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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7780 E Vaquero Drive Scottsdale, AZ 85258

$3,500,000

7 Beds

9 Baths

8,460 SqFt

Status Active Under Contract

MLS # 6762399

Property Type Single Family Residence

Price Type --

Welcome home to Gainey Ranch - A guard gated oasis of lush vegetation, convenient shopping, a variety of dining, 27 holes of golf, and active lifestyle amenities such as an indoor gym, sports courts, and a lap pool, all at your doorstep. This gated estate is perfectly situated along the Arroyo golf course on an acre lot, with panoramic golf course and Mummy mountain views. Perfect for car collectors or large families, this home features an 8-car garage (all w/ room for lifts), an attached guest casita with 3 bedrooms and kitchen, as well as a kids wing with 3 ensuite bedrooms, ideal for multi generational living. As you enter the home, a wide wall of floor to ceiling windows draws your eye out over the sparkling blue pool to gently rolling emerald fairways. The expansive layout with bright, airy rooms, offers a variety of living and entertaining options: from the intimate private office, to separate wings for children and/or guests, to the sprawling formal living area, to the cozy open floor family/breakfast room and kitchen. Enjoy the primary rooms' elevated, unobstructed view of the luscious golf course and rugged mountains. The primary suite encompasses a large bedroom, sitting area, wet bar, laundry room as well as His & Hers closets, His & Hers bathrooms, His & Hers showers, AND His & Hers vanities. With easy access to premier amenities, matched with a unique yet highly desired layout - this spacious home embodies Scottsdales vibrant lifestyle full of luxury and leisure.

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27111 N 150th Street Scottsdale, AZ 85262

$3,500,000

5 Beds

4.5 Baths

5,513 SqFt

Status Active Under Contract

MLS # 6749282

Property Type Single Family Residence

Price Type --

This fully fenced 5 acre Equestrian Estate is a timeless work of architectural art; a labor of love in every detail. Offering both privacy and sophistication, it is set within a breathtaking desert landscape. This custom residence, tastefully designed by architect Bryan Rains, is impeccably maintained & features a split floor plan with high-end finishes throughout. The Resort-style backyard takes entertaining to a whole new level, allowing for year-round enjoyment of Arizona's natural beauty. The equestrian facilities include a 4-stall barn w/outdoor runs & turnouts with potential for further expansion. Enjoy direct access to extensive trail riding, including McDowell Mountain Regional Park, while remaining conveniently close to fine dining, shopping, & the vibrant Scottsdale amenities.

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5871 E Sanna Street Paradise Valley, AZ 85253

$3,500,000

4 Beds

4 Baths

4,956 SqFt

Status Active Under Contract

MLS # 6783603

Property Type Single Family Residence

Price Type --

Enjoy curb appeal galore at this remodeled Santa Barbara Spanish gem on a quiet cul-de-sac in coveted Camelback Country Estates neighborhood. Soaring ceilings & dramatic 2-story picture windows welcome you to the stately, yet comfortable home, bursting with abundant natural light. Large great room holds a crowd, with room to relax, dine and cook in highly-functional kitchen. Luxurious indoor/outdoor living w/expansive yard that boasts desirable amenities: mountain views, heated pool w/baja shelf/water feature, large covered patio, grassy areas for play, mature trees (citrus too), gate to large field and golf course. Substantial laundry w/walk-in pantry. 3-car, temp-controlled garage w/exercise area. Loads of storage throughout property. Proximate to shopping/dining/commute. Move-in ready!

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865 E Monte Vista Trail Wickenburg, AZ 85390

$3,500,000

5 Beds

7 Baths

7,880 SqFt

Status Active

MLS # 6659880

Property Type Single Family Residence

Price Type --

Experience luxury & sophistication gated community! Integrating indoor & outdoor living. BREATH TAKING VIEWS! Nestled in the heart of Wickenburg, this stunning custom home has 5 bedrooms, 7 baths & theater room. Entering thru this grand entrance you are greeted w/a water feature & expansive living spaces. Gourmet kitchen is a chefs dream. Featuring top-of-line appliances, custom cabinetry, 2 warming drawers, 3 ovens, & a spacious island. Custom built bar. Relax by one of 5 fireplaces. Your master suite is a private sanctuary boasting a spa-like feel, fireplace, Large walkin & jet tub. Stepping into your private backyard oasis offers total relaxation. Negative edge pool/spa, built in b-bque, ramada, steam room & lush landscape is your ideal entertainment. The spacious 3200 sq ft RV garage. Spacious RV garage with a drive through RV Stall, can hold 8+ vehicles. Until you see this amazing property in person, you will not appreciate the value. This custom home was built by Tom Hogue and used as his personal home. From the grand entry way, rocked pillar, fountain water feature, floor to ceiling retractable glass doors, workout room, sauna and so much more. This is a MUST SEE!!!

