Investing in a Vacation Property? Learn What You’ll Need to Have to Get A Mortgage Approved

Investing in a Vacation Property? Learn What You'll Need to Have to Get A Mortgage ApprovedWith approximately one million people having purchased vacation homes in the last year, this type of residence is gaining popularity for those who are interested in a home in a beach setting or a vacation hot spot. However, while a second home can seem like a great purchase and solid investment opportunity, there are different requirements that go into this type of purchase. If you’re considering a vacation home, you may want to be aware of the following financial factors.

The Down Payment Amount

If you currently have a primary residence, you may be aware that you don’t need to put down 20% or even 10% in order to make a home purchase, but things are different when it comes to a vacation home. Because you will be taking on an additional mortgage, there is greater risk involved, and this means you will likely have to put in at least 10 percent. Because of this, many homebuyers utilize the equity they have in their first home to make up the down payment.

About The Credit Score

Most people that have a credit score of more than 500 have the ability to use a mortgage product and purchase a home, but if you’re buying a second property, you’ll need a higher credit score in order to facilitate the purchase. Because there is more risk involved, lenders will want to make sure you’re a good bet. In addition, if you do have a lower credit score, lenders like Fannie Mae may also expect you to put more down to decrease the risk involved for them.

The Income Required

Since you’ve been through the mortgage process for your first home, you’re probably aware that you debt-to-income (DTI) ratio needs to be a certain amount in order to qualify for a mortgage. While your DTI for a primary residence may be a little bit higher since it’s your only payment, this ratio will be lower for your vacation home since it’s higher risk. This means you’ll require a slightly higher income than for your primary residence in order to get approved.

Deciding to purchase a vacation home can be a very exciting concept for many people, but there are a number of different financial requirements that go along with buying another residence. If you’re in the market for a vacation property and are curious about what’s involved, give me a call to get you on the right track – J.P. Cook – 602-320-4253.

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15214 N Elena Drive Fountain Hills, AZ 85268

$1,900,000
3 Beds
3 Baths
3,043 SqFt
Status Active
MLS # 6555456
Property Type Single Family Residence
Price Type --
Pool and Spa Included! New home by Harr Family Homes, Contemporary Southwest home on .86 acre w/big views of McDowell Mountains, Fountain & Superstitions...backs to arroyo for privacy & features stunning rock structures for drama. Enjoy open, view-oriented plan featuring 16' X 10' stacking doors that lead to outdoors from a stunning Great Room w/60'' fireplace and 8' interior doors. 10' island kitchen in Kitchen offers Shaker style cabinetry, 66'' uppers (to 10'), SS Frigidaire Pro Series appliances w/full size Refrigerator & Freezer plus 138-bottle wine captain. large Den + 3 fully-suited bdrms, primary suite features W/I shower, beautiful tub & a 9x13' w/i closet w/ custom shelving. Large 4-car garage w/10' ceilings! Pool images represent the pool currently being installed. POOL AND SPA: -Pool to be complete approx. 90 days after close of escrow. -Pool and spa with Baja Beach entry, by Presidential Pools, includes pavers and landscape CONTEMPORARY ARCHITECTURAL STYLING: - Modern design with details like stacked Ledgestone - Paver Driveway - Modern garage doors with horizontal windows - High-efficiency Vinyl Milgard windows HIGH-QUALITY INTERIOR FINISHES: - 60 Dimplex xlf60 Linear/Landscape Electric fireplace in entertainment wall - 8' Shaker 3 Even-Panel Interior Doors throughout - 16' x 10' PRL stacking Patio Door in the Great room - All Bedrooms feature walk-in closets with high quality organizational systems - Large Laundry room with ample base (lower) Cabinets, sink and Quartz counter-top - Luxury vinyl plank flooring in all Living areas, Bedrooms, Den, Laundry, and Bedroom 3 Closet. - 12 x 24 Porcelain tile in Bathrooms, MB closet, and Bed 2 closet - Quartz countertops throughout the home including the laundry room and baths with under-mount sinks - Primary Bathroom #1 includes a generous size Walk-in shower with dual shower heads, a separate soaking tub with mountain views - Tile Showers in all Baths featuring 12 x 24 porcelain tile and a recycled glass small hex tiled shower floor. - 12 x 24 soap niche, shower bench, and chevron deco band at Main Bathroom #1 Shower surround Kitchen, Bathrooms, and Laundry - Delta Plumbing fixtures and high-end chrome West Elm bathroom accessories - Two-Tone Sherwin Williams paint throughout the home - Executive height vanities with Quartz counters at all Baths - 70 LED Ceiling Fan with Remote included at Great room. 52 White Ceiling Fan with Remote included in Main Bedroom and Bedroom 2 STATE OF THE ART KITCHEN FEATURES: - 4' x 10' entertainers Kitchen Island with seating - Shaker style Cabinetry throughout the home with a designer mix of stained Cherry Wood and white painted. - White Quartz countertop throughout the kitchen with under-mount stainless steel sink - Sleek black Delta faucets and accessories - Stone Chevron Backsplash at Kitchen wraps around the gorgeous 9' Window - (3) Pendant lights at kitchen island GOURMET CHEF-QUALITY APPLIANCES: - Frigidaire Pro 30 built-in Wall Oven - Frigidaire Pro built-in Convection Microwave with pull-down door - Frigidaire Pro Dishwasher - Frigidaire Pro 36 Electric cooktop - 36 Downdraft vent hood at island - Built-in side-by-side Frigidaire Pro Refrigerator and Pro Freezer - 24 wide 138 bottle capacity Dual Zone Tall Wine Cooler with Glass Door

