Requirements For Buying A Second Home Official

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. requirements for buying a second home

To qualify for a conventional mortgage on a second home, you typically need to meet the following benchmarks: Some lenders may accept a score as low

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 Property & Residency Qualifications While primary homes can

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

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