A Second Home | Requirements For Buying

: You must demonstrate enough liquid savings to cover two to six months of mortgage payments and expenses for both properties. Property & Residency Qualifications

Some lenders may accept a score as low as 640 if you provide a larger down payment (typically 25% or more). requirements for buying a second home

Buying a second home is a significant financial step that requires meeting stricter criteria than a primary residence purchase. Because lenders view second homes as higher-risk—borrowers are more likely to default on a vacation property than their primary residence during financial hardship—you should expect more rigorous documentation and higher financial thresholds. : You must demonstrate enough liquid savings to

: Lenders generally look for a score of 680 or higher . Some lenders may allow up to 45% or

To qualify for a conventional mortgage on a second home, you typically need to meet the following benchmarks:

While primary homes can sometimes be purchased with as little as 3% down, second homes rarely offer this flexibility.

Some lenders may allow up to 45% or 50% if other aspects of your application are exceptionally strong.