7180 E Kierland Boulevard Unit 1007 Scottsdale, AZ 85254

$1,900,000
3 Beds
2 Baths
1,755 SqFt
Status Active
MLS # 6692074
Property Type Apartment
Price Type --
A luxury lock-and-leave unlike any other! This stunning 3 bedroom, 2 bathroom condo offers an unparalleled blend of sophistication, comfort, and convenience. Featuring 10' ceilings only available on floors 10 and above. The open-concept layout connects the living, dining, and kitchen areas, creating an inviting ambiance perfect for both relaxation and entertaining. The split floor plan is ideal for privacy between the primary and secondary bedrooms. The gourmet kitchen features Sub Zero/Wolf and Cove appliances, quartz waterfalled countertops, and ample custom cabinetry with pull outs and outlets, providing both style and functionality. The expansive primary suite includes black out motorized shades and mountain views, as well as a lavish ensuite bathroom complete with a large glass-enclosed shower, and double vanity. Two additional well-appointed bedrooms offer plenty of space for family members or guests, each providing comfort and privacy. Step outside to your private balcony and soak in the breathtaking views of the surrounding cityscape, serving as the perfect backdrop for al fresco dining or morning coffee. Residents of this exclusive community enjoy a wealth of amenities, including a resort-style pool, spas, cold plunge, steam rooms, saunas, massage room, fitness center, basketball, pickleball, bocce ball, squash, gaming room, golf simulator, conference room, business center, party room, BBQ areas, fire pits, and more. Located in desirable the Kierland area, a walk across the street takes you to world-class dining, shopping, entertainment, and outdoor recreation options, including Mastro's Ocean Club, Morton's steakhouse, Sephora, Apple, Landmark Theater, Putt Shack, Lululemon, and so much more!

40072 N 110th Place Scottsdale, AZ 85262

$1,900,000
3 Beds
3 Baths
2,393 SqFt
Status Active
MLS # 6737304
Property Type Townhouse
Price Type --
Apache Cottage in a fantastic location!!! Overlooking the 9th fairway of the Apache golf course offering wonderful mountain, sunset, and city light views! This comes fully furnished with everything you can think of all on one level. It is the perfect desert retreat just steps away from the community pool and a short walk to the fabulous Apache Clubhouse!'' MEMBERSHIP AVAILABLE to be purchased with this property. A 30-day Membership application review and approval is required. Contact the Desert Mountain Club for details.

