How much down payment do you need for a condo in Florida? 2026 numbers for Hallandale Beach, Hollywood and Aventura
October 31, 2026 · Zach Curtis, REALTOR®, Realty Hub
Short answer: as little as 0% with a VA loan, 3% with some conventional loans or 3.5% with FHA, but only if you qualify and the building qualifies for that loan. Many South Florida condo buyers put 10% to 20% down because of the building, their credit or the monthly payment. With condos, the unit and its association matter as much as you do.
Minimum down payment by loan type
| Loan | Minimum down | Key conditions |
|---|---|---|
| FHA | 3.5% | HUD says an FHA down payment "can be as low as 3.5%" (HUD: FHA loans). That takes a credit score of 580 or higher; 500 to 579 is limited to 90% financing, so 10% down; below 500 isn't eligible (HUD Mortgagee Letter 2026-11). The building must be FHA approved or the unit must get Single-Unit Approval. |
| Conventional 97% | 3% | Fannie Mae's Standard 97% option needs at least one first-time buyer; HomeReady has an income limit of 80% of area median income (Fannie Mae: 97% loan-to-value options). The building must meet Fannie Mae project rules. |
| VA | 0% | For eligible veterans and servicemembers: no down payment if the price doesn't exceed the appraised value, and no private mortgage insurance (VA: purchase loans). |
| Conventional, more down | 5% to 20% or more | Under 20% down usually means private mortgage insurance. |
| Non-warrantable or portfolio | Usually more | For buildings that don't meet agency rules; terms vary by lender. |
The building can set your down payment
This is where condos differ from houses. The lender approves the building as well as you. If the building isn't FHA approved and the unit doesn't pass Single-Unit Approval, the 3.5% option is gone for that unit. If the building has critical repairs or runs like a hotel, it may not qualify for a conventional loan either, which leaves cash or a portfolio loan with a bigger down payment (Fannie Mae Selling Guide B4-2.1-03). Check the building first: how to check if a condo is FHA approved.
A worked example: a $300,000 condo
| Down payment | Cash down | Loan | Principal and interest at 7.24% |
|---|---|---|---|
| 3.5% (FHA) | $10,500 | $289,500* | about $1,973/mo |
| 10% | $30,000 | $270,000 | about $1,840/mo |
| 20% | $60,000 | $240,000 | about $1,636/mo |
*Before FHA's upfront mortgage insurance premium, which is usually added to the loan, and its monthly premium. Principal and interest only; taxes, insurance, HOA dues and mortgage insurance are extra. Freddie Mac's weekly average 30-year fixed rate was 7.24% for the week of October 29, 2026 (Freddie Mac PMMS, week of October 29, 2026); your rate depends on your credit, down payment and loan type.
On a condo, the dues often matter as much as the down payment. At 7.24% over 30 years, a $600 monthly HOA payment uses about as much of your monthly budget as $88,000 of extra loan. Run your own numbers in the affordability calculator and see the live medians in the income needed to buy a condo in Hallandale Beach or Hollywood.
Cash you need beyond the down payment
- Closing costs: Florida's doc stamps and intangible tax on the mortgage, title charges, lender fees and prepaids. See buyer closing costs in Broward County.
- Association costs: the approval application fee where the building requires approval (Florida caps it at $150 per applicant, adjusted for inflation), any capital contribution in the documents, and prorated dues.
- Lender reserves: some loans require savings left over after closing.
- Insurance: your first year of HO-6, and flood if your lender requires it. See do you need flood insurance for a condo.
Help with the down payment
Florida Hometown Heroes helps first-time, income-qualified buyers who work full time for a Florida-based employer in eligible fields, including health care, school staff, first responders, public safety and court staff, and child care, as well as servicemembers and veterans employed full time. For 2026 it offers up to 5% of the first mortgage, minimum $10,000 and maximum $35,000, as a 0% non-amortizing, 30-year deferred second mortgage. It comes due when you sell, refinance, transfer the deed or stop living in the home, and it is not forgivable (Florida Housing: Hometown Heroes). It's used with a first mortgage from a participating lender, so the condo also has to qualify for that loan.
