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

9316 S 39th Drive Laveen, AZ 85339

Open House

New

$539,900

4 Beds

3 Baths

2,272 SqFt

Status Active

MLS # 6802730

Property Type Single Family Residence

Price Type --

This beautiful single-level home features a spacious open floor plan with a large great room, and a flex space that can be used as formal dining/living room, game room, an office or a workout room... A large covered patio leads into a gorgeous backyard that was professionally designed with a fire pit, beautiful artificial grass, pavers and an irrigation system. The desirable sage model offers a split floor plan with 4 bedrooms and 3 baths. The kitchen features quartz counter tops, Sonoma maple linen (white) cabinets, and upgraded tile flooring. Great neighborhood and conveniently located with easy access to the 202 and I10.

View Property

39709 N Wisdom Way Anthem, AZ 85086

Open House

New

$539,900

4 Beds

2 Baths

2,152 SqFt

Status Active

MLS # 6802805

Property Type Single Family Residence

Price Type --

This 4 BR home in a Resort Style Community with Heated Pool, Pickle Ball, Tennis, Workout Rm and more... offers great living spaces inside and out. Kitchen with island and breakfast bar is an Entertainers Dream open to the Family Room and you still have Formal Living and Dining areas. Outside the covered and extended Patio is perfect for outside BBQ's, Game night or relaxing by the fireplace. Primary Suite has Separate Tub and Shower, Double Sinks and 2 Closets. Garage has built-in storage cabinets and Service Door. Washer, Dryer, & Refrigerator Stay. Ask about Furniture available. Lots of great shopping, restaurants and entertainment nearby. Hiking trails meander throughout this award winning neighborhood.

View Property

4302 E Rockledge Road Phoenix, AZ 85044

Open House

New

$539,900

3 Beds

2 Baths

1,573 SqFt

Status Active

MLS # 6802912

Property Type Single Family Residence

Price Type --

Nestled in the desirable Mountain Park Ranch community, this charming single-level home features a split master bedroom floor plan with 3 bedrooms, 2 baths, and a thoughtfully upgraded kitchen perfect for modern living. Immaculately maintained and move-in ready, the home boasts a clean, inviting interior and low-maintenance desert landscaping, offering effortless upkeep. Step into your private backyard oasis, complete with a sparkling play pool, ideal for relaxation or entertaining. As a resident of Mountain Park Ranch, you'll enjoy access to 3 community pools, tennis courts, a pickleball court, basketball courts, playgrounds, and scenic common areas, providing endless recreational opportunities. A must-see in an unbeatable location!

View Property

4218 W Palace Station Road Phoenix, AZ 85087

$539,899

4 Beds

3 Baths

1,951 SqFt

Status Active

MLS # 6756456

Property Type Single Family Residence

Price Type --

This charming 4-bedroom, 3-bathroom, home in the vibrant ANTHEM COMMUNITY. The family room is perfect for gatherings, while the primary bedroom features a walk-in closet and full ensuite bathroom for your convenience. The interior is airy and bright, with ceramic plank tile flooring that beautifully complements the neutral paint tones, and dual-pane windows enhancing the light-filled ambiance. The kitchen is a chef's delight with granite countertops, a breakfast bar, and ample cabinet space. Step outside to a covered patio overlooking a low-maintenance desert landscape, accented with beautiful pavers. The community offers fantastic amenities, including a CHILDRENS PLAYGROUND, CLUBHOUSE, HEATED POOLS, and WORKOUT FACILITY.

View Property

15040 N 176th Lane Surprise, AZ 85388

$539,777

5 Beds

3 Baths

2,615 SqFt

Status Active

MLS # 6783876

Property Type Single Family Residence

Price Type --

Immaculate and upgraded home with a resort oasis backyard! Enjoy cooking in the gourmet kitchen boasting STAINLESS STEEL APPLIANCES, and tons of cabinet and countertop space. Spacious primary suite with ENORMOUS WALK-IN CLOSET, separate shower & tub, & dual sinks. Enjoy epic AZ Sunsets poolside with calming waterfalls, surround sound, gas firepit, and covered patio. Or, work on your short game with the 5 hole putting green with chipping areas. 5 bedrooms PLUS a den, with 2 bedrooms and full bathroom downstairs! Additional upgrades include diagonal lay tile, custom fans/lights/fixtures, and surround sound. EPOXY GARAGE flooors with workbench and cabinets. 4 year old Trane XR HVAC system with warranty. All furnishings available for sale outside of escrow. Barely lived in as a 2nd home! This home is in GREAT SHAPE as it's been used only a few weeks a year as a second home for 15 years.

