: Your total monthly debt payments, including both mortgages, should ideally be 43% or lower .
: Lenders generally look for a score of 680 or higher .
To qualify for a conventional mortgage on a second home, you typically need to meet the following benchmarks:
: You must demonstrate enough liquid savings to cover two to six months of mortgage payments and expenses for both properties. Property & Residency Qualifications
Buying a second home is a significant financial step that requires meeting stricter criteria than a primary residence purchase. Because lenders view second homes as higher-risk—borrowers are more likely to default on a vacation property than their primary residence during financial hardship—you should expect more rigorous documentation and higher financial thresholds.
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 .
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