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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2128 E Leo Place
Chandler, AZ 85249
$959,900
5
Beds
3.5
Baths
4,637
SqFt
Status
Active
MLS #
6760499
Property Type
Single Family Residence
Price Type
--
Motivated to SELL $10K CONCESSION OFFERED for whatever you desire! Gated Entry & Tree Canopied Park Welcomes you home~4600+ sqft, 6 bedroom/4 bath in SE Chandler~Recently Remodeled & Updated Big Open Kitchen w? Quartz Countertops, White Cabinets, Custom Hood~Overlooking Amazing backyard~Generously sized gathering spaces &. All Oversized bedrooms~Stylish Pool & Outdoor Kitchen~Mature & fruit trees~Lots of Parking & Play Space~Loads of Windows~Natural Light pours in~Renovated Floorplan~Downstairs guest bedroom w/ own full bath could easily be converted to attached Casita w/ modification of Slider to backyard~Upstairs there's a 18' x 19' Bonus Room/Bed 6~3 more Beds~Hall Bath~Great Primary & Bath w/ WOW closet~ CHOICE A+ schools and more. Escape to the backyard paradise that comes with a covered patio, a pergola, a built-in BBQ, an artificial turf, and a refreshing pool! Mature trees shade the space to the north of the backyard and the front on the southside. Multiple fruit trees, and variety of cactus compliment the over 9000 square foot property. Rectangular shaped pool is perfect for lounging, swimming laps, volleyball, or just play. Pentair, top of the line pool equiptment control the pool and water features with variable speed pool pumps~Private streets and curbless driveways make it easy to ride bikes and sport car friendly. I do not think you will find another home wiht this much living space inside and still having such spacious and funcional bedrooms around. Barrington neighbors Circle G Ranch to the East and Tierra Linda to the North and Marathon Ranch to the South. Come and experience its charm and sophistication for yourself!
19998 W Luke Avenue
Litchfield Park, AZ 85340
$959,800
4
Beds
3.5
Baths
3,162
SqFt
Status
Active
MLS #
6738221
Property Type
Single Family Residence
Price Type
--
Buy BRAND NEW for cheaper than building!! You cant build this for less... Welcome to your new 4 bedroom, 3.5 bathroom beautifully maintained home located in the highly sought after Canyon Views community built in 2024! Walk up the paved driveways and step inside to find a perfectly designed open floor plan, neutral tones, plantation shutters, custom living room wall, upgraded fixtures, gorgeous flooring throughout, and many more brand new finishes! The chef-inspired kitchen is a culinary delight, equipped with stainless steel appliances, gas cooktop, quartz countertops, a large center island, and ample cabinet space. Whether you're preparing a family meal or hosting a dinner party, this kitchen is sure to impress. Step outside to your generous backyard awaiting for your personal touch. Whether you want to install a pool, a putt putt, or a one of a kind fire pit, this space is perfect for all your creative ideas, Additional features include a 3 car garage with RV garage parking, a dedicated laundry room, 12 foot ceilings in the primary bedroom and great room, and plenty of storage throughout! Situated in a prime location, this home is just minutes away from top-rated schools, parks, shopping, and dining. Don't miss out on this incredible opportunity to own a piece of paradise in Litchfield Park! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available on this home via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $977/month in year 1 and $501/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.
17329 W Gretna Street
Surprise, AZ 85388
$959,000
4
Beds
3.5
Baths
2,749
SqFt
Status
Active
MLS #
6759428
Property Type
Single Family Residence
Price Type
--
Motivated sellers! Extra large lot. Bonus: casita/primary downstairs. Extra deep garage. Furnished and with golf cart available. Quiet street. Come check out this nicely appointed Penrose model home with an added BONUS room upstairs and an expanded covered patio in the backyard. The upgraded 16 ft slider makes the outdoor living easy! The well-equipped kitchen comes complete with upgraded KitchenAid appliances, upgraded cabinets, gorgeous hard surface counters and a spacious waterfall island large enough to entertain all your family & friends. The great room and casual dining are open to the kitchen. The luxurious primary bedroom boasts a nice sized walk-in closet and beautifully appointed bathroom. All bedrooms are nicely sized.
