What Cash Do You Need to Buy a Home in Central Florida?

A VA (Department of Veterans Affairs) home purchase — and some other loan types — can close with $0 down. That does not mean $0 cash along the way. Before you tour homes in Orlando, Central Florida, and the Space Coast, plan for earnest money, inspections, prepaid insurance, the appraisal, and closing costs.

This page is the plain-English cash timeline Sean walks buyers through: what shows up before the offer, under contract, before closing, and at the table — plus how VA seller concessions work in Florida and where to look for down-payment help. Run payment scenarios on the mortgage calculators. Questions about your contract or Inspection Period — contact Sean.

Educational only. Not a Loan Estimate, underwriting decision, tax advice, or legal advice. Your lender's Loan Estimate, your title company, and the signed contract control the real numbers. Confirm anything financial with your loan officer and title company before you wire or spend.

Official sources
  • VA seller concessions / closing costs: VA Lender's Handbook M26-7, Chapter 8 (seller concessions vs. normal closing costs) — confirm current handbook language with your VA lender.
  • Florida documentary stamp / intangible tax (high level): Florida Statutes ch. 201 (doc stamps) and intangible tax on notes — amounts and who pays can depend on the instrument and local custom; ask title.
  • Down payment / closing help: Florida Housing Finance Corporation — verify current program funding and rules at publish.

Timeline of Cash — When Money Actually Moves

Think in four phases. Exact days come from your contract and lender conditions — not this page.

1. Before You Offer

Save a buffer even at $0 down. You will need cash for the deposit and early inspections if the offer is accepted. Compare lenders and get a clear picture of estimated cash to close from a Loan Estimate — not a napkin guess.

2. Under Contract

After both sides sign, the clock starts. On resale, you typically wire an EMD (Earnest Money Deposit) (often about 1%) to the title company the seller chooses within a few days; title holds it until closing and then applies it to the deal. On new construction, builders use deposits instead — amounts vary (sometimes ~10%, often much less in a slower market; veterans may see a reduced deposit). During the Inspection Period on resale you pay for the home inspection and, in Florida, usually the insurance-related reports. Start insurance quotes early — see Four-Point and Wind Mitigation.

3. Before Closing

The lender orders the appraisal (you often pay; some lenders credit or cover it — ask on the Loan Estimate). Homeowners insurance is usually bound and the first year (or prepaid portion) paid before or at closing. Underwriting may ask for more asset docs — keep money moves quiet and documented (mortgage do's and don'ts).

4. At the Closing Table

Final cash to close after credits, prepaids, and any seller help. Title walks the Closing Disclosure line by line. Bring the exact wire or cashier's check title instructs — and confirm wire instructions by phone to a known number (wire-fraud safety).

FAQs — The Cash Line Items

What Is an EMD (Earnest Money Deposit), and How Much Cash Is That?

On resale / existing homes in Central Florida, an EMD (Earnest Money Deposit) is typically about 1% of the offer price — your agent and market conditions set the ask. After the seller accepts, you usually have a few days to wire it to the title company (title agency) the seller chooses. Title holds it until closing, then applies it to your deal. It is still your money along the way. You can lose it if you default after contingencies expire. During the Inspection Period you can typically cancel for any reason and get the EMD back. Financing or appraisal failures under the contract also often protect the deposit — your contract and agent confirm the path.

New construction is different. Builders usually take deposits, not a classic resale EMD, and the amount varies by builder and community. Some ask for about 10%, but in a slower market most ask for much less. Builders often reduce the deposit for veterans — one recent example Sean saw was only $1,000, which is an illustration, not a rule or a promise. Confirm the deposit schedule in your builder contract before you write the check.

What Inspections Do I Pay for Out of Pocket?

Most Central Florida buyers budget for:

  • Full home inspection — for you (condition, repairs, credits).
  • Four-Point (electrical, plumbing, roof, HVAC — Heating, Ventilation, and Air Conditioning) — for homeowners insurance.
  • Wind Mitigation — roof / hurricane attachments; can affect the premium.

Together, those three have often landed in the mid-hundreds — get current inspector quotes; do not treat any old email number as a guarantee. On a VA purchase you also need a WDO (Wood Destroying Organism) / termite inspection, and a water test if drinking water is from a well. Details on what to send the insurer: 4-Point & Wind Mitigation.

When Do I Pay Homeowners Insurance?

