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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1734 W Banff Lane Phoenix, AZ 85023

Open House

$545,000

3 Beds

2 Baths

1,754 SqFt

Status Active

MLS # 6746175

Property Type Single Family Residence

Price Type --

Discover the allure of this turnkey single-story residence with no HOA! Double doors reveal an immaculately designed open layout enhanced with vaulted ceilings, recessed lighting t/out, plantation shutters, a bay window, calming color schemes, and stylish tile flooring. The heart of this home is the impeccable kitchen, outfitted with sleek stainless steel appliances, granite counters, tile backsplash, and chocolate brown cabinetry. The primary retreat is a sanctuary, highlighting a double-door entry, a walk-in closet, a sophisticated ensuite with dual sinks, a step-in glass shower, and outdoor access. The entertainer's backyard invites you to relax and have fun with a covered patio, artificial turf, and a refreshing pool ready to enjoy. This gem is move-in ready!

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3402 W Zuni Brave Trail Phoenix, AZ 85086

Open House

$545,000

3 Beds

2 Baths

1,645 SqFt

Status Active

MLS # 6791309

Property Type Single Family Residence

Price Type --

Premium North/South facing home on a private corner lot. Don't miss the opportunity to own this charming 3 bedroom, 2 bath home with substantial updates. A custom iron door leads you to an open floor plan with elevated ceiling height and an abundance of natural sunlight. A functional floor plan that includes a kitchen nook, a secondary dining area connected to the great room with an inviting gas fireplace. The outdoor living space offers unparalled privacy and tranquility. The manicured desert landscape is designed for relaxation and entertaining. The view fence backs up to a wash, creating plenty of space between homes. Catch the trail to the right of the house to head to the community parks or to Sunset Ridge Elementary and Middle School. Opportunity is waiting for you to take advantage of the assumable 3.25% loan, low cost HOA with zero rental restrictions. A perfect lock and leave, located near TSMC, Ben Avery and I-17. Plenty of shopping, restaurants and trails to catch a hike. Tramonto has two community recreational park areas with pools, bathrooms, showers, locker rooms, play grounds, volleyball, basketball and tennis courts with lighting for evening playtime. Please see Documents tab for the entire list of Updates and Upgrades.

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3986 S 178th Lane Goodyear, AZ 85338

$544,990

3 Beds

2.5 Baths

2,333 SqFt

Status Active

MLS # 6798089

Property Type Single Family Residence

Price Type --

Welcome to The Ash Floor Plan, a magnificent single-story haven meticulously designed to offer space, comfort, and versatility. Boasting an expansive 2,333 square feet, this home features 3 bedrooms, 3.5 bathrooms, and a oversized 2-car garage, along with an additional flex rooms. Designed for both comfort and luxury, this home features: •

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3921 S 97th Avenue Tolleson, AZ 85353

$544,990

5 Beds

4.5 Baths

3,131 SqFt

Status Active Under Contract

MLS # 6783920

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home on an OVERSIZED LOT. Under Construction - Est Completion January. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, dual zoned - WIFI programmable thermostats. Spacious dual walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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32001 N 117th Avenue Peoria, AZ 85383

$544,990

3 Beds

2 Baths

1,486 SqFt

Status Active

MLS # 6755152

Property Type Single Family Residence

Price Type --

March Completion. The Acacia offers a spacious single level design w/ high end finishes! 3 Br, 2 baths & 2 car garage nestled in the scenic hills of N. Peoria. This home is located on a one-of-a-Kind view fence site + a Designer kitchen with 42'' Latte cabinets, SS Appliances: gas cooktop, wall oven, microwave & canopy hood, Quartz tops in the kitchen & baths. Super shower at owner's bath w/porcelain wall panels. Wood laminate flooring in all the right places. Perfect for those looking for a low-maintenance lifestyle without sacrificing style or comfort. Mystic Villas is an Amenity rich master planned community w/ a resort pool, Rec. center, year -round events, pickleball & event lawn++. VIRTUAL TOUR IS OF ACACIA MODEL HOME.

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16707 W Whispering Wind Drive Surprise, AZ 85387

$544,990

4 Beds

3 Baths

2,432 SqFt

Status Active

MLS # 6761168

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender.'' The Avelino AllGen floorplan offers 4 bedrooms, a second kitchen, 3 baths, a soft water plumbing loop, a no-step shower, a 2' garage extension, and 8' interior doors. Highlights include granite kitchen countertops, a gas range, and upgraded flooring.

