What is the required down payment on a 2nd home? Our bank says 30%. My wife and I are both professional, high income earners with several million in net worth, high credit scores, very little debt and would pay 20% down to eliminate PMI. We would be purchasing or building in the 850-900,000 range. At 20% down we would be in the jumbo loan range.

Second home financing usually requires only 10% down. As a jumbo you would likely have a problem with the PMI, but at 20% you should be OK. There are other questions to have answers to of course, but on it's face you should be able to find someone to help you.

When you say "your bank" do you mean your local community credit union, or something else?

Is your 2nd home a condo?  Most lenders are asking for a larger down payment and most are giving a higer rate for less than 50% down - I work for a bank and for jumob loans - 2nd homes on single family - we will allow 25% down and for a condo 25% down - but the rate will be about about .125% higer than published rates for the loan to value risk base adjustment.

Here in Michigan you have to have at least 20% to put down on second homes (no Mortgage Insurance companies are offering coverage for second homes), but any bank could certainly ask for more down if they're hedging against possible losses.  Keep shopping around and you should be able to find some lender that is offering programs on second homes with 20% down. 

The jumbo range is where you're getting into trouble I believe, a lot of banks are asking for larger down payments on those.  I still think you could find some for 20% down if you keep shopping though, but the rate may not be the best.

Depends on where property is at.  Your bank is most likely asking for 30% down because they don't think the property is a 2nd/vaction home.  It's either located in same city or zip as your Primary home or isn't located in a "recreational/vacation" area.

You should be able to go with 20% down  on a 2nd home, up to $729,750 in most areas.  (I'm in CA---so take with grain of salt.  I do not speak for all States.) 

Hello, depending in the state you are going to buy or build you should be able to buy a second home with 20% down.

feel free to contact me with further details.  JIM