How much do I need to buy my first home in Melbourne?

At the $340,000 median, plan on $11,900 for an FHA down payment or $10,200 for conventional 3%, plus 2%–4% of the price in closing costs — roughly $6,800 to $13,600. Down payment assistance in Florida can cover much of the down payment, and sellers can contribute toward closing costs, so many Melbourne first-time buyers close with far less cash than the sticker math suggests.

What credit score do I need in Melbourne?

FHA goes down to 580 with 3.5% down (500–579 with 10% down), conventional generally starts at 620, VA has no VA-set minimum though most lenders want 580–620, and USDA typically wants 640. Score also drives price: on a $340,000 Melbourne purchase, moving from a 660 to a 740 score can be worth 0.25%–0.50% in rate, which is real money every month for thirty years.

Am I still a first-time buyer if I owned a home before?

Usually yes. Most programs — including Florida Housing — define a first-time buyer as someone who has not owned a primary residence in the last three years. Divorced borrowers who owned only with a former spouse and buyers whose prior residence was not permanently affixed often qualify as well. We check this before structuring your Melbourne pre-approval because it can be worth thousands in assistance.

How long does it take to buy in Melbourne?

Pre-approval takes a day or two once we have income and asset documents. From accepted offer to closing is typically 21–30 days on conventional and FHA in Brevard County, a little longer where down payment assistance is layered in because the assistance provider has its own approval step. Getting fully underwritten before you shop is the single biggest advantage in a Melbourne multiple-offer situation.

First-Time Buyer · Melbourne, FL

First-Time Homebuyer Guide — Melbourne, FL 2026

Melbourne is a suburban market built around newer single-family stock and school-district demand, with a $340,000 median and a $541,287 county FHA ceiling.

Median Home Price

$340,000

Min FHA Down (3.5%)

$11,900

FHA Limit

$541,287

Florida DPA

Up to $35,000 DPA

Buying Your First Home in Melbourne, FL

Buying your first home in Melbourne is mostly a question of which program fits, not whether you can afford a 20% down payment — very few first-time buyers use one. Brevard County uses the $832,750 national baseline conforming limit for 2026. The county's one-unit FHA limit is the $541,287 national floor. At a $340,000 median, both conforming and FHA financing reach the middle of the Melbourne market. At the $340,000 median, the FHA minimum of 3.5% is $11,900 and conventional 3% is $10,200. Florida Housing runs the main programs for Melbourne first-time buyers. The Florida Hometown Heroes program serves full-time employees of a Florida-based employer with up to 5% of the loan amount (capped) for down payment and closing costs, and the FL Assist and Florida Assist second mortgages are available on FHA, VA, USDA, and conventional first mortgages. Income limits are set by county for Brevard, and homebuyer education is required. At Melbourne's $340,000 median, assistance typically covers the $11,900 FHA minimum with room for part of your closing costs.

Down Payment Options for Melbourne Home Buyers

Based on Melbourne's median home price of $340,000.

Loan Type	Down Payment	Amount	Est. Monthly P&I
VA Loan	0%	$0	Varies by entitlement
USDA	0%	$0	Varies by address
FHA	3.5%	$11,900	$2,083/mo*
Conventional	3%	$10,200	$2,068/mo*
Conventional	5%	$17,000	$2,068/mo*
Conventional	20%	$68,000	$1,742/mo*

*Payment estimates are principal and interest only at approximate 2026 market rates. Does not include property taxes, insurance, or mortgage insurance. Contact us for a precise payment quote.

USDA not available in Melbourne proper — check rural outskirts.

VA available to eligible veterans regardless of location.

Here is what Melbourne's $340,000 median looks like at each down payment level:

3% conventional — $10,200 down, about $2,068/month in principal and interest at 5% down pricing, with PMI that cancels automatically at 78% loan-to-value.

3.5% FHA — $11,900 down, about $2,083/month in principal and interest plus mortgage insurance. The most forgiving credit path, and the $541,287 Brevard County limit covers a median-priced home.

5% conventional — $17,000 down, about $2,068/month, lower PMI than 3% down.

10% conventional — $34,000 down, about $1,959/month, materially lower PMI.

20% conventional — $68,000 down, about $1,742/month and no mortgage insurance at all.

Payment figures are estimates for illustration at the rates and assumptions shown, not a rate quote or commitment to lend. Taxes, insurance, HOA dues, and your final rate depend on the property and your credit profile.

Florida DPA Programs in Brevard County

Florida Housing runs the main programs for Melbourne first-time buyers. The Florida Hometown Heroes program serves full-time employees of a Florida-based employer with up to 5% of the loan amount (capped) for down payment and closing costs, and the FL Assist and Florida Assist second mortgages are available on FHA, VA, USDA, and conventional first mortgages. Income limits are set by county for Brevard, and homebuyer education is required. At Melbourne's $340,000 median, assistance typically covers the $11,900 FHA minimum with room for part of your closing costs.

If you can buy a two-to-four unit property, Melbourne's FHA limits step up to $692,847 for a duplex, $837,588 for a triplex, and $1,040,949 for a fourplex, all still at 3.5% down as long as you occupy one unit for a year. Rent from the other units can be counted toward qualifying income, which is how a lot of first-time buyers get into this market with a payment their tenants help carry.

Florida DPA funds are allocated periodically and may be temporarily depleted. Visit floridahousing.org to check current availability, or contact us — we track program availability daily.

2026 Loan Limits — Brevard County

Loan Type	2026 Limit
Conforming	$832,750
FHA	$541,287
VA	No limit (full entitlement)
Jumbo	Above $832,750

Loan limits verified against HUD FHA county limits and FHFA 2026 conforming loan limit announcement.

Your Melbourne Home Buying Timeline

1
Check your credit (today)
Pull your free credit report at AnnualCreditReport.com. FHA requires 580+ for 3.5% down. Conventional requires 620+. Dispute any errors.
2
Get pre-approved (1–2 days)
Contact Tayton Capital for a pre-approval letter. We'll check income, credit, and assets and give you a firm number.
3
Identify your program (week 1)
Based on your credit, income, and savings, we'll match you to the right loan: FHA, conventional, VA, USDA, or Florida DPA.
4
Find a home and make an offer (varies)
With pre-approval in hand, your agent can submit competitive offers. Sellers in Melbourne prefer pre-approved buyers.
5
Under contract: appraisal + inspection (2–3 weeks)
We order the appraisal. You get a home inspection. If the appraisal comes in low, we'll walk you through options.
6
Clear to close (week 3–4)
Underwriting reviews the file. We'll request any final documents. Clear to close typically comes 21–30 days from application.
7
Closing day
Bring a cashier's check or wire for your down payment and closing costs. Sign. Get keys.