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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

20240 W Catalina Drive Buckeye, AZ 85396

$549,990

3 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6655730

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME IN THE NEW YEAR! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Amethyst floor plan with 3 bedrooms, 3 baths and a 3 car garage. This home is stunning and has plenty of storage space including all bedrooms have walk in closets. Multi slide door at the extended covered patio. Pavers at drive, walk and entry. Gas appliance package in stainless steel, 30'' cooktop, microwave & canopy hood. Tahoe Maple Painted Boulder ''Gray'' cabinets throughout. Bianco Typhoon Polished granite tops in kitchen and owner's bath. Stainless steel under mount single bowl kitchen sink. Flooring includes EMS Riverside Yaris 20x24 in all areas of the home except Bedrooms & closets. Dual sinks at bath 2. Gas stub for future BBQ. Garage service door and so much more. Please verify all information with onsite agent . Thank you!

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5606 W Thurman Drive Laveen, AZ 85339

$549,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6693133

Property Type Single Family Residence

Price Type --

Welcome to this brand-new construction home! You drive up to a Farmhouse exterior with front desert landscaping, with the interior boasting 2623 sq ft on all one level offering a comfortable and spacious living space. The well-designed open concept floor plan features 9ft ceilings, 4 bedrooms and 3 and a half bathrooms with a 3-car tandem garage. Bedrooms 3 and 4 share a Jack-N-Jill bathroom in the front of the home, along with an additional bedroom and bathroom, while the primary suite is tucked away in the back of the home creating the ideal split floorplan. All bathrooms provide a clean quartz countertop with square modern sinks. The primary bedroom in the back of the home offers a spacious and private retreat with double square sinks, quartz countertops for the vanity and primary shower surrounds, extra linen closet for storage, and private water closet. The 3-car tandem garage allows for ample storage and additional parking. The design promotes seamless flow between the living, dining, and kitchen areas making it ideal for entertaining. Additionally, the formal dining space has a butler pantry are that connects into the kitchen creating an elegant space with additional cabinetry. The kitchen boasts a large island with beautiful granite countertops, contemporary shaker style white 42 upper cabinets, and subway style backsplash in the kitchen. The large great room offers ample entertaining space with a 8ft 4-Panel Slider for easy access to the covered patio. This home is fully move-in ready with all your appliances installed! You'll find stainless-steel kitchen appliances including dishwasher, gas range, and refrigerator. The plank tile floors throughout the home offer durability and easy maintenance, while creating a cohesive and stylish look. Plush carpeting with an enhanced carpet pad in the bedrooms adds a touch of comfort and coziness. In the laundry room, located off the garage entry, the matching washer and dryer ensure your home is equipped to take on whatever your family throws at it! Estimated to be complete in June. Located right off the new Loop 202 and Dobbins. Great location close to dining, freeways, parks, and entertainment.

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2656 E Abe Truckle Avenue San Tan Valley, AZ 85140

$549,990

3 Beds

2.5 Baths

2,171 SqFt

Status Active

MLS # 6741652

Property Type Single Family Residence

Price Type --

Located in San Tan Valley, this adorable single story, 2171 sqare foot, 3 bedroom , 2.5 bath residence boasts a meticulously designed living space. Crafted with a keen eye for both style and functionality, this home harmoniously blends modern elegance with timeless comfort. This home seamlessly integrates open-concept living with the gorgeous Harmony Collection featuring a den, 8' doors, 4-panel center sliding glass door, a large kitchen adorned with quartz countertops, 42 '' upper white cabinets and stainless steel appliances. The expansive owner's suite includes dual vanities in the bathroom and a large walk-in closet. Additional bedrooms offer ample space for family or guests, each thoughtfully designed with comfort in mind. This home will come with a washer, dryer, fridge, blinds throughout, a soft water loop, as well as a garage door motor. Complete with a 4-car garage, two car tandem and a RV garage this residence represents the epitome of ideal living.

