Requirements For Buying A Second Home May 2026

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

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

Putting down at least 20% allows you to avoid . Putting down at least 20% allows you to avoid

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.

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