Second homes used to price like primary residences and just require 10% down. A 2023 change to the agency pricing grids moved them much closer to investment-property territory. The background: through Fannie Mae and Freddie Mac, a second home once carried the same pricing as a primary, with the difference being the down payment (10% minimum on a second home, versus as little as 3% on a primary). Then the 2023 revision to the loan-level price adjustments (LLPAs) repriced second homes sharply. In practical terms, a scenario that carries no add-on as a primary residence can carry several points of pricing adjustments as a second home at the same down payment. Those points measure cost against your loan balance and get paid up front or absorbed into a somewhat higher rate, so the effect on your actual interest rate is more modest than the point count sounds. The grids get revised over time, so confirm the current schedule when you are actually shopping rather than banking on any specific figure. Because the agency pricing is steep, plenty of second-home buyers now skip Fannie and Freddie entirely and use portfolio loans instead, often paired with a larger down payment, which can price better for a vacation property. The right structure depends on your down payment, credit, and the property itself, so compare the agency route against portfolio options side by side. Mapping that comparison with your real numbers is exactly what the free Roadmap conversation is for.