Stop Saving 20%: Here is What You Really Need to Buy a Home in SW Florida
The Myth: "I need to save 20% down before I can buy a house." This is the single biggest misconception stopping renters from becoming homeowners in Lehigh Acres, Cape Coral & surrounding SW Florida areas.
The Reality: According to recent data, the average first-time homebuyer puts down significantly less than 20%. In fact, most of my clients put down between 3% and 3.5%.
Loan Programs with Low Down Payments:
Conventional Loans (3% Down): Yes, you can get a conventional loan with just 3% down if you are a first-time buyer.
FHA Loans (3.5% Down): Perfect for buyers with credit scores starting at 580. This is a very popular option in Lee County. with as little as 10% down & and good rental history you CAN have a lower than 580 score
VA Loans (0% Down): If you are a Veteran or active duty military, you have earned the right to buy with zero down payment and no monthly mortgage insurance.
USDA Loans (0% Down): Believe it or not, many areas around Punta Gorda and Babcock Ranch still qualify for USDA rural housing loans, which require no money down.
What About Closing Costs? "But Mike, what about the closing costs?" This is where having a local expert helps. In our current market, we can often negotiate for the seller to pay a portion of your closing costs. I have helped families get into homes with less than $5,000 total out of pocket.
Bottom Line: If you are paying $2,500 a month in rent, you are likely already paying a mortgage—just your landlord’s, not yours.
Want to see how much house you can afford with your current savings? 👉 Let’s run the numbers: MikeSteeleLoans.com
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