In most cases you will need 20% to 25%for a conventional loan for a second home.
However, you can purchase a second home with a Homepath loan with 10% down. The property must be a Fannie Mae foreclosure. There is no appraisal required and you must have several months reserves in the bank and min.680 credit score.
I'll be happy to provide you more info on ths program.
Hope this helps!
Town & Country Mortgage
If you qualify for FHA or VA, they have some 100% loans available. Check with a mortgage broker in your area to see what options are avaialble and what you qualify for. You can even ask the seller to pay for closing costs and prepaids.
You can also check with Credit Unions because they don't have to fit your mortgage into the strict guidelines required by Fannie Mae or Freddie Mac. You see, the majority of mortgages are immediately sold to investors and/or Fannie/Freddie so it your mortgage doesn't fit every requirement you will be denied.
Also credit unions offer some of the lowest "lender related" fees, too.
Depends, do you currently hold a mortgage, etc.; visit with any licensed loan officer, after reviewing your overall financial information, income, credit, debt, etc., a determination on qualification can be made; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.