: Your combined monthly debt (including both mortgages) should ideally stay at or below 43% of your gross monthly income.

Securing a second home loan generally demands a stronger financial profile than a primary residence.

: Lenders often require you to have 2 to 6 months of total mortgage payments in liquid reserves (cash or accessible investments) after closing.

: While primary homes often allow low down payments, lenders like Rocket Mortgage typically require at least 10% to 20% down for a second property.

You don't always have to take out a standard 30-year mortgage. There are several ways to leverage your existing assets: FHA Loan Rules for Second Homes