The agencies price second homes as riskier loans than primary residences, and the down payment and pricing follow that risk. For a long stretch, a conventional second home needed more down but otherwise got close to primary-residence terms. That changed a few years back, when Fannie and Freddie, at FHFA's direction, added second-home pricing adjustments that stripped away the old advantage. Second-home pricing now sits much closer to investment-property pricing, though investment loans still price higher. Confirm the current down-payment minimum and pricing, since agency rules move. The risk logic is real. A borrower under financial stress lets the second home go before the roof over their head, so the loan carries more default risk and gets priced for it. Part of the re-pricing was also the agencies using second-home and investor pricing to help fund more affordable access for lower-down-payment, lower-credit buyers elsewhere in the system. Our candid view: some premium is justified by the risk, but the current gap is larger than the risk alone warrants. This pricing has moved before and can move again, so run the actual numbers rather than assuming today's structure is permanent. If you're weighing a second home, the free Roadmap conversation (about 20 minutes, where we run your real numbers) will show you the real down payment and payment before you commit.