Putting down at least 20% allows you to avoid .
A "very good" score (740+) is often necessary to secure the most competitive interest rates.
: Lenders generally look for a score of 680 or higher . requirements for buying a second home
: Your total monthly debt payments, including both mortgages, should ideally be 43% or lower .
Some lenders may accept a score as low as 640 if you provide a larger down payment (typically 25% or more). Putting down at least 20% allows you to avoid
: Most lenders require a minimum of 10% to 20% down .
To qualify for a conventional mortgage on a second home, you typically need to meet the following benchmarks: : Your total monthly debt payments, including both
While primary homes can sometimes be purchased with as little as 3% down, second homes rarely offer this flexibility.