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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28145 N 91st Street Scottsdale, AZ 85262

$5,950,000
6 Beds
7.5 Baths
9,607 SqFt
Status Active
MLS # 6653911
Property Type Single Family Residence
Price Type --
This privately gated 9,607sf home presents an exceptional living experience. Its timeless interior features modern finishes, lux textures & expansive spaces, harmonized by the 7,000sf of French oak wide plank wood floors. The kitchen is equipped with state-of-the-art appliances, a spacious island for your culinary endeavors, and a stylish enclosed glass-walled 200+ bottle wine cellar. The main house has a 4-car garage, four ensuite bedrooms, two dens, a game room and a media room that seamlessly embraces your Arizona outdoor living. The guesthouse offers a private retreat and the stand-alone building with a studio apartment includes an air conditioned 2-car garage and a 4-car garage, perfect for the collector. Located in Merit Crossing on 3.8 acres with views of Pinnacle Peak Mountain. Architectural renderings for a future toy barn for the detached garage and studio are available on-site. Those yearning for a seamless transition into luxury living will appreciate the thoughtfully curated list of furnishings available on a separate Bill of Sale, ensuring a memorable turnkey experience. Upgrades: Concrete Tile Roof (2020) Painted- Exterior & Interior (2020) Two tankless water heaters (2020) HVAC (total-9) o

5201 N Saddle Rock Drive Phoenix, AZ 85018

$5,950,000
5 Beds
5 Baths
6,179 SqFt
Status Active Under Contract
MLS # 6761732
Property Type Single Family Residence
Price Type --
Welcome to White Gates, an elevated Arcadia Hillside acre estate, located in the glow of Camelback Mtn with city skyline & sunset views. Built ground up with the highest attention to detail, quality construction & the intention of capturing gorgeous views in every room, this home has it all. This nearly 6200 SF home was recently renovated in 2022 with a fresh design & luxury interior that seamlessly blends a calm CA feel while embracing the beauty of the AZ desert. You'll feel worlds away from the hustle in this private Santa Barbara style 5 bedroom 5 bath home, located in Hopi school district on the south slope of Camelback. Arrive to find the most welcoming arched front entry & private landscaped courtyard featuring detailed brick ceilings, herringbone pavers & one of 5 fireplaces. Enter through a grand arched wooden door to find a Foyer featuring a floor to ceiling arched window revealing views of Camelback Mtn, a gorgeous fountain & green manicured backyard. The Living room with gorgeous wood beams, wood floors, floor to ceiling French doors & a stately Canterra fireplace opens up to the bright & beautiful Family Room. The main house offers 4 bedrooms, 4 baths, a formal Living Room, formal Dining Room, Family Room, Bar, 800 bottle temperature controlled Wine Cellar, elevated designer Kitchen & round Breakfast Room w north courtyard access, Pantry, spacious Theater, two covered terraces for outdoor entertainment & two custom Laundry Rooms. Each oversized bedroom has its own private view plus rich wooden French doors, custom curtains, high ceilings, wood floors & walk-in closets. City skyline & Camelback Mtn views are absolutely unmatched from the hotel style Primary Suite, a serene room with cathedral ceilings, custom lighting, custom curtains, gas fireplace, TV, coffee bar, walk-in custom closet, flex office space & laundry room. Experience unparalleled city views from the newly renovated Primary Bath, offering two vanities, large vanity mirrors, custom lighting, tiled floors, tiled walk-in shower & a spacious Kohler bathtub w brass hardware. You can wow your friends in the covered outdoor view Terrace which captures 360 degree views and offers the best entertainment around the outdoor gas fireplace, TV & outdoor bar. Enjoy more Camelback views from the Dining Room, the Kitchen, the Breakfast Room & even the Laundry Room. The Kitchen comes fully loaded with an oversized granite island, travertine floors, high-end stainless appliances, 2 dishwashers, a 6 burner gas range, double ovens, custom Canterra hood, 2 beverage drawers, a built-in warming drawer & microwave, 2 sinks, custom cabinetry, 3 pull out trash cans & a built-in breakfront perfect for your china. Off the Kitchen, you'll find a fabulous beamed outdoor dining space with gas fireplace & a fabulous outdoor Kitchen featuring a Green Egg smoker, large 4 section infrared grill, built-in beverage cooler, sink, lighting & counter seating. Walk through the covered breezeway to the attached one bedroom one bathroom Casita which is well equipped with it's own spacious bathroom, kitchenette, walk-in closet, storage closet & separate 1 car garage. Putt & chip on the new turf putting green, sit under the trees by the fire pit or enjoy ping pong in the outdoor covered game area. Two separate paver driveways allow for a grand front entrance & a side motor court entry to the 4 car garage w storage cabinets & temperature controlled storage room. Turf, grass & indigenous desert landscaping offer a low maintenance backyard with less water usage. Security cameras throughout. This incredibly special estate is one of a kind & truly offers an unparalleled tranquil experience of sunrises & sunsets that will make you fall in love.

