To qualify for a conventional mortgage on a second home, you typically need to meet the following benchmarks:
Putting down at least 20% allows you to avoid . requirements for buying a second home
Some lenders may accept a score as low as 640 if you provide a larger down payment (typically 25% or more). To qualify for a conventional mortgage on a
Some lenders may allow up to 45% or 50% if other aspects of your application are exceptionally strong. including both mortgages
While primary homes can sometimes be purchased with as little as 3% down, second homes rarely offer this flexibility.
: Your total monthly debt payments, including both mortgages, should ideally be 43% or lower .