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Second Home Loans

Buy a second home with confidence

Whether you're buying a weekend retreat, a part-time residence, or a vacation home, we're here to help you explore options that fit your goals.

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Apply in 3 Minutes
No-impact credit check. No commitment.
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Home Loans for Second Homes

Flexible financing for your next place.

Second home loans make it possible to finance a property you will use in addition to your primary home.

Finance a vacation home or part-time residence
Access competitive conventional loan rates
Predictable monthly payments with fixed-rate options
Build equity in a second property over time
Additional options may be available for nontraditional income

Second Home Loan Options

Conventional loans are widely used to purchase second homes, since many government-backed loans can only be used to purchase primary residences. 

More specialized loan types, like asset qualifier loans, can be used in certain circumstances, such as if have large reserves of liquid assets or other nontraditional income.

Second Home Loan Basics

How you qualify

Typically based on income, credit, and debt (conventional guidelines)

Down payment

Usually higher than primary home loans

Interest rates

Often slightly higher than primary residence rates

Property use

Must be a second home, not a full-time rental

Best for

Borrowers buying vacation or part-time homes

Loan types

Primarily conventional, with some non-QM options

What Counts As a Second Home?

To qualify as a second home, the property typically must:

  • Be occupied by you for part of the year
  • Be suitable for year-round use
  • Not be used primarily as a rental property
  • Be located a reasonable distance from your primary home

If the property is mainly used as an investment or rental, it may be classified differently and require a different loan type.

Is a Second Home Loan Right for You?

A second home loan may be a good fit if you want to buy a property you will live in for part of the year, but not full-time.

Most second home loans are conventional loans. That means lenders will look at your income, credit, and debt to qualify you.

You might consider a second home loan if you:

  • want a vacation home or seasonal property
  • plan to live in the home part-time
  • have strong credit and stable income
  • can afford two mortgage payments

If you do not qualify through traditional income methods, some non-QM options may allow you to qualify using bank statements or assets instead.

How to Apply for a Second Home Loan with Lower

Getting started is simple.

  1. Determine your budget. Consider your current mortgage and the cost of a second home.
  2. Gather your documents. This usually includes income, asset, and credit information.
  3. Complete the application. Share details about the property and your financial situation.
  4. Work with a loan officer. They will help you explore loan options and guide you through approval.

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"Jake and his team provided outstanding customer service we were able to close our deal in record time (19 days). Excellent feedback was also received from the title company regarding the lender."
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Zillow
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Get your personalized second home loan rate quote

It takes just 3 minutes to apply. After that, a loan officer will review your information and provide a personalized rate quote.

Get my rate quote

Shop for your second home loan with no credit check

Start with a soft credit check that will not affect your score and see what you may qualify for.

Get pre-qualified now
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A woman smiles while shopping for a second home loan.

Dedicated support for second home buyers

Buying a second home comes with different considerations than a primary residence. Our loan advisors can help you understand your options and plan your next move.

Work with a Lower advisor today
Frequently Asked Questions

You’ve got second home loan questions. We’ve got answers.

How is a second home different from an investment property?

A second home is for your personal use, while an investment property is primarily used to generate rental income. The loan requirements and rates are usually different.

Do second home loans require a down payment?

Yes. Down payments for second homes are typically higher than for primary residences, often starting around 10% or more depending on the loan.

Can I rent out my second home?

Limited rental use may be allowed, but if the property is primarily used as a rental, it may be classified as an investment property instead.

Learn More

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