6644 E Exeter Boulevard Scottsdale, AZ 85251

$5,945,000
6 Beds
6.5 Baths
12,128 SqFt
Status Active
MLS # 6767951
Property Type Single Family Residence
Price Type --
Experience an unparalleled opportunity in this magnificent Arcadia estate situated just half a mile from Old Town Scottsdale. Behind the gates on Exeter Blvd, a tree-lined drive welcomes you to over 12,000 sq ft of meticulously imagined living space. Indulge in the convenience of dual primary suites, easily accessible by elevator. A private office, large media room, and inviting family room cater to every need in this beautiful home, which is perfect for entertaining. Host unforgettable gatherings in the formal dining room or enjoy casual meals in the more intimate dining space. The chef's kitchen, complete with a butler's pantry, back kitchen, and serving bar, is a culinary haven. A separate guest suite ensures your visitors enjoy the utmost comfort and privacy.

7012 E Hummingbird Lane Paradise Valley, AZ 85253

$5,900,000
5 Beds
5.5 Baths
6,641 SqFt
Status Active
MLS # 6782671
Property Type Single Family Residence
Price Type --
Welcome to Paradise Valley where luxury living reaches new heights. This exceptional estate offers a remarkable blend of elegance, comfort & modern amenities. Boasting a main house with 5,937 square feet of meticulously designed living space, including 4 bedrooms. 4.5 baths and 2 offices, along with a 704 square feet guest house, this property truly embodies the epitome of refined living. Step inside the main house and be greeted by a grand entrance that sets the tone for the entire residence. The spacious floor plan encompasses large open spaces. The master suite is a true sanctuary, featuring a huge master closet and a luxurious bathroom. Indulge in heated floors, double vanities, steam shower, towel warmer and the ultimate in convenience with 2 water closets equipped with Toto toilets. No expense was spared in the remodel and improvements of this estate, with over $1,300,000 invested to enhance its beauty and functionality. The gourmet kitchen cannot be beat, with gorgeous granite countertops, huge island, double wall ovens, a warming drawer and pot filler. The newer roofs provides peace of mind, while the Venetian plaster walls and newer wood floors exude timeless sophistication. The newer HVAC systems ensure optimal comfort throughout the year, and the ground-mounted solar panels significantly reduce electric bills, making this home as energy-efficient as it is luxurious. Plus you can feel safe with fire sprinklers throughout the home. Entertaining is a breeze with the abundance of amenities this estate has to offer. The huge covered patio, with its own misting system, invites you to relax and enjoy the breathtaking views of the surrounding landscape. Take a dip in the sparkling pool or unwind in the jacuzzi after a long day. The barbecues area is perfect for hosting outdoor gatherings, while the putting green allows you to practice your golf skills at your leisure. For a moment of tranquility, retreat to the gazebo and revel in the serenity of your private oasis. Inside and out, every detail has been carefully considered. The property features synthetic grass throughout, providing a lush and low-maintenance landscape all year round. With speakers in every room and patio, you can enjoy your favorite music wherever you go, creating the perfect ambiance for any occasion. Car enthusiasts will appreciate the temperature controlled four-car garage, complete with an electric vehicle charging outlet, ensuring your vehicles are well taken care of. The newer exterior paint adds to the striking curb appeal, leaving a lasting impression on all who visit. Don't miss this rare opportunity to own an extraordinary estate in Paradise Valley. Immerse yourself in luxury, comfort, and unmatched beauty in this remarkable home that combines impeccable craftsmanship with modern amenities.

