Requirements For Buying A Second — Home

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

: Lenders generally look for a score of 680 or higher . requirements for buying a second home

Putting down at least 20% allows you to avoid . While primary homes can sometimes be purchased with

A "very good" score (740+) is often necessary to secure the most competitive interest rates. requirements for buying a second home

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

: Most lenders require a minimum of 10% to 20% down .

To qualify for a "second home" mortgage rather than a more expensive "investment property" loan, the home must meet specific occupancy rules: A guide to second home down payments - Chase Bank