For Buying A Second Home — Requirements

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

Putting down at least 20% allows you to avoid . requirements for buying a second home

: Most lenders require a minimum of 10% to 20% down . To qualify for a "second home" mortgage rather

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

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

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