Best Lenders for Second Home Loans
Looking to buy another property? Here are NerdWallet’s best lenders for second home loans in 2026.
Last updated on May 1, 2026
Written by
Lead Writer & Content StrategistEdited by
Editor & Content StrategistFact Checked
Fact Checked
Written by
Lead Writer & Content StrategistEdited by
Editor & Content StrategistFact Checked
Fact Checked
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Looking to buy another property? Here are NerdWallet’s best lenders for second home loans in 2026.
Why trust NerdWallet
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Lenders for Second Home Loans
State Employees' Credit Union: Best for borrowers in North Carolina
Min. credit score
N/A
Min. down payment
0%
- Why we like itState Employees’ Credit Union in North Carolina is worth checking out for those in the Southeast who meet its narrow membership criteria — especially first-time home buyers eligible for generous grants and specialty loans. But it doesn’t offer government-backed mortgages.Pros
- Offers a zero-down mortgage without private mortgage insurance.
- Participates in multiple first-time buyer assistance programs.
- Low average mortgage rates, according to the latest federal data.
ConsRead full review- Credit union membership eligibility is limited.
- Loans only available in five states.
- Doesn’t offer government-backed mortgages.
Truist: Best for low rates and fees
Min. credit score
620
Min. down payment
3%
- Why we like itIf you prefer people to tech, Truist might be a good fit for you. Preapproval and customer care happen mostly offline, and for details on less-common loan types or custom rates you'll need to talk to a person.Pros
- Offers a wide range of mortgage options focused on affordability.
- Convenient online application.
- Generous grants for qualifying home buyers in select locations.
ConsRead full review- Getting custom rates and applying for mortgage preapproval both require human contact.
- Customer care leans heavily on phone and in-person service.
- HELOCs are not available in most states, though home loans are available everywhere in the U.S. except Alaska, Arizona and Hawaii.
Alliant: Best for home loans overall and rate transparency
Min. credit score
620
Min. down payment
3%
- Why we like itAlliant Credit Union allows you to see a wide range of customized mortgage rates without sharing your contact information, and offers competitive loan products for first-time home buyers.Pros
- Offers a competitive combination of low rates and fees.
- Mortgage borrowers do not need to become members of the credit union until reaching the closing process.
- Sample rates are displayed upfront, and it's easy to get detailed, personalized rates without providing any personally identifying information.
ConsRead full review- Mobile banking app doesn't offer mortgage features.
U.S. Bank: Best for mobile banking
Min. credit score
620
Min. down payment
3%
- Why we like itU.S. Bank offers a broad selection of mortgages, including some niche options. Rates and fees are middle of the road, per federal data. The bank offers helpful tech for rate shopping and live chat, though its online application could be smoother.Pros
- Wide variety of mortgages, including some harder-to-find types.
- Experience in construction and renovation loans.
- Offers up to $17,500 in assistance (income/location requirements apply).
ConsRead full review- Rates shown online don’t reflect your credit score.
- Contact form interrupts online application before you can complete it.
- Few mortgage options for borrowers with low/bad credit.
Northpointe: Best for rate transparency
Min. credit score
620
Min. down payment
3%
- Why we like itIn addition to conventional and government-backed loans, Northpointe Bank’s mortgage portfolio includes rarer offerings like doctor loans, condo loans and investment property loans. However, average fees and rates tend to be comparatively high.Pros
- Offers mortgages for investment properties.
- Reported average closing time is faster than many competitors.
ConsRead full review- The lender's combination of rates and fees are on the high side, according to the latest data.
- Bank’s mobile app isn’t useful for mortgage borrowers.
Wells Fargo: Best for cashout refinances
Min. credit score
620
Min. down payment
3%
- Why we like itWells Fargo has significantly shrunk its mortgage business in recent years, but still offers a range of government-backed and speciality loans, as well as assistance for first-time home buyers.Pros
- Borrowers can see customized mortgage rate estimates online.
