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

With 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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9457 N 115th Street Scottsdale, AZ 85259

Open House

$1,395,000

3 Beds

2 Baths

2,126 SqFt

Status Active

MLS # 6755174

Property Type Single Family Residence

Price Type --

Discover the pinnacle of elegance and modern luxury in the prestigious, guard-gated community of Stonegate. Recently transformed through a comprehensive remodel completed in 2022, this home showcases impeccable taste and sophistication. Set on a spacious 10,000 square foot lot, it offers a seamless blend of indoor and outdoor living. At the heart of the home is a beautifully redesigned gourmet kitchen featuring high-end custom cabinetry, designer hardware, quartz countertops, and premium Fisher & Paykel appliances. Culinary enthusiasts will love the state-of-the-art induction cooktop. The built-in 62'' refrigerator and freezer, along with a wine fridge, add to the kitchen's functionality. The sleek cabinetry creates cohesion throughout the home, tying each room together with a sophisticated, modern aesthetic. The open concept living and dining areas are highlighted by soaring ceilings over 10 feet high and designer lighting, creating a welcoming ambiance perfect for both relaxation and entertaining. Step outside to experience a fully renovated Pebble Tec pool, new landscaping, a built-in BBQ, and breathtaking mountain views, all designed to enhance your outdoor living experience. Residing in a community that offers an Olympic-style heated pool, tennis, pickleball and basketball courts, and a wealth of recreational facilities, this home delivers more than just living space it offers a luxurious lifestyle. Conveniently located near top-rated schools, shopping, and hiking trails with easy access to the 101 freeway, every detail of this home has been thoughtfully curated for an unmatched living experience in Stonegate. This is more than just a home; it's a masterpiece waiting to be appreciated.

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9436 E Thunder Pass Drive Gold Canyon, AZ 85118

Open House

$1,395,000

3 Beds

3.5 Baths

4,486 SqFt

Status Active

MLS # 6668556

Property Type Single Family Residence

Price Type --

MOUNTAIN VIEWS, CONTEMPORARY STYLE, SPACIOUS LAYOUT, DESERT BEAUTY all available now in ONE OF THE LOWEST PRICED custom homes in the community. Enjoy the supreme Arizona lifestyle in SUPERSTITION MOUNTAIN in this 3 bed/ 3.5 bath beautiful home with a solar heated pool and views from 3 outdoor patios. Contemporary split floor plan includes large open concept great room, master suite with large luxurious bathroom and huge walk-in closet, a 3-car extended and over-height garage with epoxy floors and storage cabinets, two large en suite guest rooms, large bonus room/game room or office with wet bar, formal dining room, sewing/craft room and beautiful kitchen with custom cabinetry, large kitchen island with counter seating, quartz countertops and stainless steel appliances. Outdoor entertaining space includes a solar heated pool to extend your swimming season by several months, new gas BBQ grill station, easy care artificial turf and plenty of covered patio space to enjoy the quiet surroundings and views. Updates include NEW water heater, NEW water softener, NEW solar pool heating system, NEW pool pump, NEW built-in BBQ, NEW garage cabinetry and NEW artificial turf in backyard. Home is in excellent condition and ready for you now! Superstition Mountain Golf & Country Club is a fabulous guard gated community, home to two private 18 hole Jack Nicklaus golf courses, a 50,000 sf remodeled clubhouse with fine dining, bar, patio dining and outdoor seating areas, fitness center with a beautiful heated pool, bocce ball, pickleball courts, tennis courts, walking trails and plenty of events and activities. Membership is optional and under separate agreement. Join in on the fun, you'll love the community atmosphere here!

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10569 N 131st Street Scottsdale, AZ 85259

$1,390,000

4 Beds

3 Baths

2,446 SqFt

Status Active

MLS # 6751143

Property Type Single Family Residence

Price Type --

Amazing Home with Exceptional Features! RV Garage: Enjoy a 24'x50' RV garage with 4+ car capacity, perfect for additional storage needs. Spacious Layout: This home features a split floorplan with an open Kitchen and Great Room, offering a seamless and inviting living space. The Master Bath includes an oversized closet, a separate tub, and a walk-in shower for a luxurious retreat. Secondary bedrooms are connected by a convenient Jack and Jill bathroom, ideal for family or visitors. The Kitchen boasts granite countertops, shaker cabinets with soft-close doors and drawers, and an oversized island, making it a chef's delight. 8x40 wood-like tile is featured throughout all the main areas, combining style with durability. This home offers both comfort and functionality—Come take a look!