3353 S Tourmaline Drive Flagstaff, AZ 86005

$1,900,000
3 Beds
3.5 Baths
2,720 SqFt
Status Active
MLS # 6757489
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious Pine Canyon Golf Course community of Flagstaff, Arizona! This beautifully maintained 3-bedroom, 3.5-bathroom residence offers 2,720 square feet of luxurious living space, perfect for those seeking both comfort and elegance. Step inside to discover a freshly painted interior and exterior, along with updated lighting fixtures that complement the home's warm, mountain-inspired design. The main floor features a spacious primary bedroom, providing convenience and privacy, along with a second bedroom ideal for guests or family. The heart of the home is the open-concept living area, where vaulted ceilings and a cozy fireplace create a welcoming ambiance. Welcome to your dream home in the prestigious Pine Canyon Golf Course community of Flagstaff, Arizona! This beautifully maintained 3-bedroom, 3.5-bathroom residence offers 2,720 square feet of luxurious living space, perfect for those seeking both comfort and elegance. Step inside to discover a freshly painted interior and exterior, along with updated lighting fixtures that complement the home's warm, mountain-inspired design. The main floor features a spacious primary bedroom, providing convenience and privacy, along with a second bedroom ideal for guests or family. The heart of the home is the open-concept living area, where vaulted ceilings and a cozy fireplace create a welcoming ambiance. Large windows frame stunning forest views, allowing you to fully immerse yourself in the natural beauty that surrounds you. Venture upstairs to find a versatile loft area, perfect for a home office or entertainment space, leading to a secondary primary suite. This upstairs retreat ensures everyone has their own sanctuary within the home. Situated in a peaceful cul-de-sac, this home boasts updated landscaping and a wrap-around deck, perfect for enjoying the picturesque Flagstaff outdoors. Additionally, the property features a fenced dog run, providing a safe and convenient space for your furry friends. Enjoy the close proximity to the community's top-notch amenities, including the clubhouse, dog park, and kids park, making it easy to embrace an active and social lifestyle. Don't miss your chance to own this exquisite home in Pine Canyon, where luxury living meets the beauty of nature. Schedule a tour today and experience the unparalleled lifestyle that awaits you in Flagstaff!

28421 N 59th Way Cave Creek, AZ 85331

$1,899,995
3 Beds
3.5 Baths
2,946 SqFt
Status Active
MLS # 6641971
Property Type Single Family Residence
Price Type --
To Be Complete Summer 2024. The Elden's warmly inviting porch leads into a soaring foyer set between the spacious formal dining room and the flex room. The impressive great room overlooks a desirable covered patio. A cozy casual dining area complements the well-appointed kitchen featuring a large center island with breakfast bar, ample counter and cabinet space, a roomy walk-in pantry, and a butler pantry to the dining room. The serene primary bedroom suite is highlighted by a generous walk-in closet and spa-like primary bath with dual-sink vanity, large soaking tub, luxe shower with seat and drying area. Each secondary bedroom features a walk-in closet and private bath. Convenient powder room, an everyday entry, a centrally located laundry, and additional storage.

5530 W Sand Court Queen Creek, AZ 85144

$1,899,900
5 Beds
4.5 Baths
5,983 SqFt
Status Active
MLS # 6743010
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis! This exceptional and meticulously maintained custom home offers unparalleled luxury and comfort, situated on a spacious one-acre lot with breathtaking mountain views. Immerse yourself in the ultimate backyard retreat featuring an awe-inspiring 55,000-gallon solar-heated pool, complete with a thrilling 50-foot water slide and a raised jacuzzi. A built-in BBQ awaits the chef in you while your guests enjoy the glass firepits or poolside bar. Feel free to perfect your diving techniques with the impressive 14 foot pool depth. Natural boulders bring a beauty that is unmatched to this professionally designed landscape, which would cost nearly a million dollars to replicate today! Let's not forget the gorgeous interior of the home with its generous (more..... ...open layout. Enjoy five beautifully appointed bedrooms and five bathrooms, plus a functional den, providing ample space for both relaxation and entertainment. The fully finished basement offers a versatile space ideal for guests or as a private retreat, ensuring comfort and privacy for everyone. The home boasts a 3 car attached garage and an additional detached/oversized 2 car garage. There is plenty of room for a workshop and toy storage. The west side of the home has space for an RV garage or casita. Revel in stunning mountain views from various vantage points throughout the home...even from your own rooftop deck, providing 360 degree panoramic views. This home is a dream come true!