12058 N Loma Linda Street
Surprise, AZ 85388
$959,000
4
Beds
3.5
Baths
2,730
SqFt
Status
Active
MLS #
6686634
Property Type
Single Family Residence
Price Type
--
Stunning Calistoga model in the beautiful gated community of Sterling Grove. Priced well below market value! Over $80k spent in landscaping, and in home upgrades after closing! This home was designed with impeccable design starting with the farmhouse style with great curb appeal. The owners spared no expense with the landscape adding double patios to the front which welcome a great gathering area for family and friends as well as great views of the White Tank Mountains. Step inside and you will be notice the beautiful chefs kitchen with top of the line Jenn Air appliances including the Jenn Air built in fridge. The chefs kitchen has upgraded soft close cabinets, beautiful hardware and upgraded quartz counters. The gorgeous brick backsplash flows into the great room where it is used on the built in fireplace. The high vaulted ceilings have beautiful dark beams that are a show stopper. The great room and dining room flow well to make a great entertainment space. On one side of the house you will find the large main bedroom with a stunning bathroom that boasts a walk in shower with beautiful tile. You will also find the large custom closet with built in dressers and laundry hampers. Next there is a secondary bedroom and full bath with upgraded tile in the shower. You will also find bedroom 4 that has double door entry which is currently being used as a theater room/office. On the other side of the home you will find another main bedroom suite. This large bedroom has its own walk in closet and private bath with upgraded shower tile. The backyard is perfect for those who want to relax in the beauty of the extra large patio with brand new bull frog spa as well as beautiful ficus trees to add privacy. The patio is plumbed for an outdoor kitchen just waiting to be completed. The laundry room right off of the garage is expansive and houses not only the washer and dryer but a full wall of cabinets for extra storage as well as another fridge. The 3 car garage has a separate 2 car garage and a single car garage that is big enough to fit a small car and golf cart as well. Hanging storage racks have been installed for extra storage as well. Your clients will be amazed at everything this home has to offer. Home is listed below market value and for less than owners have spent due to their need to sell.
9779 W Keyser Drive
Peoria, AZ 85383
$959,000
5
Beds
3.5
Baths
4,464
SqFt
Status
Active Under Contract
MLS #
6763799
Property Type
Single Family Residence
Price Type
--
Luxurious estate home in Pleasant Valley Estates on huge lot. Complete Remodel, like brand new. Spacious floor plan with lots of room to roam! 5bd with 3.5 bath. Gourmet Kitchen w/ island, granite tops & beautiful cabinets, brand new SS appliances & gas cooktop. Granite Wet Bar. Dramatic Fire Place in Living Rm. MasterBD Suite w/ MBath & Jacuzzi. Four (4) 2ndary Bds, incl. double sink vanity. Full size In-Laws on ground level, has a full-size bath & closet. Mega-Loft Play/Media Room, vaulted ceilings. Huge covered patio for entertaining & enormous upper deck. Gigantic backyard w/ grassy area for kids to play. 4 car Garage + RV-Gate. Mountain Views. Close to everything.. 20mins to Lake Pleasant Marina. Enjoy water sports.. save on family vacations!
12737 W Maya Way
Peoria, AZ 85383
$959,000
3
Beds
2.5
Baths
2,940
SqFt
Status
Active
MLS #
6734309
Property Type
Single Family Residence
Price Type
--
HIGHLY UPDATED DESIGNER home with the most STUNNING PRIVATE BACKYARD RESORT of your dreams! SOUTH-FACING backyard has amenities galore: heated pool, spillover spa, firepit with seating, huge extended patio w/elevated BBQ island. All secluded and surrounded with lush greenery - a true entertainer's delight and your own private sanctuary! Indoors is highly updated! NEW 2019 TILE FLOORS THROUGHOUT-gray wood-look plank tile, with white marble-look tile in baths. Stunning UPDATED KITCHEN including QUARTZ countertops, painted staggered cabinets, newer appliances & custom hand-blown glass pendant lights. In great room: fireplace with stacked stone added 2019 & custom cabinetry painted 2019. All baths have many updates 2019-23. Other outstanding features: WASH on one side of home, 12kW OWNED SOLAR, TWO NEW 2020 5-ton Trane heating & A/C units, 3 garage spaces, soaring 12-ft ceilings, crown molding, NEW 2022 barn door with etched glass panels in primary suite between bedroom & bath, all NEW 2020 ceiling fans w/lights, custom office space-updated 2021, guest bedrooms with Jack & Jill bathroom, exterior trash enclosure, den with double doors to the large private front courtyard. So many updated & custom features. This spectacular home and backyard oasis is a MUST SEE! This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.