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37750 W Padilla Street Maricopa, AZ 85138

$549,990

4 Beds

3.5 Baths

2,652 SqFt

Status Active

MLS # 6762739

Property Type Single Family Residence

Price Type --

~~~~ Special CASH Pricing Available $549,990~~~~Move in FAST to this completed home! Say hello to luxury, Maricopa! This captivating Flagstaff floorplan features an expansive great room, Media room, Extra Suite with kitchenette, and stunning kitchen appointed with stacked cabinetry, gas stove top, and double ovens! Relax in your Primary suite and resort like bath with freestanding tub. The great room and adjacent patio are ideal for hosting gatherings. The tandem 4 car garage is perfect for storing offroad toys! With 10ft ceilings, 8ft doors, and 8,750 sq ft homesites, come see why K. Hovnanian is the First Name in Lasting Value!

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2641 E Abe Truckle Avenue San Tan Valley, AZ 85140

$549,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6774581

Property Type Single Family Residence

Price Type --

''Introducing the stunning Jade floorplan, which offers 2,623 square feet of living space. This Farmhouse elevation home features our Harmony Collection and includes 4 bedrooms, 3.5 baths, a formal dining area, and a spacious 3-car garage. Inside, you'll find a thoughtfully designed layout with 3 front bedrooms, 2 of which share a bathroom, a conveniently located laundry room, and elegant wood plank-style tile flooring throughout the common areas. Upgrades include a soft water rough-in, 42-inch white upper kitchen cabinets, quartz countertops with a backsplash, 2-inch blinds, and essential appliances such as a washer, dryer, and refrigerator. The owner's suite boasts an en-suite bathroom and a generously sized walk-in closet. Entertain effortlessly in the open-concept kitchen, dining area, and great room, highlighted by a 4-panel sliding glass door that leads to a welcoming covered patio. Wales Ranch also offers parks, a beautiful lake, and walking paths with stunning views.

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17616 W Mission Lane Waddell, AZ 85355

$549,990

5 Beds

3.5 Baths

2,915 SqFt

Status Active

MLS # 6779665

Property Type Single Family Residence

Price Type --

ONLY 1 NEIGHBOR! ***PICTURES MAY VARY FROM ACTUAL HOME** This Gorgeous NEW home is move in ready! Primary bedroom on the 1st floor 2,915 square feet, 5 bedrooms, 3.5 bathrooms, HUGE LOFT and a 2- car garage! This home features a modern, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, quartz counter tops, new, energy efficient stainless steel appliance package, and 9' ceilings throughout. It also includes a soft water loop, dual pane low-E windows, multi-zone thermostat, window coverings and a smart home system. The exterior features front desert landscaping, a covered patio and generous backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping.

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20245 W Catalina Drive Buckeye, AZ 85396

Open House

$549,990

4 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6686329

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME IN THE NEW YEAR! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the beautiful Jade floor plan in the Arroyo Seco community. 4 bedrooms, 3 baths and a 2 car garage plus a large storage area. Pavers at the drive, walk and entry, Stainless steel gas appliance package with 30'' cooktop, wall oven and canopy hood. Tahoe maple slate - (gray) cabinets throughout. AZT Della Terra Quartz Linen countertops in kitchen and restrooms. Upgrade flooring includes EMS Riverside Firenza 20x20 tile in all areas of the home except bedrooms and closets. 5'' baseboards with 3 1/4'' door casings throughout. Dual sinks at bath 3. Interior two tone paint in ''Whiskers''. 8' tall garage door with two remotes, Garage service door for easy access into the back yard and so much more. Please verify information with onsite agent. Thank you!

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16367 W Desert Mirage Drive Surprise, AZ 85388

Open House

$549,990

4 Beds

3 Baths

2,561 SqFt

Status Active

MLS # 6710581

