Your main home
You plan to live here as your primary home. Start with our Florida home-buying guide.
Second-home mortgages · Florida
Second Home Mortgages in Florida
A beach condo. A winter home. A place near family. Start with how you will use it, then compare the loan and the full cost of owning two homes.
Florida mortgage broker · An inquiry is not a loan approval.
How will you use the home?
The lender needs your real plan. Owning a second property does not, by itself, make it a second home for mortgage purposes.
Your vacation home
You use it yourself for part of the year. It must meet the second-home rules for the loan you choose.
Your rental property
You plan to run it as a rental. Compare investment financing, including DSCR loans when eligible.
What counts under Fannie Mae rules?
A second home must be one unit, usable year-round, and used by you for part of the year. You must control its use. It cannot be a timeshare or have a contract that lets a management firm control who stays there.
It must meet the second-home, rather than rental-property, rules. If rental income exists, it cannot be used to qualify, and all other second-home requirements still apply. Tell the lender about any short-term rental or management plan.
Read Fannie Mae’s occupancy rules. A tax rule about rental days does not decide your mortgage category.
What does a second-home loan require?
Conventional financing is one common route. Larger loans may need jumbo financing. Neither route guarantees approval.
A down payment
Some eligible conventional purchases may allow 10% down. Your lender may require more. The minimum is not the full cash you need to buy.
Room for both homes
The lender reviews your income and debts with the costs of the new home and your existing housing obligations. Do not count on vacation rent to make the loan work.
Cash after closing
You may need reserves: money left after the down payment and closing costs. Ask how much is required and which accounts count.
The 10% example comes from the 90% loan-to-value limit for eligible one-unit second-home purchases in Fannie Mae’s eligibility matrix. Program exceptions, lender rules, credit review and property approval apply. It is not a quote or an offer to lend.
Read the Florida conventional loan guide. Self-employed? Ask whether tax-return income works first, then compare bank statement loan options if needed.
Budget for more than the mortgage.
Property taxes
A vacation home generally does not meet the permanent-residence rule for Florida’s homestead exemption. Ask the county property appraiser for a new-owner estimate.
Home and flood insurance
Get an insurance quote for the address early. Ask about wind coverage, flood insurance and any limits for homes left empty part of the year.
Condo and community costs
Check HOA dues, CDD charges and special assessments. Ask the lender to review the condo building and its insurance before the contract deadline.
Plan for repairs, utilities and travel too. The seller’s tax bill and insurance premium may not be what you pay. See the Florida property-tax exemption rules.
Compare second-home rates on the same facts.
Do not compare a vacation-home quote with a main-home ad as if they are the same loan. Property use can affect pricing. Ask each lender to use the same loan amount, down payment, credit details and lock period.
Rate and APR
The rate affects interest. APR includes certain loan costs. Read both, along with the assumptions behind them.
Points and cash
A lower rate may cost more upfront. Compare points, fees, lender credits and the cash due at closing.
The full payment
Add taxes, insurance, any mortgage insurance and dues. Check what each quote leaves out.
Our Florida mortgage rates show program examples. Ask for a quote marked for your actual second-home use.
Three steps before you commit.
1. Share the property plan
Bring the address or county, price range, home type and plans for personal use or renting.
2. Gather your records
Ask for an income and asset checklist. Include current housing costs and funds for the purchase and reserves.
3. Check the whole cost
Get property-cost estimates and compare written loan options. Ask what still needs approval before you make a final decision.
Mortgage Expert is a Florida mortgage broker. We compare eligible options from wholesale lenders. Ask for a secure way to send financial records; do not put account numbers in a public form.
Second-home mortgage questions.
Is a second-home mortgage the same as a second mortgage?
No. A second-home mortgage finances another home. A second mortgage is another loan secured by a home, such as a home equity loan. They answer different needs.
How much down payment does a second home need?
Some eligible conventional purchases may allow 10% down. This is not a rule for every loan. The home, loan size, credit and lender can change what is needed. Budget for closing costs and money left after closing as well.
Can I rent my vacation home on Airbnb?
Tell the lender your full rental plan before choosing a loan. Rental use can change the loan category. Under Fannie Mae rules, any rental income cannot help you qualify as a second home, and all other second-home rules must still be met. Local and condo rules also matter.
Do I have to live in Florida to buy a second home here?
You may live in another state and buy a Florida vacation home. The lender still reviews your income, debts, property and planned use. A move that makes Florida your main home may fit a different loan category.
Are second-home mortgage rates higher?
They can be higher than rates for a main home. Credit, down payment, loan size, fees and the lender also matter. Compare written quotes for the same property use and loan details. There is no fixed rate gap that fits every buyer.
Can I use FHA for a vacation home?
FHA purchase loans are generally for a main home, not a vacation home. Ask about conventional or other eligible second-home options. If you plan to move into the home as your main home, explain that plan to the lender.
Can a condo qualify as a second home?
It may, but the lender must review the unit and the condo project. Insurance, repairs, reserves, legal issues and rental rules can affect the answer. A hotel-style condo or rental-pool agreement may need a different loan.
Will a quick inquiry affect my credit?
An initial inquiry through this page is a request for help, not a loan application or approval. No hard credit pull is required for an initial quote. A later application and loan review have separate steps.
Make a plan for both homes.
Tell us what you want to buy and how you will use it. Get help comparing the loan, cash needs and questions to ask.
Ask about my second homeNo hard credit pull is required for an initial quote. An inquiry is not an application or approval.
Sources checked October 15, 2026: Fannie Mae occupancy rules and eligibility matrix, and Florida Department of Revenue, linked above. For FHA’s main-home purpose, see HUD’s FHA loan guide. Rules vary by program and lender.
Estimates only. Not a Loan Estimate, not an approval, not a commitment to lend, not a rate lock. Final terms depend on verified credit, income, assets, property, loan program, lock date, lender conditions, and actual third-party fees. Mortgage Expert, Inc. · NMLS 2412313 · Equal Housing Opportunity.