10425 N 131st Street Scottsdale, AZ 85259

$1,899,000
4 Beds
3 Baths
3,470 SqFt
Status Active
MLS # 6766677
Property Type Single Family Residence
Price Type --
**MOVE IN READY** Great location walk to Basis School and the Mayo clinic across the street. Started construction on .987 acre this is a steal. This Stylish Home features an open floorplan concept with a large Great Room that adjoins the Kitchen making it perfect for Entertaining. The Gourmet Kitchen is a Chef's Dream offering Stainless Steel Appliances with a Built-In Refrigerator, a Generous Kitchen Island, White Shaker Style Cabinets with Soft Close Drawers and Doors, Granit Counter Tops, Wood-like Tile in all the main areas. Step out onto your patio and enjoy the stunning Mountain Views along with the AZ Sunrise and Sunsets to the East and West! Close to Shopping and Entertainment. Very few new build opportunities in the area. Customize this home to make it yours!

37301 N 99th Street Scottsdale, AZ 85262

$1,899,000
4 Beds
3.5 Baths
4,304 SqFt
Status Active
MLS # 6766150
Property Type Single Family Residence
Price Type --
WOW! This amazing 4 bed, 3.5 bath residence is located in the prestigious Mirabel community in North Scottsdale. The 4th bedroom is an attached casita w/ ensuite bath, perfect for guests. It has a premium cul-de-sac lot, a beautiful facade w/stone accents, a manicured desert landscape, paver driveway & walkways, and 4-car garage w/epoxy flooring & built-in cabinets! Discover a spacious living area w/high ceiling and a fireplace to keep you warm during the coming winter months! Soft carpet in all the right places, plantation shutters, upgraded ceiling fans, LED lights, and a neutral palette throughout! The chef's Kitchen showcases tons of cabinet space w/sliding shelves, granite counters, tile backsplash, Wolf appliances including a Sub Zero Fridge, ice maker, garbage compactor, a huge walk-in pantry, and an oversized island w/a breakfast bar & a sink with hot/cold dispenser. The formal dining room highlights a stunning Ironworks door to the back entrance from the driveway, as well as an entrance from the garage. You'll love the primary bedroom, boasting a private sitting room w/elegant wood-look flooring, direct outdoor access, a lavish ensuite w/dual sinks & 2nd shower, and a walk-in closet for all your personal belongings. For added convenience, other bedrooms enjoy access to a Jack & Jill bath w/shower door. Stylish French doors open up to a cozy den w/more built-in cabinets, ideal for an office or reading nook. Don't forget about the HUGE bonus room/casita w/full bathroom & outdoor access, which can be used as a game room, home gym, or guest quarters. NEW in 2017: Paradise resort-style backyard features a covered patio w/closing sun shades & ceiling fans, extended paver seating area w/a built-in BBQ & pizza oven plus an additional gas stub, a large custom glass fireplace designed to keep the heat facing in towards the yard, heat resistant turf, a sports court, a saltwater pool w/fire pots plus a rock waterfall & slide, and a refreshing spa! Full house water filtration, central vacuum, alarm system, and leased solar panels for energy efficiency! This is the opportunity of a lifetime!! Don't let it slip away!

7211 E Sunnyside Drive Scottsdale, AZ 85260

$1,899,000
4 Beds
2.5 Baths
2,070 SqFt
Status Active
MLS # 6745368
Property Type Single Family Residence
Price Type --
Discover an unparalleled equestrian property located at the coveted intersection of Scottsdale and Cactus Rd. Set on nearly two acres, this meticulously designed estate is an equestrian enthusiast's paradise, offering state-of-the-art facilities for both horse and rider. The property features 24 spacious stalls, expertly designed to provide comfort and care for your horses. With multiple arenas, a well-equipped tack room, and a versatile multi-use area, this estate caters to all your training and recreational needs. The RV gate and hook-up add convenience for those who travel or host equestrian events. The main residence is a blend of luxury and functionality, boasting vaulted ceilings and a sophisticated two-way fireplace that enhances the home's warm and inviting atmosphere. The private diving pool offers a refreshing retreat after a day spent on horseback, while the gazebo and circular drive create an ideal setting for entertaining or unwinding. Parking is ample, with both covered and slab spaces, including dedicated RV parking. The property's landscape is thoughtfully designed with natural desert elements and a state-of-the-art watering system, ensuring the grounds are both beautiful and low-maintenance. Positioned on a cul-de-sac lot with stunning mountain views and desirable North/South exposure, this estate offers the perfect balance of privacy and accessibility. The nearby biking and walking paths provide endless opportunities for outdoor activities, making this property not just a home, but a lifestyle. This Scottsdale equestrian estate is a rare find, offering everything a discerning horse owner could desire.