- Offers relatively low interest rates and fees, according to the latest federal data.
- Discounts may be available for existing Wells Fargo customers.
ConsRead full review- Does not offer home equity loans or HELOCs.
- Borrowers need at least $250,000 in assets with the bank to qualify for a rate discount.
- Prospective borrowers may be put off by the lender’s past legal issues.
PNC Bank: Best for accessibility and rate transparency
Min. credit score
620
Min. down payment
3%
- Why we like itPNC Bank offers a wide selection of loans and refinance options, with a streamlined digital experience and comprehensive rates tool.Pros
- Solid variety of mortgage types, both standard and harder-to-find.
- Online rate quotes are informative and easy to customize.
- Offers down payment grants and no-PMI loans for low-income borrowers.
ConsRead full review- Mobile app has limited mortgage features.
- In-person service not available in all states.
Rocket Mortgage, LLC: Best for customer service
Min. credit score
620
Min. down payment
3%
- Why we like itRocket Mortgage is the Goliath of home loans in the U.S. It's the largest mortgage lender by volume, and keeps expanding its reach. Fortunately for borrowers, Rocket is a gentle giant, offering affordable borrowing options including a 1% down payment loan.Pros
- Offers down payment and closing cost assistance.
- Largest lender, by volume, of FHA loans in 2025.
- Borrowers can apply via mobile app.
ConsRead full review- Average origination fees are on the higher side, according to the latest federal data.
- No HELOCs.
- No physical branches.
Chase: Best for loan volume and fast closing time
Min. credit score
620
Min. down payment
3%
- Why we like itChase mortgage has an above-average reputation for consumer satisfaction, and offers a number of programs that can make home buying more affordable and accessible.Pros
- Offers a wide range of loan types, including options with low down payment requirements.
- Home buyer grants up to $5,000 may apply for qualified borrowers.
- Receives above-average ratings for customer satisfaction, according to J.D. Power and Zillow.
ConsRead full review- Borrowers must create an account or speak with a home loan expert before completing an online application.
- Parts of the prequal and preapproval process cannot be done solely online.
Tomo: Best for loan type expertise and rate transparency
Min. credit score
600
Min. down payment
3%
- Why we like itTomo, established in 2020, is an online-only lender with a focus on digital efficiency and purchase loans. We’re impressed with its customizable mortgage rate tool. However, you won’t find home equity products. Mortgages are available in 41 states and counting.Pros
- Online rate tool is user-friendly and customizable.
- Accepts borrowers with credit scores below 600.
ConsRead full review- Mortgages not available in all states.
- No renovation or home equity loans.
- No mobile app.
Shopping loans for second homes
A second home can be anything from a rental unit to a vacation property. Not all lenders offer financing for second homes, and the type of loans available can differ based on the property’s use. Rates, fees, eligibility requirements and customer service are just a few of the factors you should consider when comparing lenders.
Key features of loans for second homes
Financing a second home can be a little more complicated than financing a primary residence. Your finances, as well as the loan type and how you plan to use the property, can impact your options.
Eligibility: The more debt you take on, the riskier you can appear to lenders. This is why loans for second homes often come with steeper eligibility requirements, such as higher credit scores, lower debt-to-income ratios and higher minimum down payments.
Property use: How you plan to use the property can also affect your eligibility. Some lenders may ask for a larger down payment on rental properties, compared to vacation homes, for example. Plus, you may need to prove how you’re going to use the property before qualifying for the loan.
Loan type: The type of loan available to you may be governed by the type of property you are buying. For example, a condo may not be eligible for a non-agency loan, such as a jumbo loan, if it’s a rental property.
How to find the best lender for second home loans
1. Choose the right loan type
Before you start filling out preapproval applications, make sure you’re going after the right type of loan for your situation. Here are four common ways to finance a second property.
- Jumbo loan: If your second property is pricey, you may want to consider a jumbo loan. Just be mindful of the higher down payment requirements that can come with this loan type.
