Zillow Advice: Investing - How is eligibility determined to qualify for buying a 2nd home? http://www.zillow.com/advice-thread/How-is-eligibility-determined-to-qualify-for-buying-a-2nd-home/508219/ Zillow Advice | Zillow Real Estate While previous contributor ... http://www.zillow.com/advice-thread/How-is-eligibility-determined-to-qualify-for-buying-a-2nd-home/508219/ While previous contributor gave good information about types &amp; requirements of property, &nbsp;I do disagree with some items:<br/>Specifically, &nbsp;a 2nd home can be as little as 10% down. &nbsp;If putting&nbsp;25% down, then 640+ credit score is required while a 680 is needed when putting 10% down.<br/>Also, The interest rate is equivalent to owner occupied properties.<br/><br/>Your question about how is eligibility determined: &nbsp;You must qualify for payments for primary home, 2nd home, plus other monthly debts that typically appear on your credit report.<br/>Feel free to contact me if additional questions. Sun, 25 Aug 2013 01:41:00 GMT http://www.zillow.com/advice-thread/How-is-eligibility-determined-to-qualify-for-buying-a-2nd-home/508219/ 2013-08-25T01:41:00Z Well compared to buying a ... http://www.zillow.com/advice-thread/How-is-eligibility-determined-to-qualify-for-buying-a-2nd-home/508219/ Well compared to buying a primary property, lenders are a bit more picky when it comes to giving out a loan for a secondary property. They usually want a higher credit score when compared to a primary residence. They will also need a heftier down payment which can be anywhere from 20%-40%, and the interest rate will be higher for a secondary property as well. Here are some other requirements that you should consider when buying a second home.<br/><br/>-&nbsp;The second home must be located a reasonable distance away from the borrower's principal residence. "Reasonable distance" can be up to interpretation.<br/>-&nbsp;It must be occupied by the borrower for some portion of the year<br/>-&nbsp;Financing is restricted to one-unit properties only<br/>-&nbsp;The borrower must have exclusive control of the property (no timeshare or split ownership situations)<br/>-&nbsp;The property must be suitable for year-round occupancy<br/>- If you are looking for a home that's more than one unit or that you want to rent or gain an income from, you will need to consider an investment property loan instead.<br/><br/>Well I hope this helps! If you have any further questions or if you would like a loan for your second home, feel free to contact me through the information on my profile page. Also, if you found this helpful please leave me a review on my page.<br/><br/>Good Luck!<br/> Fri, 23 Aug 2013 20:03:00 GMT http://www.zillow.com/advice-thread/How-is-eligibility-determined-to-qualify-for-buying-a-2nd-home/508219/ 2013-08-23T20:03:00Z