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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20226 N 101st Way Scottsdale, AZ 85255

$5,000,000
5 Beds
5.5 Baths
4,746 SqFt
Status Active
MLS # 6737164
Property Type Single Family Residence
Price Type --
This 4,746sf home features 5 bedrooms, 5.5 bathrooms and exudes a cool, modern beach vibe. Highlights include vaulted beamed ceilings in the great room and principal bedroom, light hardwood floors, and abundant windows. The kitchen is equipped with both marble and leathered granite countertops, white cabinets, 2 dishwashers and a European cooktop. Designed for seamless indoor/outdoor living, the home offers pocket doors opening to a front courtyard with a spool, fireplace, synthetic grass, and soothing park views. Additional features include an interior courtyard with a 2nd outdoor fireplace, BBQ, and pizza oven. The upstairs bonus room adds versatility to this meticulously crafted residence. Every detail, from plantation shutters to updated mechanicals, reflects exceptional ... attention to detail. Price includes furniture and furnishings with a small exclusion list.

32 Biltmore Estate Phoenix, AZ 85016

$5,000,000
7 Beds
10 Baths
10,030 SqFt
Status Active Under Contract
MLS # 6736576
Property Type Single Family Residence
Price Type --
''As a philanthropist who loved golf and played it daily in retirement, he chose 32 BILTMORE ESTATES''. For the past 24 years, the Estate has been owned by the same ''second'' owner. The property's pedigree speaks volumes about its affluence and distinction. Embodying a seamless blend of classic elegance and modern luxury ambiance, the home is both welcoming and grand. Almost fireproof; commercial grade mechanicals, steel framed, masonry and metal roof. Its panoramic views of Camelback Mountain coupled with the lush golf course greens offers a serene and evolving picturesque setting. You'll appreciate the home's location, rich history, and architectural beauty from the moment you step up, family gatherings with friends in its spacious living and dining areas will become most memorable... Both primary bedroom-windows are undoubtedly and accurately facing towards breathtaking views of Camelback Mountain. Views of the green, the outdoor kitchen, and the expansive terrace all provide a perfect setting to enjoy the picturesque landscape, making every day feel like a retreat. The staff quarter is generous in size, the lot coverage allows for additional livable guest home or garage storage to be added within its setbacks. This is a rare chance to own a piece of history, an opportunity to experience the unparalleled lifestyle that 32 Biltmore Estates has to offer. Schedule a viewing today to see for yourself what makes this estate truly exceptional.

18884 N 98th Street Scottsdale, AZ 85255

$5,000,000 - 5Br/5Ba -  for Sale in Dc Ranch Parcel T7, Scottsdale
Open House
New
$5,000,000
5 Beds
4.5 Baths
5,904 SqFt
Status Active
MLS # 6791468
Property Type Single Family Residence
Price Type --
Stunning home combining elegance, functionality, and luxury in every detail! This 2-story gem is designed for comfortable living & entertaining with its 5-bed & 4.5-baths. An inviting front porch leads you to the bright interior adorned with recessed lighting, plantation shutters, pre-wired surround sound, & a harmonious mix of wood, tile, & plush carpet flooring. The living room offers a coffered ceiling, a beautiful fireplace, & sliding doors to merge the indoor/outdoor living areas. The heart of the home is the fully equipped kitchen, complete with SS appliances, ample counters, gorgeous cabinetry, & an island w/breakfast bar, which opens to a sunny breakfast room. Don't forget about the formal dining area for larger gatherings & the convenient wine bar! Upstairs, an oversized loft awaits with endless possibilities. The main bedroom is downstairs, featuring a cozy fireplace, backyard access, & an opulent ensuite with a jetted tub & dual vanities. One of the upstairs bedrooms has balcony access, perfect for enjoying serene views or a morning coffee! The efficient laundry room includes an L-shaped cabinetry & a utility sink. Finally, the entertainer's backyard is a sanctuary with a heated pool & spa combo, a covered patio, a built-in BBQ, a stone-accented fireplace, a Ramada, artificial turf, & a putting green to add a touch of resort-style living. Plus, a 3-car garage boasting built-in cabinetry & an extra-long paver driveway. Every detail has been thoughtfully crafted to create a luxurious yet welcoming home!

