Requirements For Buying A Second Home [Limited ›]

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

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

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. requirements for buying a second home

A "very good" score (740+) is often necessary to secure the most competitive interest rates.

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 Some lenders may accept a score as low

Putting down at least 20% allows you to avoid .

: Lenders generally look for a score of 680 or higher . : Lenders generally look for a score of 680 or higher

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