Can I buy a second home with a conventional loan?
Yes, if you and the home meet the program rules. Some eligible one-unit conventional purchases may allow 10% down. The lender reviews the property, your planned use, credit, income and cash.
What this actually means.
A second home is a place you use yourself for part of the year. Under Fannie Mae rules it must be one unit, usable year-round and under your control. It cannot be a timeshare or have a management agreement that controls occupancy. Any rental income cannot help you qualify, and all other second-home rules must still be met. Down payment, reserves and approval depend on the program and lender.
Where this can move.
Occupancy intent, property location, and second-home LLPAs can change the answer. Rental use can shift classification.
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More conventional questions on Second Home.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.