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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6615 E Shea Boulevard Scottsdale, AZ 85254

$3,200,000

5 Beds

6 Baths

5,908 SqFt

Status Active

MLS # 6731750

Property Type Single Family Residence

Price Type --

This custom-built home epitomizes expansive luxury and is designed to accommodate the grandest lifestyles. Upon entry, you are greeted by a spacious great room and kitchen, featuring large sound-deadening windows that ensure a peaceful ambiance. The home boasts a fireplace, built-in bookcases, and extensive travertine finishes. Rich knotty maple woodwork complements the white island with Rainforest Brown marble, a farmhouse sink, and dark chocolate brown solid travertine countertops. Professional-grade appliances, designer lighting, and eight-blade fans enhance the overall aesthetic. Each bedroom is an en-suite, offering the utmost in privacy and convenience. The home includes a versatile kosher kitchen or mother-in-law suite. A 50-foot RV garage is ideal for a custom coach or car collection. The property features a comprehensive solar system with full battery backup, including a Tesla charging station. This system powers the entire house, eliminating electric bills and providing annual refunds from APS. The detached office/casita includes a full bath, and the extensive outdoor kitchen on the expansive covered patio is perfect for entertaining. The fully landscaped grounds feature pavers and turf throughout, with ample parking available. Additionally, an 804 square foot guest house, included in the total square footage, ensures your guests are comfortably accommodated. This home is designed to fulfill every desire and entertain lavishly.

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3845 E Whitton Avenue Phoenix, AZ 85018

New

$3,200,000

5 Beds

5 Baths

4,171 SqFt

Status Active

MLS # 6775510

Property Type Single Family Residence

Price Type --

Discover this breathtaking brand-new modern farmhouse in Arcadia. This exquisite residence seamlessly blends warmth and comfort with modern elements, creating a perfect backdrop for luxurious living. As you step inside, you'll find five spacious bedrooms, three with beautifully appointed en-suite bathrooms, ensuring comfort and privacy for family and guests alike. The dedicated office space offers a quiet retreat for remote work or creative pursuits, while the inviting teen room serves as a versatile haven for relaxation and study. Outside, discover your own private oasis with a sparkling pool, ideal for entertaining or enjoying tranquil afternoons in the sun. Guests will appreciate the charm and comfort of the flex-use guest house, providing a welcoming escape from the main residence. For fitness enthusiasts, the dedicated Peloton room off the primary suite makes it easy to stay active at any time. Completing this remarkable property is a three-car garage, offering ample space for vehicles and storage while perfectly balancing practicality and luxury. Located in the sought after Arcadia neighborhood, you'll enjoy mountain views, the latest dining concepts, and a vibrant community atmosphere. Don't miss the chance to make this extraordinary home your own. Schedule a tour today and immerse yourself in the perfect blend of style, comfort, and modern living!

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10010 E Blue Sky Drive Scottsdale, AZ 85262

$3,200,000

4 Beds

4.5 Baths

5,476 SqFt

Status Active

MLS # 6651789

Property Type Single Family Residence

Price Type --

La Scala Siena Model designed by Bob Bacon and built by Bob Byrd * Updated Chef's kitchen with adjoining TV room * Open floor plan with dual Master Suites, den/office/game room and separate guest casita with 2 bedroom suites plus a breakfast area with kitchenette * Soaring ceilings, Wood and Travertine flooring, slab granite & stone countertops, alder wood doors & cabinets, and designer appliances * Outdoor living area includes a covered sitting area with gas fireplace, built-in heaters and resort-style landscaping * Private corner lot with elevated mountain views and sunsets * Walking distance to the clubhouse and amenities *

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6101 E Larkspur Drive Scottsdale, AZ 85254