4568 S Banning Drive Gilbert, AZ 85297

$4,999,888
7 Beds
6.5 Baths
10,572 SqFt
Status Active
MLS # 6702319
Property Type Single Family Residence
Price Type --
SELLER FINANCING AVAILABLE! Award winning builder, Luxury Living Homes presents this incredible 10,572 Sq Ft single level estate with 2 Guest Houses in the prestigious gated community, Weston Ranch! Winning multiple awards, this property is the home builder's personal residence and showcase home with architecture inspired by Frank Lloyd Wright. This 7 bedroom, 6.5 bathroom luxury estate offers an NBA indoor basketball court, 6 car garage, detached guest house and exquisite custom finishes throughout. The custom ceiling details, over 23 imported slabs/inlay marbles/tile work, incredible kid bedrooms with play areas that inspire young minds creativity, amazing outdoor spaces including pickle ball court/sport court, and multiple engineered pools within one large pool

12140 N 106th Street Scottsdale, AZ 85259

$4,997,000
7 Beds
6.5 Baths
6,063 SqFt
Status Active
MLS # 6596266
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION - permits ready and we are set to break ground on this exceptionally designed Modern Luxury Estate brought to you by Blue Sky Homes. Boasting roughly 5226 SF this home is an entertainer's dream, with open kitchen, large sliding door system to the backyard and a split bedroom floor plan and with 10'+ ceilings. Guest will feel welcomed in the spacious 800+ SF casita overlooking resort style backyard. This amazing home is located in the popular Cactus/Shea corridor close to shopping, dining, as well as hiking trails. Don't miss out on the opportunity to semi customize this desert gem before it's too late. *Pictures used to reflect floor pan, not actual property. This property is located on Lot B of the site.

10040 E Happy Valley Road Unit 504 Scottsdale, AZ 85255

$4,995,900
4 Beds
4.5 Baths
5,986 SqFt
Status Active
MLS # 6787820
Property Type Single Family Residence
Price Type --
Immediate Golf Club membership at closing. This artfully designed, Santa Fe inspired home offers rich & elegant detail with generous open living spaces and numerous fireplaces for comfortable gatherings all on one level except for an upper level two room Casita with view deck. Luxurious finishes and features include Venetian plaster, wood beam ceilings, center island kitchen with Wolf & Sub-Zero appliances, all bedroom en-suites, media room with large entertainment bar, fitness room, 4 car garage, BBQ and spa. Desert Highlands amenities include Jack Nicklaus signature golf course, 13 tennis courts (4 grass), pickle ball courts, bocce ball courts, fitness center, fine & casual dining,walking paths, guard gated & security patrolled

10207 E Diamond Rim Drive Unit 2121 Scottsdale, AZ 85255

$4,995,000
5 Beds
5 Baths
5,660 SqFt
Status Active
MLS # 6753179
Property Type Single Family Residence
Price Type --
Situated on a rare 1/2 acre corner lot, you'll enjoy privacy, and plenty of lush, mature landscaping, and the ease of hopping in a golf cart to get to Silverleaf Country Club. A private courtyard entrance will lead you to the entry as you meander through the meticulously maintained rose gardens, a bubbling fountain and large blue tiled swimming pool, and spa. The open great room has a grand feel as it's accented with a Cantera stone arch, soaring ceilings with hand-hewn beams, and telescoping doors that open up to the covered patio, and additional center courtyard with charming stone fireplace to add to the ambiance while entertaining. No additional expenses needed on this home, as the owner has recently completed a renovation to include, new lighting throughout, fully remodeled bathrooms with designer tiles, and plumbing fixtures. The kitchen is a dream to cook in as it has a large center island adorned with South American Quartzite and Cristallo translucent Quartzite, Wolf 6 burner gas range with griddle, Wolf double ovens, coffee bar, and 3 tall sub-zero wine refrigerators. Exterior was renovated with new landscaping, new landscape lighting, and Rhinosheild paint. The main house features three spacious guest bedrooms with en-suite bathrooms that any guest will enjoy. An elevator leads to the primary suite with a large sitting room, spacious his/hers custom closets, and luxurious bathroom with dual vanities, make- up vanity soaking tub, and over-sized shower. The office has lovely built-ins and french doors that lead to a secret garden with a stone fireplace. Retreat to the detached, 462 sq ft Casita, to enjoy an afternoon of sewing, gaming, or fitness. The Crestron system is the brains of the home, and has been fully updated in 2023, along with 7 new HVAC units for the home. This home also features a 3 car garage and plenty of storage space.

