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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32215 N 16th Avenue Phoenix, AZ 85085

$930,000

3 Beds

2.5 Baths

3,231 SqFt

Status Active

MLS # 6704235

Property Type Single Family Residence

Price Type --

Wow! This exquisite 3 bed, 2.5 bath home with Den loaded with built in cabinets is finally on the market and ready for you! Featuring a 3-car garage, easy-care landscape, stone accents, and a paver courtyard w/an outdoor fireplace. Discover a spacious dining & living area w/tile flooring, graceful archways, a cozy fireplace, and neutral palette throughout. The home is already prewired for surround sound & multi room audio to the great room, main bedroom, den, back patio, & courtyard! The kitchen includes chic light fixtures, wood cabinetry, 2 ovens, SS appliances, an island, a two-tiered breakfast bar, and granite counters. Relax and unwind in the main bedroom, boasting plush new carpet, an ensuite with dual vanities, dual walk in closets, a spacious shower with dual shower heads & a soaking tub. Also including a large backyard w/a covered patio, extended seating area, and a view fence featuring a desert wash and mountain tops in the distance. Upgrades completed in 2024 include both exterior and interior paint throughout, new fountain in the courtyard, updated landscaping with lovely new plants, all connected to a fully replaced irrigation system, new rip rap, 9 tons of added gravel, new landscape lighting system, new carpet in bedrooms and closets, new hardwood in den, grout color change and seal for all the floor and countertop tile, updated pull down spraying kitchen faucet, freshly painted kitchen island and touch up stain to cabinets throughout the home, new belt drive garage door openers, epoxy in the garages and replaced one of the HVAC units. The list of updates seem endless. This home is a dream come true!. Act now

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25051 N 140th Drive Surprise, AZ 85387

$930,000

5 Beds

4.5 Baths

4,576 SqFt

Status Active

MLS # 6731060

Property Type Single Family Residence

Price Type --

Welcome to this luxurious 5-bedroom, 4.5-bathroom home in the exclusive Catalonia Collection of Rancho Mercado, in northwest Surprise. Spanning 4,576 sqft, this stunning residence offers breathtaking city and mountain views. Back a wash ensures no rear neighbors maintaining your views. Enjoy the private pool and fully landscaped yard with natural grass. The spacious interior includes a gourmet kitchen, elegant living areas, and a master suite with a spa-like bathroom and huge walk in closet. With a 3-car tandem garage, this home combines luxury, privacy, and functionality in an unbeatable location. Don't miss this unique opportunity!

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425 E Waltann Lane Phoenix, AZ 85022

$930,000

4 Beds

2 Baths

2,940 SqFt

Status Active

MLS # 6755010

Property Type Single Family Residence

Price Type --

This stunning remodeled home offers everything you could want on a 1/3-acre cul-de-sac lot in Moon Valley! The remodeled kitchen, featuring a huge island, quartz counters and induction cooktop is perfect for entertaining. An open floorplan offers vaulted ceilings, separate family and living rooms, and formal dining. The large primary suite includes a sitting area plus an attached den. Enjoy double walk-in closets and a remodeled bathroom with separate tub and shower. The extended-height 3-car garage and RV parking (with hookups) provide ample space for your vehicles and toys. Recent upgrades include a new roof (2024), 2 new AC units (2024), and a pool with a new pump and filter (2023). Tons of storage! Leased solar panels add efficiency to this well-maintained home for just $113/month!

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2915 E Constance Way Phoenix, AZ 85042

$930,000

5 Beds

4.5 Baths

3,404 SqFt

Status Active

MLS # 6741678

Property Type Single Family Residence

Price Type --

Look no further! This fantastic 5 bed, 4.5baths Plus office residence now on the market is the one for you! Featuring a beautiful facade w/brick veneer accents, a manicured landscape, 3 garage spaces, paver driveway, and an RV gate! Inside you will find a spacious living area and formal dining room w/tile flooring, graceful archways, neutral palette throughout, plantation shutters, and elegant light fixtures. The gorgeous kitchen is equipped w/everything the aspiring chef needs, ample cabinetry w/crown moulding, a walk-in pantry, quartz counters, mosaic tile backsplash, stainless steel appliances, an island w/a breakfast bar, and a breakfast nook. End your busy day in the primary bedroom, boasting soft carpet, a walk-in closet, and a full ensuite w/dual vanities. Double doors open up to a cozy den, ideal for an office or reading nook. Also including a lovely backyard w/a covered patio and artificial turf, this home is simply a dream come true! Act now before it's gone!

