Part of your overall program to get your finances ready to shop for a Jacksonville Florida home should include saving money for a down payment.  Other components include rounding up financial records, examining your spending habits, and setting a budget you can live with. Don’t forget that a down payment is not the only up-front expense. Budget money for closing costs when developing your savings budget for your new home. The amount of a down payment is usually expressed as a percentage of the overall purchase price of the home.

It varies depending on the Jacksonville Florida lender, the type of financing, and the amount of money being lent. A typical down payment in the past was 20%, but it is common that lenders have been willing to offer conventional financing with as little as 3% down and government financing programs also require minimal down payments.