida down payment help
Florida Housing Finance Corporation offers second mortgages to help with the down payment and closing costs through participating lenders. Its page lists Florida Assist, up to $10,000 at 0% that is repaid later, and forgivable options of 3% to 5% of the loan. Programs require a 640 minimum credit score, a homebuyer education course and income and price limits by county.
Brevard County help
Brevard County's Purchase Assistance Program offers a 0% deferred second mortgage to eligible first-time buyers with income at or below 80% of the area median. It requires a 5-hour homebuyer class, and the home must be in Brevard County and not a manufactured home. Ask the program office whether funds are available now.
USDA has area and income limits
USDA's guaranteed loan is for homes in eligible rural areas, and household income cannot be more than 115% of the area's median income. You must live in the home as your main residence. USDA has an online map where you can check a specific address.
Keep a cushion
The CFPB suggests setting aside money for emergencies, usually three to six months of expenses, before deciding how much to put down. A home with no savings left can turn a small repair into a crisis.
Your options
What to gather
- A simple budget showing what you can pay each month comfortably
- Your savings total, minus a three-to-six-month emergency cushion
- Your last two pay stubs and last two years of W-2s
- Two recent bank statements
- Your free credit reports from AnnualCreditReport.com
- A homebuyer education class, if you plan to use down payment help
- Loan Estimates for at least two loan types and down payment amounts
- The USDA eligibility check for any address you are considering for a USDA loan
- If anyone is giving you money, a note to ask your lender about gift rules early
Mistakes to avoid
- Comparing only the down payment. Look at the monthly payment and total cost too. The lowest down payment is not always the lowest-cost loan.
- Emptying your savings to close. Keep an emergency cushion for repairs and surprises after you move in.
- Forgetting closing costs. Closing costs are on top of the down payment. Your Loan Estimate shows them; down payment help may cover part.
- Missing the mortgage insurance exit. On a conventional loan, track when your balance is scheduled to reach 80% of the original value and ask to cancel PMI.
Brevard County in numbers
- The typical home in Brevard County is worth about $339,600, and 77% of homes are lived in by their owners.
- Typical rent here is about $1,556 a month, including utilities.
Free help
Questions people ask
What loans have low down payments?
Options can include FHA, VA, USDA and some conventional loans; your lender explains which fit.
Can I buy a house with no money down?
Some buyers can. VA loans and USDA guaranteed loans can need no down payment for those who qualify. You will still have closing costs, though some may be paid by the seller or covered by help programs.
What is the lowest down payment for a house?
FHA can be as little as 3.5% down and some conventional loans 3%. VA and USDA can be zero for eligible buyers and homes.
Is it better to put down less or more?
Putting down less keeps more cash in your pocket but raises your monthly cost and total cost. Ask lenders to show both, and keep an emergency cushion either way.
Is there down payment assistance in Brevard County?
Yes. Florida Housing Finance Corporation offers help statewide, and Brevard County has a Purchase Assistance Program for eligible first-time buyers. Both have income limits and a homebuyer class.
When can I stop paying PMI?
On a conventional loan, you can ask to cancel when your balance is scheduled to reach 80% of the original value, and it must end automatically at 78% if you are current. FHA mortgage insurance follows different rules; ask your lender.
Does USDA only work on farms?
No. USDA's guaranteed loan is a home loan for a main residence in an area USDA marks as an eligible rural area. Check the exact address on USDA's eligibility site.
Can family help with my down payment?
Ask your lender early whether your loan allows gift money and what records they need from you and the person giving it.