Can I buy a second home with a conventional loan?
Yes. Conventional is the standard path for second homes (vacation properties). Minimum down payment is typically 10%, occupancy intent matters, and the property must be a one-unit suitable for year-round occupancy. Pricing is between primary residence and investment property.
Plain-English explanation
Second-home requirements: 1) borrower's exclusive use as a second home, not a rental; 2) one-unit property suitable for year-round occupancy; 3) reasonable distance from primary residence (no published rule but lenders flag obviously-co-located properties); 4) typically 10% minimum down (some programs allow 5%); 5) modest LLPA hit vs primary; 6) reserves required. The occupancy intent has to hold up — if the borrower rents out the second home regularly, the loan terms can be violated. Subject to Fannie/Freddie guidelines.
What can change the answer?
Occupancy intent, property location, and second-home LLPAs can change the answer. Rental use can shift classification.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
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.