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10416 N 52nd Street Paradise Valley, AZ 85253

$3,500,000

5 Beds

6 Baths

6,685 SqFt

Status Active

MLS # 6768580

Property Type Single Family Residence

Price Type --

REDUCED PRICE FOR QUICK SALE! Magnificent Tuscan-style estate on a sprawling, beautifully manicured acre lot located in the highly sought-after Paradise Valley, just moments away from top-tier shopping and dining in both PV and Scottsdale. With over 6600 square feet of living space, this residence offers a spacious great room floor plan with 5 bedrooms and 6 bathrooms. The home boasts elegant formal living and dining rooms, a large family room with a gas fireplace, and a bonus/game room for added leisure. The split floor plan ensures privacy, with the expansive primary suite featuring a cozy sitting room with a gas fireplace, a spa-inspired bathroom with dual sinks, a walk-in shower, a freestanding soaking tub with a remote-controlled electric fireplace, two oversized walk-in closets and a cedar closet. The guestwing offers 4 spacious en-suite bedrooms, each with walk-in closets. The gourmet kitchen is a chef's paradise, equipped with a large island and top-of-the-line appliances. Multiple French doors open to the resort style backyard oasis, complete with a spacious covered patio, a heated pebble tec diving pool, a lush lawn, built in BBQ and a ramada perfect for outdoor entertaining. Luxury finishes throughout include marble and travertine flooring, vaulted and wood-beamed ceilings, crown molding, custom cabinetry, and designer lighting. This home is a must see and has been meticulously maintained. Home is available to be purchased fully furnished on a separate bill of sale.

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3428 S 159th Street Gilbert, AZ 85297

$3,500,000

5 Beds

5.5 Baths

10,171 SqFt

Status Active

MLS # 6712293

Property Type Single Family Residence

Price Type --

Experience livable luxury in this stunning iconic colonial style home ideally located across the street from the LDS Temple in the heart of Gilbert. The architectural masterpiece combines historic elegance with modern amenities, offering an unmatched lifestyle. Designed for both comfort and entertainment, this nearly 11,000 square foot home features a beautiful front porch and balcony straight out of the movies, grand foyer, 20 ft. vaulted ceilings, extensive molding and trim work, expansive living and dining areas, a huge entertainer's kitchen with hidden walk-in pantry complete with a commercial grade walk-in refrigerator, indoor pro racquetball court, theater room and serene library. Majestic kitchen features a two tier island with breakfast bar and large dining area with the temple as a backdrop out every window. The home boasts 5 spacious bedrooms and 5.5 bathrooms, extended 3 car garage on one side of the house and an additional 2 car garage on the apartment side of the home. Enter the master bedroom through a large sitting room with fireplace and front porch access. Large master has built in bookshelves, bay window with temple views, and large ensuite bathroom complete with his and hers sinks, expansive walk in shower/steamer and walk through master closet. Relax in the upstairs loft, on the balcony or with your favorite movie in the theater. Large laundry room is equipped with 2 sets of washer/dryer, center island surrounded by cabinets and more storage. The separate apartment is perfect for guests, in-laws or rental income. RV gate with RV pad. 32kW paid off solar system with battery backup. With no HOA restrictions, you have the freedom to truly make this home your own. Embrace the perfect blend of historic charm and contemporary luxury in a location that offers top-rated schools, easy access to the 202 freeway, Mercy Hospital, San Tan Mall, dining, entertainment, shopping and community events. Too much to list here, this home is a must see.

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18720 N 101st Street Unit 2006 Scottsdale, AZ 85255

$3,500,000

2 Beds

3 Baths

2,752 SqFt

Status Active

MLS # 6718632

Property Type Apartment

Price Type --

**NEW-CONSTRUCTION** The best opportunity to be inside the gates of Silverleaf at a competitive price. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private resort community of Silverleaf.

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19621 N 96th Place Scottsdale, AZ 85255

