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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?

Down payment requirements on second homes are more stringent for borrowers compared to when they bought their first home. Requirements vary depending upon the conventional mortgage product, but are not allowed for unconventional mortgage loans. See below:

  • 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: Not applicable
  • USDA: Not applicable
  • VA:┬áNot applicable


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To learn more about specific mortgage requirements related to second home purchases, be sure to speak with an experienced mortgage broker.

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