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.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2025+2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2025+2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2025+2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2025+2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

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

950 E Inca Street Mesa, AZ 85203

$545,000

4 Beds

2 Baths

1,950 SqFt

Status Active

MLS # 6767367

Property Type Single Family Residence

Price Type --

Just installed vinyl plank flooring, plush upgraded carpet and accented with 5 inch baseboard. Beautiful 4-bedroom 2 bath home which offers vaulted ceilings, dual-paned vinyl windows (2021), new interior paint (2023). The open kitchen features abundant counterspace, granite countertops and upgraded stainless steel appliances. The pristine backyard has a fenced, sparkling diving pool surrounded by stone decking with a large covered stone patio. The stunning, deep-green synthetic grass area brings it all together!

View Property

4330 Copperhead Drive Wickenburg, AZ 85390

$545,000

2 Beds

2 Baths

1,873 SqFt

Status Active

MLS # 6769355

Property Type Single Family Residence

Price Type --

Discover a home that balances comfort and character in the coveted Lone Star neighborhood. This exceptional residence welcomes you with a warm, rich color palette, setting a relaxed and inviting mood throughout. Large rooms flow seamlessly across the tile flooring, while plantation shutters add a touch of elegance. The kitchen is a highlight, featuring a gas cooktop that makes cooking a pleasure. And with an owned wired alarm system, peace of mind is built right in! Out back, the space is designed for year-round enjoyment. Gather around the gas fire feature on cooler evenings, fire up the built-in BBQ, or relax under the shade of the pergola while taking in the desert air. It's an outdoor space made for quiet moments and lively get-togethers alike, with thoughtful details that invite... you to unwind. The extended-length 3-car garage isn't just practicalit's a well-organized space with attached shelving, providing room for vehicles, gear, and projects. It's the kind of garage that offers flexibility, whether you need extra storage or room for hobbies. This home at Wickenburg Ranch is all about easy living, with spaces that invite you to make them your own. It's a place where the details matter, offering a lifestyle that feels as good as it looks, ready to become your next favorite spot.

View Property

10101 N Arabian Trail Unit 1005 Scottsdale, AZ 85258

$545,000

3 Beds

2 Baths

1,262 SqFt

Status Active

MLS # 6774776

Property Type Apartment

Price Type --

Beautiful 3 bed/2 bath corner unit condo in the highly desired Casabella community of McCormick Ranch. This ground floor condo features an unshared landing for added privacy & you can enjoy the tranquil sound of the community's fountain from your back patio. Updates include granite countertops in the kitchen & bathrooms, wood shutters, stainless steel appliances, elegant cabinetry, closets with built-ins, updated carpet/paint/molding, and a patio gate installed. The oversized 1 car detached garage adds extra storage space. Casabella offers amenities such as a clubhouse, fitness center, 2 pools, a spa, BBQ areas, and pickleball courts. Conveniently located in the heart of Scottsdale, this condo is just steps away from the gorgeous greenbelt offering miles of walking & biking trails.

View Property

6254 E 20th Avenue Apache Junction, AZ 85119

$545,000

3 Beds

2 Baths

1,516 SqFt

Status Active

MLS # 6778216

Property Type Single Family Residence

Price Type --

You are going to love everything about this stunning property. Sitting on a 1.156 acre lot you will have not only amazing Superstition Mountain views but you will have all the privacy you can ask for and room for all your pets and toys. Step inside to an amazing home with lots of upgrades. Beautiful tile flooring in all the walking and main living areas with carpet in the bedrooms. Large bedrooms each with ceiling fans. There are separate living & family rooms with a fireplace in the family room. The kitchen offers island with breakfast bar, quartz countertops, contemporary cabinetry, and stainless steel appliances. This is it! Come take a look at your new Home Sweet Home!

View Property

1972 W Olive Way Chandler, AZ 85248

$545,000

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6790822

Property Type Single Family Residence

Price Type --

Charming 3 bedroom property in Montefino Village! Discover a bright & spacious living/dining room with shiny wood flooring and a soft grey palette. Outfitted with wood cabinets, tile counters, SS appliances, and a 2-tier island, this impeccable kitchen is waiting for your inner chef. The open family room offers a warm space to unwind after a long day. The primary bedroom hosts a large ensuite with dual sinks, an oversized shower, and a walk-in closet. The 2 car garage has attached cabinetry for added storage. The backyard features a cozy covered patio & a refreshing blue pool perfect for entertaining or relaxing in solitude. This amazing lake subdivision offers lush green areas, a community pool, and a gym. What more can you ask for? Home Warranty included. Act now!

View Property

217 E Bruce Avenue Gilbert, AZ 85234

$545,000

4 Beds

2 Baths

1,499 SqFt

Status Active

MLS # 6793953

Property Type Single Family Residence

Price Type --

Look no further! This lovely 4 bed, 2 bath single-level residence With a Pool in Downtown Gilbert is the one! Explore inside to find a welcoming living area showcasing Wood Tile flooring, soothing palette throughout, and recessed lighting. You'll love cooking delicious recipes in the immaculate kitchen comprised of white cabinets, Granite counters, sparkling SS appliances & back patio access. Enjoy relaxing after a hard day's work in the main bedroom featuring bountiful natural light or pool side with easy access from the master bedroom, Tile throughout the home, a private bathroom, & a walk-in closet. Walking distance from Downtown Gilbert and all the restaurants! You MUST see it!! Take a visit today!

