Spread a drop cloth under the repair area to protect flooring and furniture from falling debris.
Scrape off loose stucco from around the hole using a utility knife. The repair will be more successful if the patch has a solid surface to which it can bond.
Spread stucco patch into the hole and around its edges using a small trowel. Ensure that the hole is completely filled, and feather the patch around its edges. Allow the patch to dry for 24 hours.
Apply a second coat of stucco patch with the trowel. Drag the trowel's serrated edge over the surface of the repair to give it a finished look. Allow the second coat to dry for 24 hours before painting if the repair is being painted.