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6415 E Sunnyside Drive Scottsdale, AZ 85254

$1,390,000

4 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6745519

Property Type Single Family Residence

Price Type --

Come see this beautifully unique corner lot listing that possess a highly desired rare & scarcely available 1+acre lot size. Located in the sought after 85254 Scottsdale zip code, the existing 1962 ranch home and lot are being sold ''as-is.'' The current home is still livable, as desired by the new owner, with a new roof, floors, and bathroom updates. Found within the Desert Estates subdivision just north of Paradise Valley, this neighborhood and street contains an array of new custom homes and remodels. This lot is a must see for your new custom built Scottsdale home!

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24664 N 109th Place Scottsdale, AZ 85255

$1,390,000

3 Beds

3.5 Baths

3,394 SqFt

Status Active Under Contract

MLS # 6748213

Property Type Single Family Residence

Price Type --

Discover the epitome of Tusayan luxury at Troon Village, boasting a 3-bed haven (2 in the main house plus a separate casita) with 3.5 baths.Nestled amidst majestic boulders, this exquisite residence is located a short walk from the community pool, and is impeccably maintained, retaining its pristine allure. A meticulously crafted kitchen overlooks the elegant dining area, family room, and panoramic views. Indoor and outdoor entertaining are a breeze with sliding doors that open to a spacious, landscaped patio with stunning vistas. Southern exposures bath the home in natural light throughout the day. The primary suite indulges with mountain panoramas, complemented by a lavish bath and spacious walk-in closet. Not to be missed, the oversized casita has its own entrance, full bath and... walk-in closet. Serenity awaits in the backyard oasis, surrounded by mountain vistas in every direction. Unwind by the fireplace at dusk and embrace the allure of Arizona's desert living. This amenity-filled home also features a stately study overlooking the lush cactus garden. The serene second bedroom has its own full bath and walk-in closet. The pristine two-car garage has custom cabinetry for year-round storage. Find yourself in the gorgeous Tusayan community, just a short walk to Troon Country Club.

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1911 N 169th Avenue Goodyear, AZ 85395

$1,390,000

3 Beds

2.5 Baths

3,134 SqFt

Status Active

MLS # 6729181

Property Type Single Family Residence

Price Type --

As you enter the home, you are immediately greeted by stunning upgrades and high-end finishes that are sure to impress. The expansive great room offers ample space for relaxation and entertaining, while the chef's kitchen is a dream come true for any culinary enthusiast. Step outside to your private oasis featuring a pristine saltwater pool, perfect for relaxation or entertaining. Golf enthusiasts will delight in the custom putting green, while the spacious covered patio and built-in BBQ area is ideal for hosting gatherings. The home's prime location offers breathtaking lake views, as well as stunning vistas of the 14th green and 15th tee box. Owned Solar. From top to bottom, this residence has been thoughtfully designed to offer unparalleled comfort and sophistication. It's truly a place where timeless charm meets modern luxury, creating an unmatched living experience for those lucky enough to call it home. Living in PebbleCreek Golf Community means access to top-notch amenities, including 3 world-class golf courses, 36 pickleball courts, and a vibrant social scene.

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30009 N 58th Street Cave Creek, AZ 85331

$1,390,000

3 Beds

2.5 Baths

3,391 SqFt

Status Active

MLS # 6739883

Property Type Single Family Residence

Price Type --

Welcome to your private oasis—an exquisite estate nestled on two sprawling acres of lush, manicured grounds. Elegantly gated and approached by a long driveway, this meticulously maintained residence radiates pride of ownership. The estate boasts an impressive array of features, including ample parking space for all your vehicles and recreational toys. A generous 5-car parking area on a sturdy slab complements the massive 4-car garage with three doors, providing abundant room for your prized collection. The property offers additional potential with ample space for a guest house, detached garage, or even equestrian facilities. Step inside this impeccably appointed home and discover a thoughtfully designed split floor plan that effortlessly combines comfort and style. The chef's kitchen is a culinary dream, equipped with a Sub-Zero refrigerator and a Viking oven, perfect for crafting gourmet meals. Adjacent, the expansive family room invites relaxation with its warm fireplace and abundant natural light, creating an ideal space for gatherings and cozy evenings. The master suite serves as a sanctuary of luxury, featuring a spacious layout and an oversized bathroom that epitomizes indulgence. Enjoy the convenience of separate his and hers water closets, complete with a bidet, ensuring a private and serene retreat. Despite its serene, secluded feel, this remarkable estate offers the ultimate convenience, placing you just minutes away from vibrant shopping and dining options. Experience the perfect blend of seclusion and accessibility in this enchanting home that truly embodies the essence of refined living.