6723 E Lincoln Drive Paradise Valley, AZ 85253

$5,900,000
5 Beds
4.5 Baths
5,679 SqFt
Status Active
MLS # 6769813
Property Type Single Family Residence
Price Type --
Seller financing is available with flexible terms, and all offers are encouraged. Welcome to an extraordinary haven of elegance and luxury—a stunning brick mansion nestled in the prestigious heart of Paradise Valley. This residence offers impeccable sound construction and a serene atmosphere, making it a rare and exceptional find. The property features a resort-style backyard that provides a private retreat. Upon entering through the custom stained glass door, adorned with a laser-cut medallion, you'll be captivated by the breathtaking interior. The home boasts 24-inch travertine stone floors with intricate custom inlays and beautiful knotty pine ceilings, combining to create an ambiance of timeless sophistication. Conveniently located within walking distance of the new Ritz Carlton.

6940 E Indian Bend Road Paradise Valley, AZ 85253

$5,900,000
7 Beds
7.5 Baths
6,655 SqFt
Status Active
MLS # 6585064
Property Type Single Family Residence
Price Type --
Privately gated generational resort home directly opposite the prestigious new Ritz-Carlton & Palmeraie shopping and dining district, but with all the reasons people are flocking to Paradise Valley from all over the globe: Spacious acreage with custom distinctive architecture, assuring privacy and differentiation from neighboring parcels. Adding to this true walkability to the finest shopping and dining district that will exist in the Americas. This luxurious privately gated estate, boasting a main house just under 5,000 square feet, complemented by three poolside casitas, bringing the total living space to 6,655 square feet when fully occupied. Perfect for multi-generational or long-term guests, providing both cohesion and privacy for a multi-generational living experience. This custom built 2017 privately gated estate is MODERN AND BRIGHT, with no steps, no HOA, Fully manicured resort pool with large roll in ramped Baja beach entry and covered gazebo outdoor kitchen. As you approach the property, grand motorized gates open to a captivating GRAND ENTRY. A beautifully paved circular drive, lush green turf, and a RECEPTION COURTYARD with fireplace set the stage for passed hors d'oeuvres and cocktails with clear views of Camelback Mountain. The large circular paved driveway provides access to garages on both sides of the home for 5 cars garaged and space for twenty or more guest vehicles. Grand front steel and glass door opens to views of pool water features through the retractable 10 foot high wall of glass providing a seamless transition from open great room living to extensive covered patios creating true outside Arizona living. Richly detailed, timeless architecture with transitional styling, hand carved moldings, Dramatic Coffered Ceilings and rich craftsmanship. Outdoors features Gourmet Kitchen, Entertainer's pool deck with Baja beach entry, flanked by poolside Gazebo featuring 8-person high-top granite island adjacent outdoor kitchen with grill, frig, sink, warming drawer, built in speakers and A/V electrical hookup. The Primary Owner's wing is thoughtfully designed with a split layout, accompanied by its own private side-entry garage. The guest wing offers an additional garage and an indoor ''Costco-style'' bulk supply room for added convenience. Recent upgrades include new underground plumbing and various improvements, ensuring a modern and efficient living experience. The interior features a Dining Room and a spacious Office to either side of the Foyer, each with double doors leading to the courtyard. Additional highlights include a Game Room, Formal Dining area, Butler Pantry with Wine Closet, expansive laundry room, separate outdoor pool bath, and walk-in closets with luxurious wood organizers in all bedroom walk-in closets. The property also boasts an audio equipment room (equipment conveys). Outdoor enthusiasts will appreciate the dazzling heated pool with a large Baja shelf, gazebo, and an outdoor kitchen with a granite 8-seat island, A/V hookups for TV, and stunning views of Mummy Mountain. The estate's ample grounds extend to the west, offering additional land with an RV Gate and mature citrus trees. This space can be utilized for an additional garage, sports court, or pickleball court. Moreover, the convenience of walking to the new Ritz, set to open in 2024-2025, adds an extra layer of luxury to this already impressive property. The Ritz Villas and custom homes in progress nearby promise a vibrant community atmosphere, with one corner of the 110-acre site dedicated to the Scottsdale Palmeraie ''the most anticipated experiential shopping, dining, and living destination in North America.'' Embrace the epitome of upscale living in this extraordinary estate.

