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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9859 W Potter Drive Peoria, AZ 85382

$544,900

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6748059

Property Type Single Family Residence

Price Type --

Welcome to your beautiful, corner lot home located in the highly popular Parkridge community. This gorgeous home features an updated kitchen with new quartz countertops, matching stainless steel appliances with built-in microwave, freshly painted cabinets, a large island with breakfast bar, and high vaulted ceilings. The primary suite features a double door entry, vaulted ceilings, bay window, a full bath with dual sinks, a separate tub and shower set up, and spacious walk-in closet. The backyard features a sparkling dive pool, an entertaining area with an outdoor fireplace, and covered patio. This one is move-in ready.

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2532 E Aster Drive Phoenix, AZ 85032

$544,900

3 Beds

2 Baths

1,470 SqFt

Status Active

MLS # 6764797

Property Type Single Family Residence

Price Type --

Amazing opportunity to own this 3-bedroom, 2-bathroom home in a quiet cul-de-sac! Features a brand NEW 3.5-ton Trane AC unit with all new ductwork, installed in July. Located near restaurants, shopping, and the Phoenix Mountain Preserve. The living room offers wood like tile flooring, large windows, and a calming color palette. The spacious Arizona room opens to the backyard, ideal for entertaining. The kitchen includes shaker cabinets, quartz countertops, tile backsplash, and an island with a breakfast bar. The primary bedroom features plush carpet with dual closets. Primary bath includes dual sinks and large walk in shower. The oversized backyard offers a pool, RV gate, parking, and a storage shed. Don't miss out!

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13411 W Los Bancos Drive Sun City West, AZ 85375

$544,900

3 Beds

2 Baths

2,143 SqFt

Status Active

MLS # 6785098

Property Type Single Family Residence

Price Type --

You will love this 3 bed, 2 bath home on corner lot in Corte Bella. Welcome to this spacious floor plan w/ lots of natural light, crown molding, plantation shutters, granite countertop, new carpet and paint thought-out. The eat-in kitchen has a breakfast bar, pantry, glazed cabinets & huge island. It's also open to the generous living space. The owner's suite features a large bay window, separate tub & shower, dual sinks, seated vanity & walk-in closet. The rear yard has a large, covered patio w/ relaxing views. Spacious laundry room with custom storage cabinets & oversized 2 car garage w/ attached cabinets. Located in the highly desired & gated Corte Bella community w/ golf course, sports courts, pool, fitness center, restaurant & day spa.

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21146 W Sycamore Drive Buckeye, AZ 85396

Open House

$544,900

3 Beds

2.5 Baths

2,089 SqFt

Status Active

MLS # 6760160

Property Type Single Family Residence

Price Type --

Great opportunity to live in one of Buckeye's most sought-after communities! Located in the Main St District in Verrado, this home offers a delightful façade & a cozy porch. The impressive interior boasts a formal dining room, tall ceilings, tile flooring, and a spacious great room. The kitchen features wood cabinets, SS appliances, granite counters, and an island with breakfast bar. The primary bedroom hosts a bathroom with dual sinks & a walk-in closet. The balcony with an outstanding view of the White Tank Mnts. The bonus room on the main level can be an extra bedroom or an entertainment room. The cozy side yard has an extended paver patio. This fabulous gated community includes playgrounds, a pool, golf course, and a workout facility. What are you waiting for? Hurry to see!

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20761 W Hillcrest Boulevard Buckeye, AZ 85396

Open House

$544,900

2 Beds

2 Baths

1,775 SqFt

Status Active

MLS # 6752894

Property Type Single Family Residence

Price Type --

This FANTASTIC home, backing to a naturally landscaped common area and walking path, in Victory at Verrado is full of UPGRADES! BEAUTIFUL wood look tile flooring + 2023 carpet in bedrooms! CUSTOM up/down window shades + solid wood doors throughout! GOURMET kitchen w/stainless appliances, gas cooktop, wall ovens, granite counters, subway tile backsplash, island w/breakfast bar + pantry! Great room w/surround sound! Primary bedroom w/ensuite bath + large tiled walk-in shower w/bench! Separate office/den w/French doors! Step outside to your backyard OASIS w/extended covered patio w/privacy shade + trellis patio w/travertine pavers and GORGEOUS views! This is an EXTRAORDINARY LUXURY community w/breathtaking mountain views w/miles of hiking/biking trails! Amenities: pools, golf, spa, Main Street shopping/restaurants, clubs/activities + MORE! WELCOME HOME!

