Loans / Fixed Rate Loans / If I already own a home and want to purchase a second property, is there a minimum amount of money I will need for a down payment?

Loans / If I already own a home and want to purchase a second property, is there a minimum amount of money I will need for a down payment?

If I already own a home and want to purchase a second property, is there a minimum amount of money I will need for a down payment?

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If you’re considering buying another property, it’s important to note that down payment requirements for a second home are typically higher compared to purchasing your primary residence. These requirements vary depending on the type of mortgage you’re applying for.

Fannie Mae (Conventional): Minimum requirement is 10% down (90% loan-to-value ratio max).
Freddie Mac (Conventional): Minimum requirement is 15% down (85% loan-to-value ratio max)
FHA, USDA and VA: Not applicable

If you’re ready to explore your options for purchasing a second home or have questions about down payment requirements, reach out to one of our experienced mortgage experts today.

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If I already own a home and want to purchase a second property, is there a minimum amount of money I will need for a down payment?

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