36421 N 105th Place Scottsdale, AZ 85262

$4,995,000
4 Beds
4.5 Baths
5,208 SqFt
Status Active
MLS # 6620771
Property Type Single Family Residence
Price Type --
Pre-completion pricing! Framing is done, home completion Spring 2025! Right sized at 5208 feet, three bedrooms plus guest house and lots of covered outdoor patio area for modern desert living at Mirabel. Great room with soaring 16´ceilings, looking through retractable glass wall to pool/spa and a view of Pinnacle Peak. South facing rear yard is perfect exposure for AZ living. Double oversized 2-car garages fit four luxury vehicles (or your expensive toys on lifts!) comfortably. Light and bright throughout, Wolf/Subzero gourmet kitchen, full wet bar with pocketing windows out to patio, his and hers water closets in owner's suite. Flex room for gym, second office, workspace, or storage. Two secondary ensuite bedrooms and den. Free-standing guest house makes having guests more fun! CW's Touchpoint Home Management program will help you take care of your home; you've worked hard enough already! Complete specifications available, hurry while there's still time to customize and make it yours! Images are intended to convey overall design direction for this home but final specifications are subject to change. Contact Calvis Wyant Luxury Homes for up to date details. Please call Listing Agents to show, thank you!

7291 N 71st Place Paradise Valley, AZ 85253

$4,995,000
6 Beds
8 Baths
8,412 SqFt
Status Active
MLS # 6635976
Property Type Single Family Residence
Price Type --
The best priced property, in one of the most prestigious neighborhoods of Paradise Valley, this home is a must see... The quiet & peaceful lot features an outstanding 8,412 SqFt residence in the exclusive Cheney Place (only 20 private homes in the community) boasts impeccable craftsmanship & artistry enhanced by lush landscaping and a captivating central fountain. This masterpiece includes a FULLY-FURNISHED family chapel, as well as a FULLY-FURNISHED 2 bedroom Guest House equipped with a full kitchen, a fireplace, a jetted tub, its own 2-car garage, and a seating area with a grill. Ideal for in-laws or extended family. The main house showcases 4 bedrooms, a sitting room, an office, a movie theater and a 3-car garage (5 total garage spaces including guest house garage). Access through the grand entrance to experience sheer beauty & custom details throughout (backyard furnishings also included). Abundant natural light graces every corner, from the formal living room to the large dining room that overlooks the front yard and the massive family room with a fireplace & a wet bar. This beauty features soaring tray ceilings, elegant chandeliers, an intercom, rounded archways, refined tile flooring, classical pillars, artful niches, plantation shutters, a central vacuum, and recessed lighting. The striking kitchen is a testament to culinary perfection! Hand-carved wood detailing, granite countertops, a large peninsula, a central island, and NEW Viking appliances demonstrate unparalleled luxury. The laundry room also features brand NEW spare appliances such as an all new double oven and even a new washer & dryer set! Relish morning views in the sunlit breakfast nook or indulge in the exceptional wine cellar that can fit up to 868 bottles. The opulent master retreat has a fireplace & a generous sitting room with private access. The lavish en-suite bath comes with dual vanities, a make-up vanity, a jetted tub with a glass block wall allowing abundant natural light in, and a bountiful walk-in closet. This impressive home has a second master bedroom with its own bathroom & a jetted tub. There is more! Work from home in the sizable office or enjoy unlimited movie nights in the spectacular home theater, which is soundproof & has a brand-new projector & receiver. The awe-inspiring backyard is a complete paradise offering al fresco dining areas, an outdoor kitchen, serene fountains, a resort-style heated pool & spa, a fire pit with built-in seating, re-coated flooring, and an entertainer's game room with a fireplace & a wet bar. 3-car garage attached to main house for added convenience. Don't forget about the cozy billiard area under the Pavilion in the backyard, the perfect area for joyful gatherings with family & friends. This magnificent value is a statement!! The pool has also been completely re-tiled/re-chipped & new pebble added as of 9/13/24! The exclusive Cheney Place gated community only has 20 lots. Words alone cannot capture its essence. Don't miss out on this opportunity to own this gem before it's too late!

