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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4281 Leaf Spring Drive Wickenburg, AZ 85390

$1,360,000

3 Beds

3.5 Baths

2,767 SqFt

Status Active

MLS # 6743738

Property Type Single Family Residence

Price Type --

This exquisite Shea Latigo residence, located on the golf course, offers breathtaking views of Vulture Peak and the Weaver Mountains. Nestled on a large cul-de-sac lot adjacent to common areas, this home provides both privacy and picturesque scenery. You'll be captivated by the oversized patios featuring a built-in BBQ, pizza oven, and a majestic rock fireplace—ideal for entertaining or simply enjoying a tranquil evening. No expense was spared in crafting this remarkable home, where every detail has been thoughtfully designed. Upon entering, you'll be greeted by a sophisticated den complete with a built-in wine cabinet, perfect for relaxing with your favorite vintages. The gourmet kitchen is a chef's dream, boasting upgraded appliances including wall ovens, a gas range top, a stainless-steel vent, granite countertops, and a stunning limestone backsplash. The expansive living room showcases a dramatic rock fireplace and accent wall, creating a cozy yet elegant atmosphere. Glass sliders seamlessly connect the indoor living space to the outdoor patios, enhancing the flow and making indoor-outdoor living a breeze. High-end wood and tile flooring, coupled with stylish chandelier lighting, add a touch of luxury throughout the home. The master suite is a true retreat, featuring two walk-in closets and a lavish bathroom with a walk-in shower and a soaking tub. Glass doors open directly to the patio, providing a serene private escape. The guest bedroom is generously sized and includes its own patio exit, while the guest bathroom offers ample space and comfort. The charming courtyard is perfect for gatherings, featuring pavers, a massive rock fireplace, a shade screen, and extensive entertainment space. The separate casita provides an ideal space for guests, with a spacious living area, a full bathroom, and a walk-in closet. Additional highlights include a large laundry room that doubles as an office with ample cabinetry for storage, and an extended-length garage providing extra room for additional storage needs. This Shea Latigo home in Wickenburg Ranch offers unparalleled luxury, comfort, and style.

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10935 E Siena Way Scottsdale, AZ 85262

$1,360,000

4 Beds

4.5 Baths

4,820 SqFt

Status Active

MLS # 6691645

Property Type Single Family Residence

Price Type --

Huge Instant Equity, Appraised at 1,800,000. Spacious Interior Courtyard leading to the Covered Patio, Double French Door Entry. Foyer opens to the Formal Living (with Fireplace) and Dining Rooms. Spacious Family Room with Stacked Stone Fireplace adjoins the Gourmet Kitchen with Breakfast Area. Split Floor Plan Primary Suite with Private Patio and Two Large Walk In Closets, Primary Bath with Split Vanities and Double Pass Through Shower. Private Study and Bonus Room located off of the Main Hallway. Private Guest Casita from Courtyard includes its own full bath. 12 Foot Ceiling Height in Most Living Areas. Wet Bar, European (Arched Top) Solid Core Interior Doors. 4 Foot Garage Extension. 4 Foot Patio Extension on Family Room Patio. Frameless Glass Shower Doors on all Showers.

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4601 E Desert Forest Trail Cave Creek, AZ 85331

$1,360,000

5 Beds

3.5 Baths

4,379 SqFt

Status Active Under Contract

MLS # 6703015

Property Type Single Family Residence

Price Type --

Nestled in the prestigious Desert Forest South, this exceptional 5 bedroom, 3.5 bath custom home offers a spacious 4,379 square feet of flexible open living space on a sprawling 1.182-acre horse property with an RV gate and circular drive, all without the confines of an HOA. This home offers energy efficient features for comfort year-round with 12 inch thick walls, upgraded Sierra Pacific clad windows, and a double foam roof. Step inside to discover a neutral color palette, arched entries, skylights flooding the space with natural light, and a welcoming formal living room and dining area. The well-appointed eat-in kitchen boasts stainless steel appliances, including a gas cooktop and warming drawer, Sub Zero refrigerator, trash compactor, ample cabinet and counter space, and gorgeous chiseled edge granite slab countertops. A desirable oversized center island with a breakfast bar opens to the dining space, ensuring effortless entertaining. Flow seamlessly into the cozy family room, complete with a fireplace and wet bar featuring a wine cooler and sink. A double glass slider provides easy access to the backyard desert oasis, where upgraded decorative stone flooring sets the stage for relaxation and entertainment. Enjoy ample patio space, a soothing water feature, and a desirable resistance swim spa while soaking in the breathtaking Sonoran desert and distant mountain views. Retreat to the spacious Owner's suite, highlighted by soaring ceilings and an ensuite bathroom featuring dual sinks, a separate vanity space, a lavish custom tiled walk-in shower, a fabulous custom walk-in closet, and two private access points to outdoor spaces. A second primary or guest quarters offers its own separate entrance and an ensuite bathroom with custom tile and a deep soaking clawfoot tub with a shower option. Three remaining bedrooms, two of which share a double French door on the common wall, provide flexibility for use. Additional highlights include a guest bath, powder room, private office, and spacious laundry room. Don't miss the opportunity to experience luxurious desert living in this remarkable home. Submit your offer today!