267 W Amherst Street
San Tan Valley, AZ 85143
$959,000
4
Beds
4.5
Baths
3,016
SqFt
Status
Active
MLS #
6751877
Property Type
Single Family Residence
Price Type
--
Nestled in a picturesque location with breathtaking mountain views from the rear of the property, this custom home is a true gem. Impeccably maintained and in fantastic condition, this residence offers luxurious living spaces and an array of desirable features that make it a standout in the market. Upon entering, you'll be greeted by a foyer that sets the tone for the exquisite craftsmanship and attention to detail found throughout the home. The heart of the house is the expansive great room, boasting a generous floor plan that provides ample space for both relaxation and entertaining. The centerpiece of the great room is a remarkable 16-foot wide patio door, seamlessly merging the indoor and outdoor spaces. The gourmet kitchen is a chef's dream, featuring beautiful stainless appliances, custom cabinetry and granite countertops. The over and under cabinet lighting enhances the ambiance, while the sleek design and ample storage space make cooking a delight. Every aspect of this kitchen has been carefully considered to provide both functionality and beauty. The attention to detail continues throughout the home with custom blinds, beautiful high-end trim features and finishes that exude sophistication and elegance. The seamless flow of the design creates a harmonious living environment where each room effortlessly transitions into the next showcasing crisp craftsmanship at every turn. Car enthusiasts and RV owners will find their dreams fulfilled with over 2000 square feet of garage space. This includes a remarkable climate controlled 50-foot deep by 15-foot wide RV garage complete with a 12-foot wide by 14-foot tall entry door, providing ample space for storing your recreational vehicles and then some! The 50-amp RV service inside the garage adds convenience and versatility not to mention the 1/2 Bathroom and extra storage area / office that can really round out the ultimate Man Cave!! There is an oversized two-car garage with an 8-foot by 18-foot entry door, ensuring that all your storage needs are met. The backyard is a blank canvas ready to put your own personal creativity to work! Design the perfect pool, recreational space and of course the perfect BBQ entertaining area! This home is a must see!
36236 N 11th Avenue
Phoenix, AZ 85086
$959,000
5
Beds
2.5
Baths
1,875
SqFt
Status
Active
MLS #
6754001
Property Type
Single Family Residence
Price Type
--
Step into this highly upgraded home that boasts a comfortable southwestern lifestyle. nestled on 1.1 acres just west of Cave Creek, this house offers the ultimate Sonoran desert lifestyle. With 5 bedrooms, the home effortlessly handles your every need. You'll love the kitchen which showcases custom-made knotty alder cabinets and of course, granite counters. Sleek black appliances provide the perfect accent. Every detail has been addressed, from the custom laundry room cabinets to the owner bedroom featuring a distinctive barn door and a custom vanity. The property features six custom gates, offering not just security but also a touch of architectural flair. Next, step into the backyard, where the house truly comes to life. A sprawling oasis awaits, complete with a pool surrounded by a fenced area for both safety and privacy. The back patio offers a recently updated roof, and provides the perfect setting for entertaining or simply unwinding in style. But that's not all - discover THIS hidden gem. An 832 square foot guest quarters with a bathroom in the back garage, offering versatility and additional space for your guests. Plus, you'll have room for all your toys in the 1,392sf over height garage with room for all your tools. There's also covered parking on Concrete slab for your RV. This home is a true sanctuary where you can live, work, and entertain with ease, privacy, security and comfort. This Home has newer Roof, Stucco, exterior paint, new seal,new stucco and new windows in 2020. The Back Garage recently painted and sealed. The front garage is newly painted interior and the floor has brand new epoxy. New carpet in the guest quarters, new paint on back garage inside and out. The backyard has an interior fence e for animals and pool safety. The pool has new water has been acid washed and had the tile cleaned. The pool has a new cleaner and new pump.