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1430 W Maddock Road Phoenix, AZ 85086

$930,000

5 Beds

2 Baths

4,102 SqFt

Status Active

MLS # 6760600

Property Type Single Family Residence

Price Type --

INCREDIBLE MOUNTAIN VIEWS! Phenomenal 5 bed, 2 full bath ranch beauty with a large workshop nestled on nearly 2.2 acres and NO HOA! This energy-efficient beauty features a 5-car garage, circular driveway, BRAND NEW ROOF ON ALL STRUCTURES and private easement. This home has precise attention to detail that is found inside! From the luxury vynil, recessed lighting, storm windows, and light color palette enrich the overall ambiance. Discover an open den with a fireplace, an office with built-in bookshelf, and an ample living room to enjoy with the family that flows into a large dining area. The gorgeous kitchen boasts plenty of white shaker cabinetry, new SS appliances, sparkling Calcutta counters, subway tile, an eat-in peninsula island, and a breakfast bar for the chef at home. The large primary has a huge walk-in closet, an ensuite with extended sinks, and walk-in tub where you can unwind.. The massive backyard offers a full-length covered patio and a large workshop where you can create, also plenty of space to host guest, and enjoy your beautiful AZ sunsets. Take advantage of this one of a kind modern ranch and make it yours!

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5143 E Palo Brea Lane Cave Creek, AZ 85331

$930,000

3 Beds

2 Baths

2,286 SqFt

Status Active Under Contract

MLS # 6744830

Property Type Single Family Residence

Price Type --

This is a rare find situated on an oversized, private lot, offering the perfect blend of luxury and comfort. The open-concept design is accentuated by vaulted ceilings, creating a bright and airy atmosphere. Home has tile flooring and wood plantation shutters throughout. The spacious kitchen features a grand 9x4 island, granite counters, double oven, electric cooktop, an abundance of storage & under cabinet LED lighting. Kitchen flows into family room, accented by an electric fireplace. The home includes a den and an additional room which can be used for dining, game/bar area, or a second family room. Step outside to an oversized patio, PebbleTec pool, built-in KitchenAid grill, a grassy area & desert landscaping. Newer roof, AC, variable speed pool pump, pool vacuum & MyQ smart garage.

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1135 N Signal Butte Road Mesa, AZ 85207

$930,000

4 Beds

2 Baths

2,332 SqFt

Status Active

MLS # 6759874

Property Type Single Family Residence

Price Type --

This estate is truly unique, offering numerous extras with NO HOA. It features a charming 4 bedroom, 2 bath home situated on over an acre of land, complete with an insulated 4-car garage that boasts dedicated air conditioning. The entire perimeter is made private by a custom iron and block fence, including an automatic swinging gate for entry. Inside, a spacious Great Room awaits with a gas fireplace and vaulted ceilings, complemented by shutters and ceiling fans throughout. The expansive eat-in kitchen is equipped with a bay window, a large island, stainless steel appliances, and granite countertops. A decorative white vinyl fence adds style to the interior, separating the relaxing area next to the saltwater Pebble Tec pool. This pool, less than two years old and six feet deep, features two Baja shelves and travertine tile deck. In addition, a third of the property is ideal for a horse setup. There's also an RV-height, 1100 sq ft metal workshop with concrete floors and a 40 ft Conex container for extensive storage. The lot offers scenic mountain views, close proximity to lakes, and nearby biking and hiking trails.

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5506 E Southern Avenue Apache Junction, AZ 85119

Open House

$930,000

4 Beds

3 Baths

2,297 SqFt

Status Active

MLS # 6771902

Property Type Single Family Residence

Price Type --

Luxurious 4-Bed, 3 Bath Home on 1.7 Acres with Spectacular Mountain Views and Resort-Style Amenities! Discover the perfect blend of comfort, convenience, and outdoor living at this beautifully upgraded home in Apache Junction! Nestled on a 1.7-acre corner lot with stunning mountain views, this property offers a lifestyle unlike any other. Step into your personal oasis, complete with a sparkling salt water pool and pool house for ultimate relaxation. Host unforgettable gatherings with a fully equipped outdoor kitchen, built-in BBQ, and fire pit patio. For active living, enjoy a match on your private pickleball court. A serene koi pond adds tranquility, while landscaping with irrigation bring lush beauty to the desert landscape. Energy-efficient with solar panels and pool solar heating The west side of the lot offers plenty of open space, making it ideal for use as horse property with easy access and flexibility for custom setups. Inside, the home's open-concept design is flooded with natural light, featuring vaulted ceilings, wood-look flooring, plantation shutters, and a wet bar, ideal for entertaining. The gourmet kitchen is both stylish and functional, showcasing granite countertops, mosaic tile backsplash, wood cabinetry, stainless steel appliances, and a two-tiered peninsula with breakfast bar. A walk-in pantry adds even more convenience. The primary suite is a peaceful retreat with private outdoor access, soft carpet, a walk-in closet, and a spa-like ensuite bath with dual sinks. This incredible property offers the perfect combination of modern luxury and outdoor adventure. With spectacular views, resort-style amenities, and thoughtful upgrades throughout, this is a home you don't want to miss.