$3,500,000

5 Beds

4 Baths

4,435 SqFt

Status Active

MLS # 6752044

Property Type Single Family Residence

Price Type --

Highly sought after, gated DC Ranch Hacienda on one of a kind, oversized lot is tucked on an exterior cul de sac street with amazing curb appeal, faces open preserve and backs to natural area with picturesque McDowell mountains. Capture serene mountain and city light views from multiple areas of the home. Desirable great room home plan features 5 bedrooms, 4 baths, downstairs office and plus an upstairs office/den with wine fridge bar, and an expansive flex bonus room upstairs, with charming interior courtyard for entertaining. Enjoy seamless indoor/outdoor AZ living with a telescoping glass door from great room to picture perfect resort style backyard with scenic mountain backdrop, featuring oversized grassy area plus garden planters, outdoor covered ramada adjacent to generous heated pool and spa, and linear firepit, built-in BBQ with seating, covered patio, with ample hardscape space for seating/lounging. Stunning designer finishes including oak hardwood flooring throughout the home, light and bright oversized eat-in kitchen island, chic statement vent over gas range overlooking backyard, refined marble and tile selections throughout for a polished sophisticated appeal. Breathtaking views from second level primary suite with sitting area overlooking majestic McDowell Mountains, enjoy generous wardrobe, and spa like bath with freestanding bubble soaker tub. Convenient utility room with hall tree, three car tandem garage with cooling unit, plus spacious additional paved parking for four more cars. Quaint neighborhood park nearby. This showstopper is a unique opportunity in the coveted DC Ranch Haciendas.

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8332 E Sand Flower Drive Scottsdale, AZ 85266

$3,499,995

4 Beds

4 Baths

4,297 SqFt

Status Active

MLS # 6734396

Property Type Single Family Residence

Price Type --

MOVE IN READY beautiful pre-designed home with luxurious upgrades inside and out. The award winning Mayne Modern home design was made for entertaining. This single-level home showcases an open floor plan with elevated ceiling heights in the main living spaces. The Gourmet kitchen is a chef's delight with upgraded maple cabinets and designer stainless steel appliances included a Wolf 48'' Rangetop w/Griddle, Pro Hood, Micro Drawer, Pro Double Ovens, and Cove Dish Washer. Spacious great room features a 60'' primo fireplace and 20' multi-stacking door open to covered patio. Oversized bonus room with wet bar and direct access to large covered patio. Attached casita with living area and full bath. Price includes full landscape and pool. THIS IS A MUST SEE!

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6413 E Ashler Hills Drive Cave Creek, AZ 85331

$3,499,900

4 Beds

5 Baths

4,057 SqFt

Status Active

MLS # 6762063

Property Type Single Family Residence

Price Type --

Stunning rustic contemporary home on a private road with no hoa. Home sits on 2 1/2 acres fully fenced with rear yard that has capabilities for adding another 10,000 of casita, garage and or under roof if desired. Home surrounded by beautiful cave creek desert mountain views, as well offers privacy and while being close to shopping and schools. The chefs kitchen boast twin Subzero 736 refridgerators and Wolf oven and range top, large walk in pantry, prep and primary sink on dual islands, hidden accessories, quartzite countertops. Home has City of Scottsdale water, 2 stage water filtration, a water softener and 2 RO systems for drinking water and ice. Back patio boast tv sitting area, 48 inch firepit, built in BBQ and sink, bar island and mister system. Buyer to verify all information.

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10767 E Hedgehog Place Scottsdale, AZ 85262

$3,499,000

5 Beds

7 Baths

4,967 SqFt

Status Active

MLS # 6775591

Property Type Single Family Residence

Price Type --

Must see this custom-built beauty located in the desirable, gated community of Pinnacle Canyon. With the Modern Mélange concept that blends elegant architecture along with natural beauty; this home offers the best indoor/outdoor living with multiple bi-fold doors leading to the front & back patios with fireplaces, overhead heaters, entertainment areas & more. Enjoy your private backyard oasis with a negative edge pool & spa, outdoor kitchen, extensive landscaping w/ lighting & majestic views of the mountains & boulders. Inside offers an upgraded Kitchen w/ Alder cabinets, Cambria countertops, thermidor appliances, along with an over-sized Island. The primary bedroom has a stone wall w/ fire place, his & her walk-in closets, French doors to patio & oak floors. All Guest rooms are ensuites Arizona living at its best!

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9591 E Havasupai Drive Scottsdale, AZ 85255

$3,499,000

5 Beds

5 Baths

5,240 SqFt

Status Active

MLS # 6719082

Property Type Single Family Residence

Price Type --

Located in one of the finest private communities in Scottsdale, this luxurious home sits on THE BEST lot in La Strada. Surrounded by mountain views & city lights while still in the heart of the city, this stunning & spacious home features all the amenities including 5 bed, 5 bath, 4 car gar, office/den, walk in wine cellar w/Subzero fridge by Cellar, casita, courtyard, & sport court. Resort-style backyard with amazing views is private & features a negative edge heated pool, spa, & outdoor kitchen area. The indoors are just as inviting with a recently remodeled chef's kitchen equipped with Wolf & Subzero appliances, steam oven, and other high-end finishes. A dream home on a quiet & private cul-de-sac just minutes from the 101, DC Ranch Marketplace, Kierland, & all the Valley has to offer.

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