12357 E Black Rock Road Scottsdale, AZ 85255

$1,899,000
4 Beds
3.5 Baths
2,810 SqFt
Status Active
MLS # 6764680
Property Type Single Family Residence
Price Type --
Opportunity knocks! If you want new construction in a premier guard gated Scottsdale community, you will not want to miss this fully furnished, single level home with no steps, built in 2022. This home is move in ready with after market upgrades, landscaping, TVs & blinds installed and included.. Quality Toll Brother's construction with desirable great room floor plan that boasts plank tile flooring, a floor to ceiling tiled gas fireplace and stackable door to the patio for easy indoor/outdoor living. The upgraded kitchen will not disappoint with floor to ceiling cabinetry, Wolf/Sub-Zero appliance package and oversized center island. The Primary suite is split from the other 3 bedrooms. The ensuite has an attached sitting room and is perfect for short of long term guests. The backyard is low maintenance with synthetic grass and a deep covered patio that works perfect for Arizona indoor/outdoor living at its finest. There is a single and 3 car garage for a total of 3 spaces. There is an electronic charger already installed in the 2 car garage. Life the life you have always dreamed of surrounded by the beauty of the McDowell Sonoran Preserve with easy access to hiking and mountain biking trails as well as a state-of-the-art clubhouse with 2 pools, fitness center, steam room, and restaurant just minutes from your front door.

2809 E Frye Road Phoenix, AZ 85048

$1,899,000
4 Beds
3 Baths
4,066 SqFt
Status Active
MLS # 6753443
Property Type Single Family Residence
Price Type --
Experience the epitome of modern luxury with this stunning, one-of-a-kind historical mountaintop estate in the heart of Ahwatukee. This exquisite home offers ultimate privacy with its exclusive private road entrance and a setting that truly stands out. Every inch of this 4-bedroom, 3.5-bath, 4,000+ square-foot home has been thoughtfully designed and renovated to provide unparalleled comfort and sophistication. Catch the breathtaking panoramic mountain and city views The great room's retractable glass doors flood the space with natural light, creating a seamless indoor-outdoor living experience. There is room (and plans available) for your own private pool. At the heart of the home is the gourmet kitchen, a chef's dream featuring top-of-the-line stainless steel appliances, a spacious white granite island, and a layout perfect for entertaining. The large bedrooms, including the expansive master suite, are bathed in natural light, offering serene spaces for relaxation Nestled against the Mountain Preserve on a cul-de-sac, this custom ranch-style home, was originally designed by John Kane of Achitekton, offers a unique sanctuary. Situated on just under 2 acres, this property includes a 3-car garage and the potential for additional adjoining parcels. This home is ready for its next owner to enjoy. Follow the long, scenic driveway to discover your new hilltop retreat. This rare gem awaitsdon't miss the chance to call it your own!

8008 E Del Plomo Drive Scottsdale, AZ 85258

$1,899,000
3 Beds
2.5 Baths
2,480 SqFt
Status Active
MLS # 6758399
Property Type Single Family Residence
Price Type --
Just completed-New Spectacular fully remodeled luxury home in the heart of desirable McCormick Ranch! High ceilings spacious bright layout w open kitchen, all custom cabinets/professional designer finishes throughout. French white oak wood floors, custom fixtures/lighting, doors, hardware and large tri-folding back patio door for entertaining. Split floor plan with extra den office and private primary bedroom with gorgeous bathroom, 2 walk in closets, opens to back patio/views of beautiful large yard/mountains. Cul de sac serene rare location/opportunity-In a class all its Own-Don't miss this wonderful home in desirable McCormick Ranch! View today**

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