6044 E Calle Del Paisano -- Scottsdale, AZ 85251

$4,995,000
5 Beds
5 Baths
5,235 SqFt
Status Active
MLS # 6721789
Property Type Single Family Residence
Price Type --
This quintessential Arcadia residence is located on a quiet, cul-de-sac street with no through traffic and offers the ideal lifestyle in a highly desirable neighborhood. Newly constructed in 2023 by Bolte Homes and ticking all the boxes, from the moment you enter the charming front courtyard you know something special lies ahead. The layout is ideal with a total 5235 sq ft. 3484 sq ft on the main level, which features a stunning great room, gourmet kitchen with butlers pantry, spacious primary suite and separate wellness room. The 1751 sq ft basement features two bedrooms, one and half baths, game room, wet bar and theatre room. The backyard and outdoor space is a dream and features a sparkling pool with swim up bar, spa and huge covered ramada with grill with lounge seating. Simply put, you'll never want to leave. Thoughtful design, attention to detail and custom finishes throughout. With gorgeous views of Camelback Mountain to top it off - this incredible home has it all.

9203 E Happy Hollow Drive Scottsdale, AZ 85262

$4,995,000
4 Beds
4.5 Baths
7,308 SqFt
Status Active Under Contract
MLS # 6617612
Property Type Single Family Residence
Price Type --
Experience the epitome of luxury living in this exquisite Desert Mountain home designed by award winning builder Peter Magee, offered with a rare Golf Membership. The Family Room is an entertainer's dream and opens to the well-appointed and tastefully designed kitchen offering upgraded appliances, two islands and Brazilian soapstone countertops. The Great Room boasts an elegant wet bar and multiple lounging areas. A private and inviting owner's wing includes a spa like ensuite, oversized walk-in closet and separate laundry room. An abundance of natural light fills the home by day and cool evenings draw you to the expansive outdoor living spaces which include alfresco dining and a heated pool & spa to capture sunset, golf course, mountain & city light views. A true contemporary masterpiece

6818 E Stagecoach Pass Carefree, AZ 85377

$4,990,000
5 Beds
4.5 Baths
5,609 SqFt
Status Active
MLS # 6789454
Property Type Single Family Residence
Price Type --
Discover the pinnacle of desert luxury at 6816 E. Stagecoach Pass, where breathtaking mountain views, unparalleled craftsmanship, and modern conveniences converge in perfect harmony. Nestled in the heart of the charming town of Carefree, this extraordinary home offers a lifestyle of sophistication and tranquility, with no HOA restrictions to limit your vision. Situated on a 1.7 Acre Estate size lot, this home boasts meticulous attention to detail. From the moment you step through the grand entrance, you are greeted by soaring ceilings, expansive windows, and an abundance of natural light the highlights the seamless indoor-outdoor living design. The spectacular up close view of Black Mountain will take your breath away. All the living spaces are designed to maximize the incredible views. The Great Room features soaring ceilings, dramatic gas fireplace, and 18 Foot Automated Wall of Disappearing Glass that opens up the space to the Rear Patio and Outdoor Entertaining Area. The Great Room opens to the Chef's Kitchen that feels like a true work of art with backlit Imported Cabinetry, Expansive Quartzite Island with seating, Walk in Pantry, Upgraded Miele Appliances including Steamer, gas cook top, Built in Refrigerator, Wine Storage, and large eating area surrounded with incredible views. Located off the Great Room a Large Formal Dining Area with adjacent Butlers Pantry with an abundance of storage and counter space. The Primary Suite is a sanctuary in its own right, offering panoramic desert and mountain vistas. Charming Gas Fireplace and separate bedroom exit to rear yard. A luxurious en-suite bath features a soaking tub, dual vanities, walk in shower, two toilet rooms, all complemented by premium imported tiles and finishes. Two walk in closets provide custom built ins and providing ample space to keep everything impeccably organized. Additional three ensuite bedrooms are equally well appointed, providing a perfect balance of privacy and comfort for family or guests. In addition to the three additional bedroom suites, there is a spacious office off the master side of the home with close up views of Black Mountain. A large Flex Room on the opposite side of the home with a generous closet for a workout area, second den/office or whatever your imagination desires. Outside the Desert Oasis awaits. A sparkling heated pool and spa surrounded by expansive patios and seating areas with both gas fireplace with dancing colors and firepit with separate seating area Lush low maintenance landscape and view fence to open up the views. Black Mountain provides a dramatic and ever-changing backdrop that is nothing short of magical. Car enthusiast's you will love the oversized 4G that is 48' wide and 32' deep with insulated oversized 10-foot door, potential for Lift or double stacking cars. Rich epoxy/rubber floors, 1/2 bath. This property is located minutes from Carefree's vibrant Town Center, World Class Golfing, Fine Dining and Shopping providing both seclusion and convenience. Come Experience the perfect blend of Luxury, Freedom, and Natural Beauty at 6816 E. Stagecoach Pass!

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