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129 E Foothill Trail Williams, AZ 86046

$1,390,000

3 Beds

2 Baths

2,239 SqFt

Status Active

MLS # 6753024

Property Type Single Family Residence

Price Type --

Welcome to one of the most exquisite homes Williams has to offer. Nestled in the heart of the Pines and located in the highly desirable subdivision of Mountain Shadows. This custom owner build offers everything you are looking for in a mountain getaway. The sweeping, covered decks usher you in to the front entrance. The home offers vaulted ceilings with touches of tongue and groove. Three oversized bedrooms and a large den that could be converted into a bonus room. The primary bedroom is abundant in space and offers an en-suite bathroom. The primary bath has dual vanity's and a custom walk-in shower. The kitchen is a master piece featuring custom cabinets and custom granite backsplash that is a work of art. Move into the open living room and cozy up by the wood stove on those cold winter nights. The covered back deck overlooks the gorgeous scenery. The property also features an attached two car garage and a separate RV garage! Attached to the RV garage is separate guest quarters! With a partial bathroom and kitchen downstairs and a loft upstairs. The RV garage also features additional covered parking spaces for toys or equipment. The property is situated perfectly towards the end of the subdivision with easy access to the Forest Service. Just minutes from the surrounding lakes, forest and downtown Williams! This is a dream property in one of the most desirable areas of Williams! Don't miss out on this amazing opportunity!

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37030 N Tree Lined Trail Carefree, AZ 85377

$1,390,000

4 Beds

3 Baths

3,924 SqFt

Status Active

MLS # 6692821

Property Type Single Family Residence

Price Type --

Stunning views from nearly every window in this 3924 square foot desert estate located on 1.49 acres! Experience luxury and privacy with miles of mountain views, city lights, and sunsets. Split floor plan and quality construction. A generous chef's kitchen features double ovens, wine fridge, island, and breakfast bar. The backyard oasis includes heated pool and spa with a waterfall feature, kiva fireplace, built-in bbq, and unobstructed views. Exquisite setting for relaxing or entertaining. 3 car garage, two way fireplace family room fireplace, and so much more. Experience the beauty of quintessential Arizona living

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7979 E Evening Glow Drive Scottsdale, AZ 85266

Open House

$1,390,000

3 Beds

3.5 Baths

2,800 SqFt

Status Active

MLS # 6696426

Property Type Single Family Residence

Price Type --

Truly a luxury home you don't want to miss. This impeccable 3 Bed/3.5 Bath Winfield home is move-in ready. Stylishly modern with custom renovations throughout. You will love the designer Kitchen with beautiful custom cabinets, pull-out drawers, stainless appliances and Quartz countertops and spacious island. The Owner's suite is bright and spacious with beautiful wood floors, separate entry to the patio, dual sinks and makeup vanity in the bathroom, modern roll-in shower, large linen closet and generous walk-in closet with beautiful custom closet system. Two ensuite guest rooms and a 3-car garage are an added benefit. Tile and wood flooring throughout. New roof in 2022. Solar panels offer remarkable electricity savings. Too many fabulous features to mention - please see Features Sheet

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1108 N Indian Paintbrush Circle Payson, AZ 85541

$1,389,500

4 Beds

4 Baths

4,302 SqFt

Status Active

MLS # 6668344

Property Type Single Family Residence

Price Type --

Luxury log cabin mountain home. Situated inside the gates of Chaparral Pines Golf Club. A nearly 3/4-acre corner lot with its own private gate leading to the national forest. The unbelievable floor to ceiling stone fireplace is a centerpiece of this 4-bed, 4-bath, Alpine log home featuring a hickory-wood floor and a gourmet kitchen. The separate 2-bedroom guest quarters with a living room and a kitchenette allows family and friends to have their own space while visiting. The expansive back deck provides a relaxing sitting area to view all the visiting wildlife from the forest.

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8989 N Gainey Center Drive Unit 101 Scottsdale, AZ 85258

$1,389,260

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6753423

Property Type Townhouse

Price Type --

Experience luxury living in this stunning 3-bedroom, 3-bath townhome located in Gainey Ranch, a prestigious guard-gated golf course community. Newly remodeled and situated on a premium corner lot near the pool and spa, this home boasts elegant finishes including hardwood flooring, custom metalwork, and beautiful waterfall quartz countertops. Relax in the Arizona sun on the expansive patio or oversized balcony. The newly renovated Estate Club offers exceptional amenities, including a state-of-the-art fitness center, swimming pool, and courts for tennis and pickleball. Conveniently close to fine dining, shopping, and entertainment in Scottsdale, this townhome is the perfect blend of luxury and lifestyle.

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