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3816 E Fairfield Street Mesa, AZ 85205

Open House

$1,359,000

4 Beds

4.5 Baths

4,333 SqFt

Status Active

MLS # 6754099

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the highly sought-after gated community of Trovita Norte in Mesa, Arizona! This stunning 4,333 sq. ft. estate boasts 4 bedrooms and 4.5 bathrooms, offering the perfect blend of elegance and comfort on a spacious corner lot with RV gate access. Step inside to an inviting courtyard that leads to a grand formal dining room and an expansive great room featuring a full wall of custom built-in cabinetry. The gourmet kitchen is a chef's dream, complete with high-end appliances, a gas cooktop, double ovens, a massive island, and a cozy breakfast nook, all perfectly designed for entertaining and family gatherings. The multi-purpose room, with a large storage closet, is ideal for a variety of uses, while two generously sized bedrooms, each with walk-in closets and en-suite bathrooms, provide privacy and comfort for guests. The master retreat is a sanctuary of its own, featuring direct access to the backyard, his-and-hers closets, a luxurious spa-like bathroom with a walk-in shower, freestanding tub, and dual vanities. Additionally, there is a sophisticated den/office complete with custom built-in cabinetry. A guest suite with serene backyard views completes the interior, but the true gem lies beyond the double sliding doors. Step out to your private oasis with travertine flooring, a sleek modern pergola equipped with a misting system, and a built-in outdoor kitchen island perfect for al fresco dining. The resort-style backyard includes a diving pool with a cascading fountain, a waterslide, a basketball hoop, and a cozy fire pit. The beautifully manicured landscape, including a lush turf area, offers both tranquility and space for outdoor fun. Additional highlights include a 4-car garage with epoxy flooring, built-in cabinets, a tool area, and ample parking for all your toys. This home is a rare find that combines modern luxury with timeless design in one of Mesa's most prestigious communities.

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6242 N 181st Avenue Waddell, AZ 85355

$1,357,500

6 Beds

6 Baths

3,826 SqFt

Status Active

MLS # 6776474

Property Type Single Family Residence

Price Type --

This one-of-a-kind property on 2 acres is sure to impress. 6 bed, 6 bath, 3 laundry rooms and full in-law-suit that has a separate entrance. Main house has Split floor plan with 5 beds, 5 baths, 2 laundry rooms, teen room and game room, In law suite has 1 bed, 1 bath, full kitchen, laundry, and walk in closet. All of the windows and doors have been replaced, new AC units, all of the water lines replaced with PEX, all new duct work, new tankless water heater. You are welcomed by a 5' pivot door and vaulted ceilings. Incredible kitchen offers tons of cabinets with dual ovens, dual refrigerators, dual dishwashers, 6 burner cook top, large sink, walk through pantry ,center island, Bifolding door above sink for indoor out door bar area. Dining room has a 10' bifolding door as well. Must See!

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5547 E Olesen Road Cave Creek, AZ 85331

$1,355,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6763491

Property Type Single Family Residence

Price Type --

Almost Complete - Contemporary NEXTGEN Builders home: 4BD +office/den, 3.5 Bath, high-quality luxury with many upgrades. Oversized 2-Gar with attached 47' RV Gar with 12x14 RV door, on 1 acre lot. No HOA, paver front sidewalk & driveway apron with concrete driveway, large kitchen island, upgraded SubZero/Wolf Appliance Pkg:, Gas Range, Microwave Drawer, 48'' Subzero built-in Refrigerator, Quartz counter tops throughout. Many upgrades, all bedrooms have walk in closets. Owner's bath has large entry shower with a standalone tub and double sinks. 12 Ft ceiling in great room and 8' doors throughout, nicely finished. Energy efficient Spray foam insulation, 2x6 framed and fully sheathed exterior, post tension foundation, Pictures are from a completed model home. Buyer to verify all facts.

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261 E Bracciano Avenue San Tan Valley, AZ 85140

Open House

$1,355,000

2 Beds

2.5 Baths

2,242 SqFt

Status Active

MLS # 6692640

Property Type Single Family Residence

Price Type --

Stunning elegance, breathtaking expansive elevated golf course views, 3 CAR OVERSIZED GARAGE and this could all be yours... live in the East Valley's premier private golf course community of Encanterra CC. This incredible Create floor plan offers open concept living with 2 primary suites, walk in closets and gorgeous quartz and stone upgrades abound! Luxury vinyl plank flooring, throughout. Separate office, open great room with chef's delight, Island kitchen, SS appliances, B/I Sub Zero refrigerator. Automatic shades, triple panels wall of glass allow light to add to this resort home. Enjoy the serene back patio and yard overlooking the #16 tee box and fairway and gorgeous lights from the La Casa Clubhouse! Custom landscaping enhance this beautiful home! This will not disappoint!