Start quotes as soon as you are under contract. Florida premiums vary a lot by roof age, county, year built, and claims history — we do not publish carrier names or personal premium dollars here. Newer roofs and homes that are not decades old are often easier to insure. You typically pay the prepaid premium (often the first year or the escrow setup your lender requires) before or at closing. Ask your agent about roof age before you fall in love with a house. Shopping tips and Four-Point / Wind Mitigation: 4-Point & Wind Mitigation.

Who Pays for the Appraisal?

The lender orders it to support value (and on VA loans, Minimum Property Requirements). Cost is often a few hundred dollars; some lenders cover or credit it — read your Loan Estimate. Do not invent a fixed fee on this page.

What Are Closing Costs on a Florida Purchase — Especially With a VA Loan?

Closing costs are the fees, taxes, title charges, lender charges, and prepaids due at settlement. Buyer and seller each have their own side. You can ask the seller to help; they may say no (see seller concessions below). For many median-price Central Florida homes, buyer closing costs often land roughly in a mid-four-figures to low-five-figures band — your lender's Loan Estimate is the real number. New construction sometimes packages builder incentives that cover some or all of them — see new construction.

At a high level in Florida, buyers often see documentary stamp tax on the promissory note and an intangible tax on certain notes, plus title and lender fees. Sellers commonly pay documentary stamp tax on the deed (Florida Statutes ch. 201). Local title custom varies by county. Ask your Loan Estimate and title company for the line items on your file.

Does Sean Rooney Set My Cash-to-Close Number?

No. Sean is a Florida real estate agent with LPT Realty, LLC, not a lender or title company. Your loan officer's Loan Estimate and your title Closing Disclosure are the controlling documents. Sean can walk the timeline with you and introduce buyers to lenders he works with — mortgage calculators and contact.

VA Seller Concessions in Florida (What You Can Ask For)

On a VA purchase, "seller help" comes in two buckets buyers mix up:

  1. Normal closing costs the seller agrees to pay (title, lender fees the program allows the seller to cover, etc.) — these are not the same as the VA concession cap.
  2. Seller concessions — extras such as paying the buyer's VA funding fee, prepaid items beyond normal costs, or other items the handbook treats as concessions. VA guidance (Lender's Handbook M26-7, Chapter 8) generally caps seller concessions at 4% of the reasonable value of the property. Your VA lender confirms what counts toward that 4% on your file.

Buyer can ask; seller may say no. Concessions are negotiated in the offer and depend on the market, the property, and the seller's motivation. Asking for help with closing costs is normal; expecting a yes is not.

Civilian sellers sometimes worry VA deals are "harder." A clear offer, a solid lender letter, and a realistic concession ask go further than a vague "seller pays all closing costs" demand.

Sean's $500 Credit Toward Closing Costs

When you buy with Sean as your agent, he offers a $500 credit from Sean toward your closing costs. That credit is:

  • From Sean (the agent), not a lender rebate
  • Subject to lender approval
  • Disclosed on the closing statement

It does not replace earnest money, inspections, or your Loan Estimate cash-to-close. It is one line of help at the table when your lender and title can apply it. Ask Sean when you talk through the Buyer-Broker Agreement and your lender's estimate. Equal Housing Opportunity — available to qualified buyers per the terms Sean discloses on the file.

Down Payment and Closing Help Programs

If you need help with down payment or closing costs beyond seller asks and Sean's credit, start with Florida programs and county options — not national rumor lists.

Sean's Learn guide Down Payment Help covers first-time and Florida Housing paths in plain English, including the official Florida Hometown Heroes program name where it applies: Down Payment Help. Always verify current funding and eligibility on floridahousing.org and with a lender who originates those products. Program rules change; this site does not approve assistance loans.

VA $0-down purchases still benefit from the cash timeline above — assistance programs, when they fit, usually layer onto a full underwriting file, not instead of EMD and inspections.

Quiet Your Credit Until You Have Keys

Large new debt, unexplained cash deposits, or job changes you did not disclose can delay closing even when your cash buffer is fine. Short version: no new car, boat, furniture packages, or credit cards until you have keys; document gifts the way your loan program requires; multiple mortgage applications in a short shopping window are usually OK — ask your loan officer.

Full list: Mortgage Do's and Don'ts After Applying.

Ready to map cash to a real Central Florida offer? Contact Sean and run numbers on the mortgage calculators.

Last checked: October 6, 2026

Sean Rooney, REALTOR® · Marine Corps veteran · MRP · FMS · VAREP · LPT Realty, LLC · Orlando, FL · FL License SL3441251 · (407) 476-1559.
Educational only. Not affiliated with the U.S. Department of Veterans Affairs as a lender. Confirm loan questions with a VA-approved lender; tax and title questions with the appropriate professionals. Equal Housing Opportunity.