View Property

17498 W Lupine Avenue Goodyear, AZ 85338

$539,729

5 Beds

4 Baths

2,868 SqFt

Status Active

MLS # 6795406

Property Type Single Family Residence

Price Type --

Bigger is better in the Monument plan. There's room for everyone with five bedrooms, four bathrooms, a den and a 3-car garage! This beautiful home is south facing. The home has beautiful birch cabinets throughout and a super shower in the primary bathroom. Enjoy entertaining in the ample great room and back yard. This beautiful home will be complete in December, come see it before it is gone.

View Property

51312 N Mockingbird Trail Wickenburg, AZ 85390

$539,500

3 Beds

2 Baths

1,632 SqFt

Status Active

MLS # 6773877

Property Type Single Family Residence

Price Type --

Welcome to your dream desert oasis! Nestled on a spacious 1-acre lot with stunning views of Wickenburg's picturesque landscape, this beautifully maintained 3-bedroom, 2-bath home offers the perfect blend of Southwestern charm and modern comfort. Step inside to an open and inviting floor plan that flows effortlessly from room to room. The bright and airy kitchen features updated appliances, ample counter space, and warm tones that make it a chef's delight. Arched doorways, Saltillo tile, and rich wood laminate floors lend a cozy, authentic Southwestern ambiance to the entire home. Outdoors, enjoy the serenity of your private paradise. Relax on the expansive patios, take a dip in the solar-heated pool, or explore the beautifully landscaped grounds. Short ride to BLM on toys and horses!! This property is perfect for animal lovers hobbyists alike, with plenty of space for horses, a chicken coop, and even a storage shed for your tools and toys. Whether you're seeking a peaceful retreat or a space to entertain, this Wickenburg gem has it all. Don't miss out on the opportunity to experience desert living at its finest!

View Property

13728 W Creosote Drive Peoria, AZ 85383

$539,500

4 Beds

2 Baths

2,114 SqFt

Status Active

MLS # 6786770

Property Type Single Family Residence

Price Type --

Incredible home in highly regarded community of Vistancia. Home has gorgeous backyard landscape with elevated paver seating area and a covered patio to enjoy the desert scenery. Inside is an updated kitchen open to family room that boasts a beautiful stack stone electric fireplace. Formal dining is just off the kitchen and has lots of natural light. Primary bedroom is split from all other bedrooms and has a large walk in closet, separate shower and soaking tub. Another large bedroom with beautiful shutters awaits you on the other end of house. Two more bedrooms allow for options for workspace, craft rooms, or workout area. Travertine tile everywhere except bedrooms. The solar is leased at $89/month fixed rate. Close to school and pool. Vistancia has many hiking trails and amenities.

View Property

5191 W Shannon Street Chandler, AZ 85226

$539,500

3 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6793696

Property Type Single Family Residence

Price Type --

Don't miss the chance to own this charming 3-bedroom property in Harmon Ranch! Discover an inviting interior featuring tile and wood-look floors, a neutral palette, and a spacious living/dining room perfect for gatherings. The great room, complete with a cozy gas fireplace, sets the stage for memorable moments. The kitchen is a chef's delight, showcasing stainless steel appliances, granite counters, ample cabinetry, a pantry, and a breakfast bar. Retreat to the main bedroom with plush carpet, an ensuite offering dual sinks, a soothing tub, and a walk-in closet. The backyard boasts a covered patio and plenty of space for fun barbecues. Minutes away from dining options and other local amenities. Don't let this gem slip away!