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1902 E Cloud Road Phoenix, AZ 85086

$1,350,000

4 Beds

3.5 Baths

2,810 SqFt

Status Active

MLS # 6740641

Property Type Single Family Residence

Price Type --

Don't miss out on this beautiful new construction home, to be built. Contract now and pick your finishes and upgrades. Spacious pull through RV garage that is connected to an additional 4 car garage. Wood-like tile plank flooring and high-ceilings throughout the home. Open concept living space with a split bedroom floor plan. Large kitchen island with space for counter seating, lots of cabinet space for storage, and a nook to be used for so many possibilities, such as a coffee bar, breakfast table, or even a window bench. Block wall enclosing the backyard for privacy (photos taken before wall was complete). This home is located across from state land, no dirt roads and great views. *PHOTOS are of previously build same floor plan.

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8507 E Vía De La Escuela -- Scottsdale, AZ 85258

$1,350,000

3 Beds

2 Baths

2,270 SqFt

Status Active

MLS # 6761140

Property Type Single Family Residence

Price Type --

Timeless and fully renovated in McCormick Ranch! Home underwent a complete renovation in 2021. Light, bright and open with a custom marble waterfall island and butcher block peninsula. Black metal doors open to a stunning front courtyard for outdoor grilling, dining or relaxing in the evenings underneath the bistro lights in front of an outdoor gas fireplace. A 12-foot wall of black metal doors opens fully to reveal a charming and private back yard featuring a diving pool, cactus garden, and artificial turf. The floorpan has been opened up for seamless indoor/outdoor living and features a vaulted great room, chef's kitchen, dining room and breakfast nook. The primary suite was expanded for a generous walk in closet and has a fireplace with french doors leading to the rear covered patio.

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901 Torreon Drive Litchfield Park, AZ 85340

$1,350,000

3 Beds

3 Baths

2,439 SqFt

Status Active

MLS # 6755635

Property Type Single Family Residence

Price Type --

Welcome to a one-of-a-kind STUNNER in old Litchfield Park! This gem was built in 2013 and has been completely redone with a luxurious design and high-end finishes! The dream kitchen boasts top-of-the-line Sub Zero and Wolf appliances, rift white oak custom cabinetry with a huge island topped with marble countertops making this kitchen as stylish as it is functional. The dining room offers a beautiful glass 80 bottle wine display. The laundry room has an integrated dog crate, lockers for extra storage as well as drawers for shoes. The master bedroom has a custom closet system and a luxurious bathroom with an adjacent den. Backyard has a putting green and diving pool! This home blends elegance and modern convenience for a truly exceptional living experience! Seize this opportunity!

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5244 E Hartford Avenue Scottsdale, AZ 85254

$1,350,000

5 Beds

4 Baths

3,143 SqFt

Status Active

MLS # 6744659

Property Type Single Family Residence

Price Type --

Experience this stunning 5 bed, 4 bath home located in the heart of Scottsdale. Recently refreshed w/a complete interior & exterior paint job, this residence radiates an inviting & spacious ambiance. Step inside to discover elegant luxury light fixtures adorning every room. The upper level boasts new carpeting, featuring a 2nd bed complete w/ a private bath, while beds 3 & 4 share a convenient Jack & Jill bath. The expansive master suite offers a cozy sitting area, a separate tub & shower, & a generous walk-in closet. Outdoors, enjoy a beautifully designed backyard w/ limestone flooring, a newly remodeled heated pool, Pentair technology, a gas fire feature, a 5-hole putting green, & an outdoor shower. Fully furnished w/ furniture available for purchase via a separate bill of sale.

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8757 E Lariat Lane Scottsdale, AZ 85255

$1,350,000

3 Beds

3 Baths

2,888 SqFt

Status Active

MLS # 6776524

Property Type Single Family Residence

Price Type --

Introducing an Exquisite Professionally Designed Home in North Scottsdale! Nestled in the coveted 85255 zip code, this stunning, fully remodeled residence is situated on an expansive acre-sized lot, showcasing beautiful desert landscaping and mature shade trees. The spacious, epoxied three-car garage and extended driveway offer ample parking for guests. Step inside to discover a generous living area highlighted by high ceilings and large windows that flood the space with natural light, offering breathtaking panoramic mountain views. You'll fall in love with the waterproof LVP flooring, a cozy wood-burning fireplace with a custom-designed mantle, freshly painted walls, and elegant light fixtures throughout. The chef's kitchen is a culinary delight, featuring brand new upgraded cabinetry, a professional-grade Bertazzoni induction range, Mykonos quartzite countertops, an apron front sink, and a charming breakfast nook. The gorgeous custom glazed cabinets come with all with soft close doors and drawers, lots of storage, and elegant crown molding. This inviting space is perfect for gathering, cooking, and entertaining. Retreat to the large master bedroom, accessed through double French doors, complete with a vaulted ceiling, designer accent wall, and a private balcony that showcases spectacular mountain and city light views. The luxurious master bath boasts a freestanding clawfoot tub, a spacious walk-in shower with body sprays, a tremendous LED vanity mirror, stylish lighting accents, and ample vanity space adorned with spectacular real marble countertops. This magnificent, move-in ready home offers the perfect blend of luxury and comfort in a superb location. Don't miss the opportunity to make it yours!

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