$3,200,000

5 Beds

5.5 Baths

5,055 SqFt

Status Active Under Contract

MLS # 6700067

Property Type Single Family Residence

Price Type --

NEW from Thomas James Homes with an opportunity to select some interior finishes during early stages of construction! This house has a great address and great schools. Sitting in the highly desirable Scottsdale neighborhood, this beautiful 5 bedroom, 5 bathroom modern home is the definition of exceptional design. Wide plank wood flooring, decorative ceiling and wall treatments, including beams and wood paneling, impressive custom lighting, outstanding millwork, stone and tile accents, a gorgeous floor to ceiling fireplace, shaker cabinetry and a 4-car garage are just a sampling of the outstanding finishes going into the home. The large single story open concept floorplan is expertly crafted for modern living with a large interior courtyard leading to the home's entrance. Inside you'll find a large great room and luxury kitchen joined by a large quartz countertop island. The grand suite hosts a large his and hers walk-in closet and a spa like bathroom with a freestanding soaking tub and walk-in shower. The secondary bedrooms throughout the home have en-suite bathrooms. In addition to the bedrooms, you'll find ample added living space with a private office and a kitchen prep area adjoining a bonus room and a game room. Home will feature fully landscaped front and back yards with a pool and spa, providing great Arizona outdoor living space. This home is minutes from dining, shopping and more. Expected completion date of early 2025.

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9125 N Lava Bluff Trail Fountain Hills, AZ 85268

Open House

$3,200,000

4 Beds

4.5 Baths

4,253 SqFt

Status Active

MLS # 6632276

Property Type Single Family Residence

Price Type --

***PRICE REDUCTION $550K***BREATHTAKING VIEWS of Four Peaks & surrounding mountains, this STUNNING FireRock home is ideally situated looking out over 2 golf course fairways & a LAKE! The ULTIMATE in soft Contemporary living w/a GREAT Room highlighted by 14ft beamed ceilings, a 2-way Stone Fireplace & floor to ceiling windows to enjoy EXTRAORDINARY VIEWS all around! Main house is approx. 3,851sf PLUS approx. 402sf in a GUEST CASITA. This den could be a media/theater room! This Chef's kitchen boasts Quartz countertops, Custom Designed Cabinetry, & a Wolf induction Cooktop & Oven. A gorgeous spacious Primary Suite which has dual vanities, a sep. shower & tub & a customized walk-in closet. EPITOME of RESORT STYLE LIVING w/ OUTSTANDING VIEWS, pool,spa & built-in BBQ! Beautiful Porcelain 24 x 48 tile floors have now replaced the carpeted secondary bedrooms and all porcelain 24 x 48 tile floors throughout refinished 6/24. Additionally, there is an anti-crack membrane to help prevent the porcelain tile floors cracking or breaking!

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8130 E Vista Bonita Drive Scottsdale, AZ 85255

Open House

$3,200,000

4 Beds

3.5 Baths

3,800 SqFt

Status Active

MLS # 6516110

Property Type Single Family Residence

Price Type --

This stunning contemporary modern luxurious home RENOVATION IS COMPLETED. Walking in your greeted with a sprawling open floor plan featuring exquisite luxury finishes throughout. This home showcases a spacious lot (almost an acre) with breathtaking mountains views overlooking the golf course. Brand new Pickel Ball court is perfect for entertaining. This home is located in the gated PINNACLE PEAK ESTATES. *Seller agent has ownership in property

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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,195,000

2 Beds

3 Baths

2,294 SqFt

Status Active

MLS # 6563509

Property Type Apartment

Price Type --

Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.

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7117 E Rancho Vista Drive Unit 5003 Scottsdale, AZ 85251

$3,195,000

3 Beds

2 Baths

2,228 SqFt

Status Active

MLS # 6741140

Property Type Apartment

Price Type --

This incredible luxury renovation is expected to be completed by 12/15/2024. ***THE RAREST OF FEATURES IN ALL OF ARIZONA - ELEVATED & UNOBSTRUCTED CAMELBACK MOUNTAIN VIEWS*** Welcome to this legendary property at Optima Camelview Village, the award-winning luxury oasis. Featuring 3 Bedrooms + Study, 2 Baths and 2,228sqft. As an optimal residence, all beds, den and living areas showcase spectacular Camelback Mountain picture perfect views. Totaling 1,146 SF, both terraces are outlined in mature privacy hedges & boast panoramic westerly mountain and city views with the most incredible sunsets you can imagine. The 3 bedrooms all feature rare builder-installed sliding glass doors onto the 2nd terrace. Property comes with the two best parking spaces in the building & a storage unit All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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7702 N Moonlight Lane Paradise Valley, AZ 85253