- Conventional loan: These loans are guaranteed by government sponsored enterprises (GSEs) — more commonly known as Fannie and Freddie — so they’re considered less risky for both lenders and borrowers.
- Home equity loan: Using a home equity loan as a down payment on a second home may be easier than coming up with the cash yourself, but you’ll essentially be taking out three loans on two properties. Make sure you take into account any upfront fees and repayment requirements before taking this route.
- Cashout refinance: Refinancing your primary home’s mortgage and pulling out cash for a down payment on a second property can make sense if you’re able to secure a lower interest rate — the savings from the lower rate can help offset some of the increased loan amount.
🤓
In general, you can’t use a government-backed loan, like a FHA or VA loan, to finance a second home if it’s not going to be your primary residence. Nerdy Tip
Search for lenders online and IRL
Online search tools and lender websites can help you narrow down your search quickly — just be wary of vague marketing language (and always read the small print).
Asking friends and family about their real-life experiences and looking at customer reviews can help round out your findings.
Don’t skip over local lenders
Your local lender may not be as visible as national banks and institutions, but it doesn’t mean you should pass them by. NC SECU, for example, achieves a very high NerdWallet rating for second home loans, but only services North Carolina, so it may not be at the top of every “best of” list.
Compare these key features
Hone in on at least three lenders that offer the loan type you’re after, and compare these important features.
- Eligibility requirements: Do you meet credit score, debt-to-income ratio and down payment requirements?
- Interest rates: Which lender has the lowest rates, and are they fixed or adjustable? Fixed rates stay the same throughout the length of the loan while adjustable rates fluctuate with the market.
- Fees: Does the lender charge origination fees or other fees associated with the loan type? If so, do the benefits of the loan outweigh the costs?
While fees and rates should be the top priority, there are other important factors to consider when shopping for a second home loan.
- Online accessibility: Are you someone who enjoys doing most of your admin online? If so, you’ll likely want a lender with a comprehensive mobile app and chat support. If you favor in-person support, choose a lender with branches nearby.
- Lender size: Working with a large national bank can offer consistency and familiarity. Alternatively, a smaller, local institution may offer a more personalized service that better fits your needs.
- Lender expertise: How much of a lender's business is dedicated to a particular loan type can give you an idea of how experienced or competent they are with that product.
Get preapproved and start shopping
Once you’ve found the lender you like, submit an application for preapproval and start your search for a second home.
Last updated on May 1, 2026
Methodology
How we chose the best lenders for second home loans
Our team of mortgage experts follows an objective, consumer-first methodology to assess lenders that offer loans for second homes and pick the best.
40+
Lenders reviewed
40+
Lenders reviewed
We review more than 40 lenders, including major banks, credit unions, and online lenders operating across multiple states.
7
Categories assessed
7
Categories assessed
Each lender is evaluated across seven weighted categories including loan volume, overall share of the loan market, rates and fees, rate transparency and customer experience
11,000+
Data points analyzed
11,000+
Data points analyzed
Our team tracks and reassesses thousands of data points annually for reviewed lenders, ensuring up-to-date, accurate comparisons.
Star rating categories
We evaluate the following categories and carefully weigh how each factor impacts your experience. Read more about how we determine those ratings.
For inclusion on this list, lenders must score highly for both second home loans and home loans overall. The star ratings on this page reflect each lender's rating for home loans overall.
NerdWallet rates mortgage lenders based on what matters most to borrowers: rates and fees, product accessibility, customer experience, rate transparency and the range of loan options.
We review more than 40 lenders and score them using a weighted system that prioritizes affordability and a smooth borrowing experience. Lenders earn higher scores for offering lower borrowing costs, making loans widely available, clearly displaying rate information and supporting borrowers from application through closing.
We use a mix of lender-provided information, publicly available data and our own research and analysis to evaluate each lender. Recent regulatory actions may affect a lender’s score.
