2nd home down payment %???

[Chad Jackson]

My plan is to get a heloc and use it for the down payment on my second property. My question is whats the lowest down payment % possible for a vacation home/non-primary residence, using a conventional loan or non FHA loan. Iv heard its usually 20%. My other option would be to refinance to a conventional on my house now, and use an FHA on the 2nd property. I just don't really want to have to move all my stuff.

,Thanks!!!!

[Nathan Grabau]

The lowest I have heard from a second residence is 10% down. If the second home can be classified as your primary you could qualify for an FHA 3.5% down loan, once your refi your current FHA loan. If your existing loan is an FHA, you can still get a primary residence 5% down conventional loan. The easiest way to have that second property qualify as a primary residence is to actually move into it after buying it and rent your current property. That being said, people have been known to change their mind on which house they want to live in after closing.