$3,195,000

5 Beds

6.5 Baths

6,214 SqFt

Status Active

MLS # 6745821

Property Type Single Family Residence

Price Type --

THE MOST STUNNING VIEWS IN PARADISE VALLEY! Seize the extraordinary and rare chance to own a prime 1.2-acre hillside lot offering sweeping, awe-inspiring views of Camelback Mountain, Mummy Mountain, the McDowell Mountains, Pinnacle Peak, and the shimmering city lights below. This hilltop sanctuary is nestled in the prestigious Tatum Canyon enclave in the heart of Paradise Valley. Privately gated and situated at the end of a tranquil cul-de-sac, the property currently features a livable soft contemporary-style home. Its prime location is just moments from the Paradise Valley Golf and Country Club, the new Ritz Carlton Resort, Camelback Inn & Spa, and a variety of upscale shopping and dining options. Remodel the existing 6,200 SqFt home or create the estate of your dreams— no HOA restrictions.

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6802 E Paradise Parkway Scottsdale, AZ 85251

$3,195,000

3 Beds

2.5 Baths

3,420 SqFt

Status Active

MLS # 6772740

Property Type Single Family Residence

Price Type --

Walking distance to Fashion Square Old Town. This 3 bed, 2.5 bath luxury estate offers breathtaking views of Camelback Mountain. With elegant, high-end finishes throughout, the home boasts premium features like a GE Monogram 6-burner cooktop with griddle, a Miele refrigerator, and luxurious leather-finished countertops. Beautiful porcelain tile is featured throughout the interior for a sophisticated touch. Energy-efficient upgrades have been thoughtfully selected to keep utility costs low. The backyard is truly an entertainer's dream, perfect for hosting gatherings or simply relaxing in style.

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3905 E Sierra Vista Drive Paradise Valley, AZ 85253

$3,195,000

3 Beds

3.5 Baths

4,363 SqFt

Status Active Under Contract

MLS # 6755127

Property Type Single Family Residence

Price Type --

This all one level, custom home is situated at the end of a cul-de-sac in the guard gated Paradise Reserve community. This home boasts a split floor plan with 3 bedrooms, an office, and multiple living spaces. When you enter your new home you will be greeted with soaring ceilings, beautiful woodwork, and a lot of natural light. The finishes from Cullum Homes are absolutely timeless and of the highest quality. Enjoy the beautiful Arizona weather in your spacious backyard with amazing views of mountains and the downtown skyline. The oversized 3 car garage makes plenty of room for your beautiful car collection. Come and see this one of a kind gem!

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6097 N Paradise View Drive Paradise Valley, AZ 85253

$3,195,000

4 Beds

3.5 Baths

4,605 SqFt

Status Active Under Contract

MLS # 6742365

Property Type Single Family Residence

Price Type --

Welcome to Paradise! Nestled in the heart of Paradise Valley, this hillside home seamlessly blends serene luxury living and sweeping Camelback Mountain views with functionality. Built by the award-winning Cullum Homes, this residence sets the standard for quality construction, offering the latest in design and prime location. Features of note include stunning views of Camelback Mountain from every room, walls of glass, a spacious, open floor plan, an open and bright kitchen, and en-suite bedrooms. The large primary suite features an expansive closet and a versatile flex space, ideal for a workout room, study, or nursery. The outdoor entertainment spaces are perfect for hosting gatherings or simply to enjoy the tranquility of nature. With multiple covered patio areas, a stunning pool with a custom waterfall, spa, and a tranquil grassy space, this home truly has something for everyone. Offering the perfect size in the ideal location at an exceptional price. It is sure to impress even the most discerning buyers.

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