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10309 E Cinnabar Avenue Scottsdale, AZ 85258

Open House

$930,000

3 Beds

2.5 Baths

1,937 SqFt

Status Active

MLS # 6725244

Property Type Single Family Residence

Price Type --

NEW ROOF, APPLIANCES, COUNTERTOPS, SINKS, LIGHT FIXTURES & FLOORING! Welcome to this unmatched lakefront condo with casita in the distinguished 55+ community of Heritage Village IV. This stunning single-level property boasts a large primary suite with dual patio access, a second bedroom with half bathroom perfectly suited for a prestigious office, and a third bedroom/guest suite in the detached casita. Tucked away in a quiet cul-de-sac, this home features a private patio overlooking Lake Serena with lush orange trees and a nearby water feature adding a peaceful ambiance to your outdoor experience. Scottsdale Ranch offers residents FREE OF CHARGE use of kayaks, paddle boats, and canoes. Community amenities include two heated pools, tennis courts, a desert garden and pontoon boat rides. The nearby Via Linda Senior Center is bustling with daily activities and socials. Video walkthrough and floorplan available!

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18518 E Ashridge Drive Queen Creek, AZ 85142

$929,999

5 Beds

3 Baths

4,325 SqFt

Status Active

MLS # 6781886

Property Type Single Family Residence

Price Type --

This stunning 5-bedroom, 3-bathroom home spans over 4,300 square feet. As you approach, you'll notice the beautifully landscaped front yard, complete with turf and pavers that make the home stand out. Step inside to an impressive living area with soaring 20-foot ceilings and an abundance of natural light. To the right is a formal dining room, perfect for large gatherings or easily repurposed as an office. Moving into the heart of the home, you'll find a spacious, open-concept family room flowing seamlessly into a designer kitchen. The luxury flooring throughout adds a touch of elegance, and the soothing neutral paint creates an inviting atmosphere. The kitchen itself is a showstopper, featuring white staggered cabinets, granite countertops, a sleek black backsplash... and modern hardware. It's equipped with stainless steel appliances, ample storage, and multiple dining options with seating at the island and in the eat-in kitchen area. Just off the kitchen, there's a generous laundry room with room for a second refrigerator and extra storage. Step outside to the backyard, where a true oasis awaits. A sparkling pool with a water feature and diving board, beautifully landscaped with palm trees, pavers, and real grassthis backyard is the perfect retreat. Back inside, the first floor offers a full bathroom and a versatile bedroom that can be used as a guest room, office, or home gym. Upstairs, you'll find a spacious loft that can serve as a second living area, game room, or more. Off the loft are three large bedrooms and a full bathroom with double sinks and granite countertops. Down the hall, you'll find the primary suitea true retreat. This expansive bedroom boasts luxury flooring, lots of natural light, and space for a sitting area or office nook. The primary bathroom has everything you could want, including two separate vanities, a soaking tub, a full-tile shower, and dual walk-in closets.

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2935 W Joy Ranch Road Phoenix, AZ 85086

$929,900

4 Beds

3.5 Baths

2,524 SqFt

Status Active

MLS # 6775170

Property Type Single Family Residence

Price Type --

Another fabulous new custom home on a beautiful acre plus view lot in the heart of Desert hills. Ready to move in within the next 10 days. This home has all of the features you would expect stainless steel appliances, walk in pantry, wood look tile, quartz countertops, soft close doors and drawers cabinet package. This amazing brand new Stellar Custom home will not last long. Bring the toys plenty of room in the epoxied oversized garage to house all the toys. Builder has approved permits in hand for 20 by 50 detached garage at back of property and can build for additional price. Brand new home ready to move in before thanksgiving. Buyer to verify all information.

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12976 W Plum Road Peoria, AZ 85383

New

$929,900

2 Beds

2.5 Baths

2,438 SqFt

Status Active

MLS # 6782820

Property Type Single Family Residence

Price Type --

Welcome to this move-in ready, meticulously maintained home in the prestigious Trilogy at Vistancia, an amenity-rich community! This 2-bedroom, 2.5-bath residence, complete with a den and a convenient golf cart garage, offers a perfect blend of comfort, style, and entertainment. The gourmet kitchen is a chef's dream, featuring dual islands, gleaming granite countertops, and top-of-the-line stainless steel built-in appliances. Flowing seamlessly from the kitchen, the great room invites relaxation with its cozy fireplace and elegant tray ceiling, creating the ideal space for gatherings. Retreat to the spacious primary suite, a true sanctuary with a private entrance to the back patio, an enclosed office, and a luxurious ensuite. The ensuite boasts dual closets, a soaking tub, and a separate shower, providing a spa-like experience at home. Step outside to a dream backyard designed for entertaining. The resort-style pool, elevated spa, and expansive covered patio with a ceiling fan make it perfect for gatherings or quiet evenings. A built-in BBQ and bar counter create the ultimate outdoor dining experience. Don't miss the opportunity to own this incredible home in a community that offers unmatched amenities. Trilogy at Vistancia is an age-restricted, amenity-rich community that offers an exceptional lifestyle with two poolsone indoor and one outdooralongside a stunning golf course, on-site dining, and a state-of-the-art clubhouse. A well-equipped fitness center, scenic trails, and nearby parks invite residents to enjoy Arizona's beautiful weather year-round. With luxurious facilities and endless recreational options, this community blends comfort, wellness, and outdoor adventure effortlessly.

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