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME IN THE NEW YEAR! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Multi slide door off the great room. Pavers at drive, walk and entry, Large walk in shower at owner's bath. Stainless steel gas appliance package with a 30'' cooktop and wall oven. Sonoma maple ''Slate-grayish'' cabinets with 42'' uppers in kitchen with pullout trash drawer. Himalaya white granite countertops in kitchen, most bathrooms. Stainless steel undermount single bowl sink in kitchen with a 4x16 backsplash. Upgrade flooring includes EMS Baccarat 12x24 Astra tile in all areas of the home except bedrooms and closets. Additional recessed can lights and ceiling fan prewires. 8' tall garage door with openers and so much more. Please verify all information with onsite agent. Thank you!

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15272 W Redfield Road Surprise, AZ 85379

$549,990

4 Beds

3 Baths

3,133 SqFt

Status Active

MLS # 6796138

Property Type Single Family Residence

Price Type --

MUST SEE This spacious 4 Bedroom 3 Bath with a Den. Enter this home to Soaring Vaulted Ceilings and Natural Light from the Large Windows. Continue through this open concept to a Connected Dining Area into a large Kitchen with plenty of Counter & Cabinet Space. Downstairs also features a Bedroom & Full Bath. As you go upstairs to an open Den/Loft area enter the large Primary Bedroom that features access to a Balcony over looking the refreshing Pool. The Master Bath has large vanity complete with Dual Sinks, Separate Tub & Shower & large Walk-in Closet. The Backyard features an enclosed Arizona Room to enjoy the great Arizona Weather. Enjoy your private pool and the peaceful landscaping. This home also has 3 Car Tandem Garage, Inside Laundry Room, and so much more.

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5525 W Harrison Court Chandler, AZ 85226

$549,990

4 Beds

3 Baths

2,010 SqFt

Status Active Under Contract

MLS # 6791096

Property Type Single Family Residence

Price Type --

**Fall in love with Pineridge** This spacious, freshly painted 4-bedroom, 3-bath + bonus room home (including a separate downstairs bed/bath ideal for guests) is nestled in a serene cul-de-sac in the heart of the coveted Pineridge Community. With north/south exposure, OWNED solar panels, R/O system, and water softener, this home offers the perfect blend of comfort and sustainability to help minimize your carbon footprint as well as your energy bills. Relax on your extended deck (largest in the community) and covered patio, surrounded by lush, mature landscaping. With easy access to the community pool, greenbelt, top-rated schools, and major highways, this home offers it all. Don't miss this opportunity to make this beautiful Pineridge home yours!

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17834 N 130th Drive Sun City West, AZ 85375

$549,990

4 Beds

3 Baths

2,000 SqFt

Status Active

MLS # 6797632

Property Type Single Family Residence

Price Type --

Savvy Sun City West Home Now for Sale! Originally a popular Annapolis floorplan by Del Webb, this beautiful home has been thoroughly updated & expanded to be one of a kind. From the oversized - & still low maintenance - corner lot to the added versatility of the additional interior space, this home has everything needed to enjoy the comforts of staying in with company while also close enough to escape to the extensive amenities of both the Sun City West community as well as the greater Phoenix/Scottsdale metro. Spectacular sunsets are enjoyed from the back patio or the extended sunroom. A true abode for the active adult buyer, it is perfect for a primary residence or seasonal lock & leave. View the full list of updates/improvements in the docs & come experience the home in person!

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242 S 165th Avenue Goodyear, AZ 85338

$549,990

4 Beds

2.5 Baths

2,229 SqFt

Status Active

MLS # 6739790

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME IN THE NEW YEAR! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the stunning Crimson floor plan with 4 bedrooms, 2.5 bath. Large storage area in garage. 12'x8' sliding glass door off the extended covered patio. Stainless steel gas appliance package with a 30'' cooktop, wall oven, microwave and canopy hood. Barnette Maple slate (Gray) cabinets throughout the home. AZT Della Terra quartz Linen countertops in kitchen and owner's bath. White single bowl undermount sink in kitchen. Satin nickel hardware. Upgrade flooring includes EMS Riverside Firenza 20x20 in all areas of the home except for beds/closets. Dual sinks in bath 2. Soft water loop, 8' tall garage door opener with two remotes and so much more. Please verify all information with onsite agent. Thank you!

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