View Property

4037 E Marshall Avenue Gilbert, AZ 85297

$545,000

4 Beds

2 Baths

1,980 SqFt

Status Active Under Contract

MLS # 6774788

Property Type Single Family Residence

Price Type --

Don't miss this single level 4 bedroom home in the desirable Power Ranch neighborhood in Gilbert. This home has been lovingly taken care of and upgraded throughout. Enjoy summer days in the sparkling pool and beautifully landscaped backyard. Power Ranch neighborhood offers gorgeous parks, community pools, and walking/biking trails. Located in Higley Unified School district with highly rated schools. You will love everything about this home and neighborhood.

View Property

4417 S 111th Drive Tolleson, AZ 85353

$545,000

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6780759

Property Type Single Family Residence

Price Type --

A rare find! You'll surely love to own this beautiful 4-bedroom residence in Tolleson! Meticulously maintained interior boasts a desirable great room graced with bountiful natural light, wood-look tile flooring, and neutral paint that creates an inviting vibe. Impeccable kitchen offers recessed lighting, glossy stainless steel appliances, quartz counters, stylish tile backsplash, plenty of white cabinetry with crown moulding, and a peninsula equipped with a breakfast bar. Romantic primary bedroom provides a private ensuite with dual sinks, a sit-down shower, and a walk-in closet. As a bonus, this gem includes a fully equipped guest's quarter! Spacious backyard features a covered patio, pergola, and artificial turf. Seize the opportunity while it's still available!

View Property

4972 N 206th Lane Buckeye, AZ 85396

$545,000

2 Beds

2.5 Baths

1,881 SqFt

Status Active

MLS # 6761487

Property Type Single Family Residence

Price Type --

Gorgeous home at Victory at Verrado showcases great curb appeal, a tandem garage with paver driveway, and mature front yard. Inside, you'll find a dining room & a large open living room with multi-sliding glass doors that seamlessly connect the home. The single-level home features an open floor plan with a neutral palette. Cooks kitchen features gray subway tile backsplash, ample white cabinets, granite counter, and SS appliances. The owner's suite hosts an ensuite with a granite dual vanity & a walk-in closet. The bonus room works as an office or an extra bedroom. Enjoy year-round resort-style living watching the sunset while dining under the covered patio. Or gather around the gas firepit and take in the mountain views.

View Property

5230 W El Cortez Trail Phoenix, AZ 85083

Open House

$545,000

3 Beds

2 Baths

1,813 SqFt

Status Active

MLS # 6791085

Property Type Single Family Residence

Price Type --

Wonderful 3 bedroom, plus den, 2 bath home with mountain views in the sought after North Phoenix neighborhood of Stetson Valley. Nicely updated kitchen with granite countertops, upgraded cabinetry, and stainless appliances. Large master suite with walk-in closet, separate tub/shower, and double sinks. The large den has doors and a window so it could easily be used as a 4th bedroom. Relax in the backyard with mature trees, artificial grass, mountains views, and no neighbors behind. Neighborhood splash pad and large park are just steps away. Convenient location just minutes from shopping, dining, entertainment, hiking trails, the new TSMC facility, and countless other amenities that North Phoenix has to offer.

View Property

4610 E Bluefield Avenue Phoenix, AZ 85032

Open House

$545,000

3 Beds

2.5 Baths

1,748 SqFt

Status Active

MLS # 6799921

Property Type Single Family Residence

Price Type --

Lovely two story home in popular Paradise Valley! You can't beat this location! Close to the 51 and 101 freeways, the Mayo Clinic, Desert Ridge Marketplace, the Musical Instrument Museum, tons of restaurants, hiking trails and more! This home has been well maintained and has great potential to make it your own! Stay warm and cozy with your indoor dual sided fireplace. The backyard is a gardener's delight with raised garden beds, mature grape plants, various pepper plants and more! Low monthly HOA fees.

View Property

608 W Los Lagos Vista Avenue Mesa, AZ 85210

Open House

$545,000

4 Beds

2 Baths

1,906 SqFt

Status Active

MLS # 6799936

Property Type Single Family Residence

Price Type --

This gorgeous home is a gardening, environmentalists paradise. Drive up the wide residential street, no HOA, only 5 mins to the I-60. As you enter the home, an open floor plan w/living room to the right & dining room to the left. Kitchen features cream cabinets, granite countertops, skylights, new ceramic plank tile; w/a reverse osmosis system under the sink. Unique bathrooms as well, featuring a mermaid mosaic in the hall bath & remodeled master bathroom suite. Whole home water treatment system. Enclosed patio, side yard has covered RV parking & water harvesting in front & back yards. Attic w/pull down stairs & flooring for storage. Electrical energy supplied to the home via 5kW solar photovoltaic system & 2kW solar hot water. A CCV system monitors both the front & back yards w/cameras.

View Property