The down payment for purchasing two houses in the United States varies based on loan type and property purpose. For conventional loans, a minimum of 20% is typically required for each property if financing without mortgage insurance. If using an FHA loan, a 3.5% down payment suffices for each house. Investors buying multiple properties may face stricter requirements, with some lenders demanding higher down payments or additional reserves.

The down payment percentage is determined by loan type and risk assessment. Conventional loans (backed by Fannie Mae or Freddie Mac) mandate 20% to avoid private mortgage insurance (PMI), reducing lender risk. FHA loans, designed for lower-income buyers, allow 3.5% down but require mortgage insurance, totaling 1.75% upfront and 0.85% annually. Data from the Federal Housing Finance Agency (FHFA) shows 20% down payments remain standard for non-FHA loans, while the U.S. Department of Housing and Urban Development (HUD) reports 3.5% as the minimum for FHA mortgages. For two properties, lenders often treat them as separate transactions, requiring individual down payments unless combined into a single mortgage, which is rare. The National Association of Realtors (NAR) notes that 30% of first-time buyers use FHA loans, highlighting flexibility for lower-down-payment scenarios. Lenders also consider credit scores, income, and debt-to-income ratios, which may influence down payment expectations. For example, a borrower with excellent credit might qualify for a 10% down payment on a primary residence via a conforming loan, but this does not apply to investment properties. In summary, down payment requirements for two houses depend on loan programs, property types, and lender policies, with conventional and FHA loans setting the primary benchmarks.