4509 E Blanche Drive
Phoenix, AZ 85032
$959,000
4
Beds
2.5
Baths
3,139
SqFt
Status
Active
MLS #
6755367
Property Type
Single Family Residence
Price Type
--
Live in PV lite, just steps from North Scottsdale, and grab dinner in minutes in Kierland, PV Mall, or Desert Ridge. If you have tired of sterile grey decor and welcome the warm woods--your dream home designed for entertaining awaits. Enter through the double front doors into the wide-open great room with top-of-the-line plantation shutters with a straight view through the giant living and dining to the eat-in kitchen area. Kitchen has hard surface counters, multiple slide-out upgraded cabinets, newer specialty lighting, and a wine bar. Just off the eat-in-kitchen, enjoy the theater room with projection screen and wired surround sound in-ceiling and three walls. Upstairs is equally impressive. You will never want to leave the master suite, which is the size of a starter home with two closets (one walk-in with California closet built-ins), a sitting area with a stone fireplace, and a flex/office space. There's even electricity for a mini-fridge and microwave in a closet so you really don't have to leave. The ensuite bathroom has a walk-in tiled shower and double vanities with extra storage. There are three other bedrooms upstairs (one with a Queen Murphy bed), a linen closet, and another full bath that adjoins a bedroom. No storage unit needed with the expansive three-car garage with overhead built-in storage. But if you are an Arizonan, the real cherry on top is the outdoor living in the resort-style backyard, which has been fully updated with designer travertine tile, custom pool tile, mature orange and grapefruit trees, numerous palm trees, shade trees, covered patio, and a pergola perfect for gathering. All this and the bills will be lower than expected from the updated Universal Windows (2017), HVAC (2021), water heater (2023), electrical panel (2022), 3-rack quiet energy dishwasher (2024), and fully paid Tesla solar system (2018). Almost all furnishings are negotiable with the right offer.
1 Easy Street Unit 17
Carefree, AZ 85377
$959,000
4
Beds
4.5
Baths
2,283
SqFt
Status
Active
MLS #
6764676
Property Type
Townhouse
Price Type
--
Experience modern luxury in this stunning, newly constructed townhome located in the heart of Carefree and Cave Creek. This spacious fully furnished 4-bedroom, 4.5-bath home boasts over $85,000 in upgrades and sits on one of the largest lots in the community, offering breathtaking views. Designed for both comfort and style, the home features sleek modern finishes, quartz countertops, and stainless steel appliances throughout. The gourmet kitchen is a chef's dream, perfect for entertaining with its top-of-the-line amenities. Step outside to enjoy the Arizona lifestyle with a built-in BBQ, cozy firepit, and ample outdoor space, ideal for gatherings or quiet evenings under the stars. This townhome offers a unique blend of luxury, space, and location, making it the perfect desert oasis for discerning buyers!
7121 E Rancho Vista Drive Unit 3001
Scottsdale, AZ 85251
$958,000
2
Beds
2
Baths
1,408
SqFt
Status
Active
MLS #
6672513
Property Type
Apartment
Price Type
--
Stunning, FULLY furnished condo is move-in READY! You will be blown away by the jaw dropping floor to ceiling windows which allow just the perfect amount of light into the condo. Indulge in luxury living in the heart of vibrant Old Town Scottsdale and immerse yourself in the essence of convenience with easy access to highly acclaimed restaurants and luxury shopping experiences just moments away. Step into this meticulously appointed residence offering a 2 bed/2 bath layout, thoughtfully designed with an open concept to seamlessly blend entertainment and relaxation. The expansive master bedroom features a delightful nook, perfect for crafting your home office sanctuary or creating a cozy reading corner for peaceful evenings. Escape into tranquility as you sip your morning coffee on the patio, enveloped by serene views of the lush inner courtyard adorned with tranquil fountains. Discover the epitome of convenience with this condo's prime location, granting effortless access to freeways, Sky Harbor Airport, premier golf courses, and renowned sporting and entertainment venues. Optima Camelview is a city within the city with a wide array amenities, including outdoor pools, indoor lap pool, rejuvenating spas, steam saunas, and courts for basketball, racquetball, and pickle ball.
959 W Myrtle Drive
Chandler, AZ 85248
$956,900
5
Beds
4
Baths
3,458
SqFt
Status
Active
MLS #
6784055
Property Type
Single Family Residence
Price Type
--
Welcome to this elegant 5-bedroom, 4-bath home in Chandler's highly sought-after Ocotillo community. This spacious residence features an open floor plan connecting an upgraded kitchen, living room, and breakfast nook, all with views of a beautifully landscaped backyard, an expansive patio, and a sparkling pool—perfect for outdoor relaxation and entertaining. The kitchen is designed for both function and style, with quartz countertops, custom cabinetry, and stainless-steel appliances. Natural light enhances the warm wood and tile flooring throughout. The primary suite offers a private retreat, with a luxurious ensuite bath and generous closet space. Additional highlights include a three-car garage and an RV gate, offering versatile storage solutions. Ideally located near top-rated schools, shopping, and dining, this home combines convenience with luxury in a community renowned for its lakes, golf courses, and active lifestyle. Discover refined living in this exceptional Ocotillo gem.