View Property

2510 E Fountain Street Mesa, AZ 85213

$539,500

3 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6783211

Property Type Single Family Residence

Price Type --

Beautifully remodeled home w/ no HOA & the added bonus of energy-efficient solar panels, offering both comfort and cost savings. Nestled in a quiet neighborhood on a large lot, it boasts a detached office/shop w/AC, an extended covered patio, new watering system, & freshly seeded for winter grass. Inside, you'll find an inviting open floor plan adorned with a tastefully renovated interior. The kitchen & bathrooms feature quartz countertops, Bedrosian tile & flooring, custom cabinets & vanities, & designer hardware & fixtures. Enjoy the charming white washed brick fireplace & additional room for a huge pantry, homework room or extra storage space. With easy freeway access & proximity to shopping, dining, & entertainment, this home exudes a lifestyle of convenience & relaxation

View Property

5132 S Dorsey Lane Tempe, AZ 85282

$539,499

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6770341

Property Type Single Family Residence

Price Type --

STUNNING REMODELED HOME with refined elegance! No expense spared, over 130k in upgrades. Newer roof, New 2024 Trane AC, New dual pane windows throughout, New high end porcelain tile flooring through with herring bone pattern, NO CARPET anywhere! Tile even extends to back patio. New 96in dual pane arcadia and new dual pane French door. New 42inch white shaker, dove tail, soft close cabinets extended entire length of kitchen, with custom work center. Beautiful quartz countertops throughout, marble herring bone backsplash accented by brushed gold Schluter & hardware throughout. Brush gold light fixtures and smart ceiling fans-remote and Alexa controlled. New Rinnai tankless hot water heater. Bathrooms completely remodeled custom tile, vanities & lighting. New paint interior and exterior. See All new stainless steel appliances and also stubbed for gas stove. New Samsung AI sensing, Smart tech, wifi controlled washer/dryer. Originally 4bed, would be easy to convert back. Lush grass throughout entire front yard. Pool sized backyard that is your blank canvas ready for your vision. No standard lot here, over 7000 sq ft, with NO HOA and corner lot with block fencing. New custom welded gates with composite fencing panels that look like wood, but you will never have to re-sand. Additional insulation added in attic and combination of new windows makes for a quiet, peaceful, energy efficient home. Two car carport would be easy to convert to garage. The location is within the magic rectangle; between the 101, 60 East, 202E, and The I-10 freeways. Highly sought out area of Tempe; near ASU, Intel, Outlet mall, and desirable shopping and dining. Also sought after school districts. Kiwanis park is nearby, with 125 acres with playgrounds, a 12 acre lake (for kayaking and boat rentals), batting ranges, sport fields, and an indoor recreation center. Too many upgrades to list! Come see this beautiful home before it's gone!

View Property

7876 N Siesta Sunset Lane Prescott Valley, AZ 86315

$539,400

3 Beds

2 Baths

1,836 SqFt

Status Active

MLS # 6755355

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the Pronghorn Ranch community, perfectly situated on a large .33-acre knuckle cut cul-de-sac lot. Enjoy the peace of mind that comes with a brand-new roof and the efficiency and style of new Anderson sliders and windows throughout the home. Natural light floods the space, enhanced by skylights and 10' high ceilings, creating a bright and airy atmosphere. The open-concept design and split floor plan provide both functionality and style, making this home perfect for modern living. The kitchen is a cook's delight, featuring cabinets with convenient pullout drawers, ideal for easy organization. Relax in the living area with the built-in surround sound, or step outside to the back patio to take in the breathtaking sunsets. Mature landscaping and trees add to the charm of this property, while plantation shutters offer timeless elegance. Located just a stone's throw from the park, this home is in a prime location for both convenience and tranquility. And...the appeal doesn't stop at the property line! Living in this amazing community means access to a heated year-round pool and spa, seasonal pool and spa, multi-court for tennis, pickle-ball and basketball, putting green, community barbecue grills, 24/7 fitness center, and a multipurpose fitness room for yoga and dance classes. Plus, the fun never ends with all-year-round concert and event celebrations. Don't miss the chance to make this light and bright home in a vibrant community yours!

View Property