7153 E Ironwood Drive Paradise Valley, AZ 85253

$5,842,880
4 Beds
4.5 Baths
4,712 SqFt
Status Active
MLS # 6676583
Property Type Single Family Residence
Price Type --
SINGLE LEVEL 4,712 SQ FT CUSTOM CULLUM HOMES BUILT HOME! READY FOR MOVE IN OCTOBER OF THIS YEAR! ENTRY THROUGH THE PRIVATE COURTYARD LEADS YOU TO THE FRONT DOOR/WALL OF GLASS. THE CHEFS KITCHEN WITH SUB ZERO/WOLF APPLIANCES, CUSTOM CABINETRY, QUARTZ COUNTERS AND PANTRY WRAPPED IN STONE ALL OVERLOOK THE ENTERTAINING GREAT ROOM WITH AN ENORMOUS CONTEMPORARY FIREPLACE WALL WITH FLOOR TO CEILING STONE, DINING ROOM AND FULL WET BAR AND WINE STORAGE. THE VIEW OUT THROUGH THE FLOOR TO CEILING WINDOWS TO THE POOL AND MOUNTAINS IN THE DISTANCE IS PEACEFUL. THE SPLIT FLOOR PLAN WITH THE PRIMARY BEDROOM AND OVER SIZED PRIMARY BATH IS IMPRESSIVE. THE FAMILY ROOM WITH THE WET BAR AND POKER TABLE AREA IS JUST OFF THE 2 EN SUITE GUEST ROOMS. PERFECT FOR COMPANY TO HAVE THEIR OWN SPACE. THE OFFICE OPENING TO THE COURTYARD IS PERFECT FOR GETTING WORK DONE. THE POWDER BATH, LAUNDRY AND EPOXY FLOORED 4 CAR GARAGE, LARGE ENOUGH FOR YOUR CARS AND TOYS, COMPLETE THE MAIN HOUSE. THE AMAZING COVERED OUTDOOR CHEF KITCHEN WITH BUILT IN BBQ, POOL, SPA AND TOWERING WATER FEATURE CREATES A WONDERFUL FALLING WATER AMBIANCE. ACROSS THE OUTDOOR ENTERTAINING SPACE YOU WILL FIND THE ONE ROOM EN SUITE CASITA WITH A DRY KITCHENETTE WITH BEVERAGE REFRIGERATOR. THIS HOME ALL ON ONE LEVEL IS PERFECT FOR SOMEONE LOOKING FOR THAT RIGHT SIZED HOME. THE PARADISE VALLEY COMMUNITY OF 8 HOMES IS GATED AND CLOSE TO ALL THE SHOPPING AND RESTAURANTS OF YOUR CHOICE. COME SEE THIS HOME TODAY!

6107 E Paradise Drive Scottsdale, AZ 85254

$5,800,000
7 Beds
10 Baths
13,689 SqFt
Status Active
MLS # 6765817
Property Type Single Family Residence
Price Type --
Exceptional Estate for Sale in Guard-Gated Equestrian Manor, Scottsdale Step into a realm of timeless elegance with this breathtaking French provincial estate, nestled on a sprawling 1.6-acre lot in the exclusive guard-gated community of Equestrian Manor. This remarkable residence exudes sophistication and charm, making it a true forever home. Spanning an impressive 13,700 square feet, the estate features 7 luxurious bedrooms and 10 meticulously designed bathrooms. Step into a culinary paradise designed for both functionality and flair. This expansive chef's kitchen is a true entertainer's dream, featuring an abundance of workspace and top-of-the-line appliances that will inspire your inner gourmet. Host unforgettable gatherings in the resort-style outdoor kitchen, complete with a stunning diving pool surrounded by manicured grounds and lush landscaping. The tennis court adds to the recreational amenities, ensuring endless fun for all ages. Inside, experience the allure of wood-beamed and domed ceilings, along with 11 grand fireplaces that serve as stunning focal points. The hand-carved wood accents and stone walls add a touch of artisanal craftsmanship throughout the home. Enjoy cinematic experiences in the dedicated movie theater, featuring an impressive 167-inch screen. The game room promises endless entertainment options for family and friends. The exquisite wine room is perfect for connoisseurs, while the office/library provides a serene space for work or relaxation. Marvel at the custom iron work that adorns the estate, from the elegant fence to the striking stairwell and chandeliers, to the Juliette balconies, elevating the home's aesthetic to new heights. A spacious 8-car motor court offers ample room for your collection of vehicles. This estate is not just a home; it's a sanctuary of style, comfort, and grandeur, inviting you to create lasting memories in an unparalleled setting. Don't miss the opportunity to own this exceptional property in one of Scottsdale's most sought-after communities.