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4302 N 80th Lane Phoenix, AZ 85033

$544,888

4 Beds

2 Baths

1,747 SqFt

Status Active

MLS # 6785775

Property Type Single Family Residence

Price Type --

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44163 W Palo Abeto Drive Maricopa, AZ 85138

$544,711

4 Beds

3.5 Baths

4,512 SqFt

Status Active

MLS # 6773810

Property Type Single Family Residence

Price Type --

Step into this exceptional home in the Palo Brea subdivision. The beautiful kitchen dazzles with expansive granite countertops, sleek cabinets, a walk-in pantry, and stainless steel appliances. The primary master suite boasts two walk-in closets, a soaking tub, walk-in shower, dual sinks, and a private toilet room. A second guest master includes a full bath, linen closet, and walk-in closet. Upstairs, a flexible fifth bedroom is perfect for a theater or sewing room, accompanied by a game room with billiards and darts. Two additional bedroom share a Jack & Jill bath, each with walk-in closets. Downstairs features a dining room, den, family and living rooms, a half bath, and a well-appointed kitchen, perfect for entertaining.

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4320 Sawbuck Way Wickenburg, AZ 85390

$544,671

2 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6770325

Property Type Single Family Residence

Price Type --

Welcome to the Dream Floor Plan, thoughtfully personalized in the Shea design studio. This 1,648 sq ft residence offers 2 beds & 2 baths, featuring GE built-in stainless steel appliances, including a gas cooktop, & brushed nickel accents throughout. The primary bath boasts a heavy glass shower enclosure & upgraded granite countertops in both the kitchen & baths. Enjoy custom mosaic tile details, 42'' kitchen cabinets with pullouts, soft-close cabinets & drawers, under-cabinet lighting, & a 15ft sliding glass wall in the living room. Additional highlights include prewired fans in the den & patio, upgraded electrical, smart home features, an extended covered patio, & a 250-gallon underground propane tank. Visit the Shea sales office for current incentives.

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17724 W Sanna Street Waddell, AZ 85355

$544,340

5 Beds

3.5 Baths

2,915 SqFt

Status Active

MLS # 6794555

Property Type Single Family Residence

Price Type --

This Gorgeous NEW home has so much to offer! 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. ***Photos may vary from actual home***

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4924 W Beryl Avenue Glendale, AZ 85302

$544,004

4 Beds

3 Baths

2,164 SqFt

Status Active

MLS # 6797842

Property Type Single Family Residence

Price Type --

New build home! This spacious two-story property boasts 4 bedrooms and 3 bathrooms, offering plenty of space to accommodate all your needs. The expansive 3-car garage features a convenient 8-foot door. Inside, the open floor plan is perfect for modern living. The kitchen is a standout, complete with a stunning quartz island, a stylish backsplash, and a roomy walk-in pantry. Elegant tile flooring extends throughout the home, with plush carpeting in the bedrooms. Enjoy the outdoors on the large covered patio, ideal for relaxation. Marlowe offers access to an exceptional community with amenities like playgrounds and dog parks. Welcome to Marlowe — a smart, high-performance home designed for both comfort and style!

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3800 S Cantabria Circle Unit 1023 Chandler, AZ 85248

$544,000

2 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6795949

Property Type Townhouse

Price Type --

Perfect Lock & Leave, Ocotillo Lake & Golf Course Front Condo! Fully Remodeled! All furniture available. South-Facing balcony for warm & sunny winters! 180 degree water views! Upgraded Cabinets, Quartz Counters, Stainless Appliances, Bathrooms w Premium Tiled Showers. Newer AC unit! HOA fee covers water, sewer, & trash too! Your 2nd story balcony overlooks hole #3 w the island green on Ocotillo Golf Course. Second balcony off guest room! Two-car garage plus two-car driveway! Gated Island community includes heated pool/spa. Walk to 27-hole Ocotillo Golf Course w/ full Restaurant! Close to Intel, Northrop Grumman, Price Road Corridor, Downtown Ocotillo, Chandler Fashion Square, 101, 202, I-10 freeways. On your drive in, you will pass by the iconic 4th hole with absolutely beautiful views!

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314 W Christopher Point Payson, AZ 85541

$544,000

3 Beds

2 Baths

1,814 SqFt

Status Active Under Contract

MLS # 6674697

Property Type Single Family Residence

Price Type --

Great single level home in the popular Payson Pines Neighborhood that backs National Forest! This 3 bedroom, 2 bathroom home features 1,814 sq. ft., a 2 car garage and beautiful landscaping. The living room has vaulted ceilings, tile floors, a nice gas fireplace and an open floor plan for easy entertaining. The kitchen has plenty of cabinet space, a pantry, ample counter space with a kitchen island, and a breakfast bar. The master bedroom features a large walk-in closet, oversized vanity, and a walk-in shower. Your favorite spot will be the covered patio in the backyard, it's the perfect spot to enjoy the beautiful weather in Payson wile being right next to the gorgeous Tonto National Forest!

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