Florida Housing's other homebuyer programs require a minimum 640 credit score, a participating lender, homebuyer education, county price and income limits, and that you haven't owned and lived in a home in the last three years. Assistance includes FL Assist, up to $10,000 at 0% deferred and not forgivable, and the HFA Preferred and HFA Advantage PLUS grants of 3%, 4% or 5% of the loan, forgiven at 20% a year over five years (Florida Housing: homebuyer programs).
Broward County and some cities run their own purchase assistance, with separate income limits and funding windows. Ask a participating lender which programs are open when you're ready to buy.
Picking your number
- Get a preapproval that shows your options at 3.5%, 5%, 10% and 20% down.
- Compare full monthly costs, with HOA dues, insurance and taxes, not just loan payments.
- Keep savings after closing. Older South Florida buildings can levy special assessments; see who pays a special assessment and why condo fees are so high.
- Check the building's loan eligibility before you offer.
Browse Hallandale Beach condos, Hollywood condos, Aventura condos or Dania Beach condos, read the first-time buyer guide, or tell Zach your budget and loan type on Ready to buy and he'll send buildings that fit.
Zach Curtis, Realtor, Realty Hub, license SL3664129. General information, not legal, tax, insurance or lending advice. A licensed loan officer can confirm what you qualify for.
Questions? Ask Zach
I'm Zach Curtis, a REALTOR® with Realty Hub in Hallandale Beach. I help renters and buyers in Hallandale Beach, Hollywood, Aventura and nearby. Zach replies personally within 15 minutes, 8 AM to 9 PM ET, 7 days. Outside those hours, by 9 AM.
Questions
How much down payment do you need for a condo in Florida?
It can be 0% with a VA loan, 3% with some conventional loans or 3.5% with FHA, if you qualify and the building is eligible for that loan. Many condo buyers put 10% to 20% down because of the building, their credit or the monthly payment.
Can I buy a condo with an FHA loan and 3.5% down?
Yes, with a credit score of 580 or higher, if the building is FHA approved or the unit qualifies through Single-Unit Approval. Scores from 500 to 579 are limited to 90% financing, which means 10% down.
Do I need 20% down for a condo?
No. Twenty percent avoids private mortgage insurance on a conventional loan, but it isn't required. Buildings that don't meet agency rules may need a larger down payment with a portfolio loan.
Can I use Florida Hometown Heroes for a condo?
It can be used when you're a first-time, income-qualified buyer in an eligible occupation, using a first mortgage from a participating lender that the condo qualifies for. The 2026 program offers up to 5% of the first mortgage, $10,000 to $35,000, as a deferred loan that isn't forgiven.
How much do I need for a $300,000 condo?
About $10,500 down at 3.5%, $30,000 at 10% or $60,000 at 20%, plus closing costs, association fees, insurance and any savings your lender wants to see after closing.
Sources
- HUD: FHA loans (down payment as low as 3.5%)
- HUD Mortgagee Letter 2026-11 (FHA credit scores and loan-to-value)
- Fannie Mae: 97% loan-to-value options
- U.S. Department of Veterans Affairs: VA purchase loans
- Florida Housing: Hometown Heroes Program
- Florida Housing: homebuyer programs
- Fannie Mae Selling Guide B4-2.1-03, Ineligible Projects
- Freddie Mac Primary Mortgage Market Survey
Published October 31, 2026 by Zach Curtis, REALTOR®, Realty Hub, license SL3664129. General information for South Florida, not legal, tax, insurance or lending advice. Laws, programs and prices change; check the official sources above, and ask a Florida attorney, CPA, insurance agent or lender about your situation. Listing numbers are asking prices and rents from BeachesMLS on the date shown. Equal Housing Opportunity. Zach Curtis and Realty Hub follow federal, Florida and Broward County fair housing law. Every listing is open to everyone. We never steer anyone by race, color, religion, sex, national origin, disability, familial status, age, sexual orientation, gender identity, or any other protected class.