3440 S Pimlico Court Flagstaff, AZ 86005

$5,800,000
5 Beds
4.5 Baths
6,169 SqFt
Status Active
MLS # 6762902
Property Type Single Family Residence
Price Type --
Discover unparalleled refinement and charm in this breathtaking new construction nestled in the heart of Pine Canyon. Tucked at the end of a quiet cul de sac with stunning peak views, this gorgeous mountain retreat features two split-floorplan primary suites on the main level, a sprawling living space with huge compound slider leading to the massive back deck, high end Pella Impervia windows and doors, and so much more! This is a one-of-a-kind expansive estate, boasting almost 10,000 sq ft under roof and 6,169 livable sq ft. Enjoy luxuriously modern, high end finishes throughout. Estimated completion date: May 15, 2025.

7178 E Ironwood Drive Paradise Valley, AZ 85253

$5,794,245
4 Beds
4.5 Baths
4,568 SqFt
Status Active
MLS # 6716093
Property Type Single Family Residence
Price Type --
BRAND NEW CONSTRUCTION IS THIS SINGLE-LEVEL HOME, DESIGNED AND BUILT BY CULLUM HOMES. IRONWOOD GOLF VILLAS IS AN EXCLUSIVE COMMUNITY OF ONLY EIGHT CUSTOM HOME SITES. EACH SITE OFFERS ONE A HIGHLY DESIRABLE IN-TOWN LOCATION WITH ABUNDANT ROOM FOR A CUSTOMIZED ESTATE HOME. THIS PARTICULAR HOME OFFERS 4,568 SQUARE FEET OF LUXURIOUS LIVING SPACE WITH 4 BEDROOMS, AN OFFICE, 4.5 BATHROOMS, AND A 3-CAR GARAGE WITH A PRIVATE COURTYARD. CONTEMPORARY UPGRADED FEATURES AND DESIGNS ALL THROUGHOUT. VERY SPACIOUS OPEN FLOOR PLAN. ALL STAINLESS-STEEL, TOP-OF-THE-LINE APPLIANCES IN THE KITCHEN. ALL BEDROOMS HAVE OWN EN-SUITE BATH AND WALK-IN CLOSETS. COMMUNITY IS GATED FOR EXTRA PRIVACY AND SECURITY. LOCATED JUST MINUTES AWAY FROM OLD TOWN SCOTTSDALE, PARADISE VALLEY, AND FASHION SQUARE MALL, OFFERING PLENTY OF OPTIONS FOR SHOPPING, RESTAURANTS AND ENTERTAINMENT.

4901 E Tomahawk Trail Paradise Valley, AZ 85253

$5,790,000
6 Beds
8 Baths
8,463 SqFt
Status Active
MLS # 6752947
Property Type Single Family Residence
Price Type --
This home has a beautiful presentation! It is an absolutely gorgeous walled gated estate. Enter thru a dramatic stone archway into an elegant courtyard with a large circular paver drive to the main residence which is not visible from the street. The 6 bedrm estate includes a full guest house w/ kitchen, bedrm + bathrm. The main home has beautiful architectural detail and oak wood floors, as well as a master with separate sitting rm and expensive mahogany + glass woman's closet, a paneled library, theater + walk in wine rm. The extraordinary backyard has extensive lawns + features an award winning swimming pool with 4 firepits, spillways + waterfalls cascading from real boulders.The gourmet kitchen with 2 pantries opens to the inviting family room which opens to the large theatre.

6601 N Mountain View Drive Paradise Valley, AZ 85253

$5,785,000
6 Beds
6.5 Baths
6,809 SqFt
Status Active Under Contract
MLS # 6748190
Property Type Single Family Residence
Price Type --
This exquisite custom estate is loaded with impeccable quality and unique design elements, and the soft contemporary vibe beautifully combines elegance and comfort. The island kitchen is absolutely gorgeous with every imaginable amenity, the great room is stunning with fully retractable walls of glass that open to the impressive backyard, and the dining room is another alluring space with a temperature-controlled wine room that holds more than 320bottles and french doors that open to a lovely outdoor patio. The magnificent primary suite has a fireplace, morning bar and spa like bath creating an ultra-serene environment, and the additional bedrooms are all ensuite. There's a newly built guest wing that includes another ensuite bedroom, bonus room, large family room and full bath and close

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