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16361 W Morning Glory Street Goodyear, AZ 85338

$544,990

5 Beds

3 Baths

2,224 SqFt

Status Active

MLS # 6800153

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! February move-in! This stunning home has 4 bedrooms + flex space, 3 baths and is sitting on a lot across the street from the park and large enough for an 8' gate. Very spacious great room that looks out onto the extended covered patio and perfect for entertaining. Kitchen features stainless steel built-in 30 gas cooktop, wall oven and canopy hood perfect for the cook in the family. Barnett Boulder - Gray cabinets with 42 kitchen uppers, pull out trash drawer with two bins. AZT Hana Sky quartz countertops with EMS Casino Ice 3x6 tile at the backsplash, enhanced kitchen island and stainless steel undermount single bowl sink. Upgrade flooring includes DT Broxburn gray 6x24 plank tile in all the right areas except bedrooms and closets. Dual sinks in bath 2, gas stub out for a future BBQ, soft water loop. 8' tall garage door with two remotes for those high profile vehicles and so much more. Please verify information with onsite agent. Thank you!

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257 S 165th Avenue Goodyear, AZ 85338

$544,990

4 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6739809

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 Amethyst floor plan with 3 bedrooms, 3 baths. Extended covered patio with a 12x8 sliding glass door. 8'garage door with two controls. Sonoma Maple ''Slate-gray cabinets with 42'' kitchen uppers. Enhanced kitchen island with Himalaya white granite countertops and white undermount single bowl sink. Stainless steel 30'' cooktop with wall oven, micro and canopy hood. Upgraded flooring includes EMS Baccarat 12x24 Astra tile in all areas of the home except beds & closets. Dual sinks in bath 2, 8' tall interior doors. 8' tall garage door with two controls. Please verify all information with onsite agent. Thank you!

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13239 W Eagle Feather Road Peoria, AZ 85383

$544,990

3 Beds

2 Baths

1,841 SqFt

Status Active

MLS # 6776891

Property Type Single Family Residence

Price Type --

The single-story home one corner homesite creates a welcoming atmosphere for your guests when you walk into the open foyer. Whip up gourmet recipes in your centrally located kitchen which features built-in stainless-steel gas appliances and huge island that opens to a great room for you and your family to enjoy. With a private primary bedroom located away from secondary bedrooms for maximum privacy. A private study for home office needs is perfect for hybrid workers and students. Located within the highly sought after Vistancia masterplan - residents will enjoy access to recreation center - that provide year-round activities and has swimming pool, community center, and activties. Seller will pay 6% of the base price of the home in buyers closing costs with fully price offer

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4224 S Crape Myrtle Court Sierra Vista, AZ 85650

$544,973

4 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6637184

Property Type Single Family Residence

Price Type --

We are proud to offer this exquisite Custom home! Spacious, exciting, with a touch of elegance this 4 bed/2bath is on a quiet cul de sac and over 1/2 acre lot. The open floor plan boasts modern lighting, fantastic kitchen with solid wood cabinets & soft close doors, 6cm granite counters, Frigidaire gas range, appliances, large island & under cabinet lighting, 8ft doors thruout, profiled crown molding & baseboards, 20X20 porcelain tile. Striking direct vent gas fireplace with custom brick veneer highlights the living area. A den/office area for the ''work at homers'' A huge 3 car garage w/insulated doors ready for the toys & cars& all this and more on a spacious lot ready for your pool! RV gate and parking with hookups available. Don't wait as this home is sure to please all who see it.

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243 E Citrus Hollow Way Queen Creek, AZ 85140

$544,902

2 Beds

2 Baths

1,542 SqFt

Status Active

MLS # 6762968

Property Type Townhouse

Price Type --

Welcome to a brand new Evia model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

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8448 E Cambridge Avenue Scottsdale, AZ 85257

New

$544,900

2 Beds

2 Baths

1,020 SqFt

Status Active

MLS # 6803395

Property Type Single Family Residence

Price Type --

WOW! This home has recently been remodeled by a licensed contractor. The home features new front half of roof, fresh paint, new flooring, and updated fixtures throughout. Walk in to a spacious living room filled with natural light. The kitchen has been completely redone with new white cabinets, quartz counter tops, stainless steel appliances, and new hardware. Both bedrooms boast new carpet, fresh paint, and new light fixtures. Both bathrooms have been updated with new vanities, counter tops, tiled showers, and fixtures. The backyard has a large covered patio and easy maintenance landscaping! No HOA!

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