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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19954 W Moonlight Path Buckeye, AZ 85326

$534,900

5 Beds

3.5 Baths

3,412 SqFt

Status Active

MLS # 6774982

Property Type Single Family Residence

Price Type --

Discover the charm of this immaculate Blue Horizon home, ready for you to move in and make it your own! Boasting 5 spacious bedrooms, 3.5 baths, and 2 versatile bonus rooms, this residence offers ample room for relaxation and entertainment. Each bedroom comes complete with a walk-in closet, and the convenient upstairs Jack and Jill bathroom enhances functionality. With over 3,400 sq. ft. of pristine living space, this home feels fresh and inviting. Enjoy a generous backyard that has plenty of room for a pool and outdoor gatherings. Don't miss the opportunity to experience all that this beautiful property has to offer!

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7750 E Hermosa Vista Drive Mesa, AZ 85207

$534,900

3 Beds

2 Baths

1,690 SqFt

Status Active

MLS # 6782123

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home on a county island in Mesa! The home features designer touches throughout including custom cabinets & vanities, Bedrosian tile & flooring, & much more. The roof is only 2 years old, AC is less than 5 years old, brand new windows, & the septic tank was recently serviced & in great condition. The home sits on almost half an acre corner lot, with block walls for extra privacy! Low Maintenace landscape in the front & backyard

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3721 N 150th Court Goodyear, AZ 85395

Open House

$534,900

2 Beds

2 Baths

1,641 SqFt

Status Active

MLS # 6795891

Property Type Single Family Residence

Price Type --

Must see STUNNING TRANSFORMATION IN PEBBLECREEK! Fully remodeled 2-bed, 2-bath home is now ready for modern living and entertaining. An open floor plan has been created, featuring vaulted ceilings and a bright, airy living space. The new kitchen boasts quartz countertops, white cabinetry with elegant gold fixtures, & brand-new Whirlpool stainless steel appliances. Both bathrooms have custom tile, and the entire home has been updated with new LVP flooring, lighting fixtures, ceiling fans, & hardware. Additional upgrades include a new hot water heater, extensive garage cabinetry & extended backyard pergola. Built with block construction, the home offers better insulation and energy efficiency. Embrace your best life inside & out, including the gated Pebble Creek Golf Cmmty & amenities.

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7075 W Noble Prairie Way Florence, AZ 85132

Open House

$534,900

2 Beds

2 Baths

2,079 SqFt

Status Active

MLS # 6792306

Property Type Single Family Residence

Price Type --

ABSOLUTELY STUNNING! This meticulously maintained and highly upgraded home is perfectly appointed on a PREMIUM corner lot with views of POSTON BUTTE GOLF COURSE. As you enter the open floor plan of this ''Pursuit'' model, you will be taken by the abundance of beautiful upgrades! Some of the many perks include a PRE-PAID SOLAR lease, 4' garage extension, extended travertine courtyard and patio, pergola, synthetic grass, fireplace, new irrigation and a water/fire feature. The home is just as stunning inside with upgrades that include a gorgeous kitchen w/Alder wood Cabinets w/Chef Lux layout, granite counters, RO system, tiled backsplash and pendant lights. Enjoy the wet bar, plantation shutters, ceiling fans, garage/laundry cabinets w/utility sink and epoxy garage floor. A MUST SEE HOME! Merrill Ranch also offers the Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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10530 E Baltimore Street Apache Junction, AZ 85120

Open House

$534,900

4 Beds

2.5 Baths

1,857 SqFt

Status Active

MLS # 6778991

Property Type Single Family Residence

Price Type --

Move in Ready New Build! NO HOA! 2 RV Gates! Single Story 4 Bed 2.5 Bath on an Oversized .25 Acre Corner Lot! Brand New Dream Home with Everything you can ask for! Open floor plan with glazing in all the right areas to allow natural light throughout along with modern kitchen cabinets, walk-in pantry, steel appliances, fixtures and finishings throughout this high ceiling spaciously designed beautiful home. The Backyard is open to your Imagination with no HOA and an RV Gate on Both Sides of the Property you can store all of your toys, boats, RV's and a large enough lot to have room to spare. Ideally located close to freeways, shopping, dining, and within proximity to Usury Mountain, Saguaro Lake, Salt River, trails and other desired areas. Won't last long at this price before it's gone

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10536 E Baltimore Street Apache Junction, AZ 85120

Open House

$534,900

4 Beds

2.5 Baths

1,857 SqFt

Status Active

MLS # 6787848

Property Type Single Family Residence

Price Type --

Move in Ready New Build! NO HOA! 2 RV Gates! Single Story 4 Bed 2.5 Bath on an Oversized .25 Acre Corner Lot! Brand New Dream Home with Everything you can ask for! Open floor plan with glazing in all the right areas to allow natural light throughout along with modern kitchen cabinets, walk-in pantry, steel appliances, fixtures and finishings throughout this high ceiling spaciously designed beautiful home. The Backyard is open to your Imagination with no HOA and an RV Gate on Both Sides of the Property you can store all of your toys, boats, RV's and a large enough lot to have room to spare. Ideally located close to freeways, shopping, dining, and within proximity to Usury Mountain, Saguaro Lake, Salt River, trails and other desired areas. Won't last long at this price before it's gone

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38301 N Carolina Avenue San Tan Valley, AZ 85140

$534,800

5 Beds

3 Baths

3,055 SqFt

Status Active Under Contract

MLS # 6785448

Property Type Single Family Residence

Price Type --

Welcome to life in Pecan Creek South! Looking for space for everyone? Walk into soaring ceilings with a centerpiece fireplace in the living area. Downstairs is a bedroom + full bath, flex room for reading or arts. There's a formal dining/game area and spacious kitchen with island and granite counters. Wait until you see this back yard paradise with a heated pool, pergola and privacy. No worries, both ACs were replaced in 2020. There's plenty of storage in the 3 car garage and you'll LOVE this neighborhood.

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18823 N Avelino Drive Maricopa, AZ 85138

Open House

$534,735

3 Beds

2.5 Baths

2,004 SqFt

Status Active

MLS # 6786610

Property Type Single Family Residence

Price Type --

The Bisbee floor plan is the practical & unique design, perfect for those looking for adventure! A connected RV with sixteen-foot ceilings, a convenient drop zone ideal for tucking away coats, shoes, and equipment, as well as a flex room are just a few reasons you'll fall in love with this home. At the front of the home, the beautiful foyer leads you to the flex space, an area that would make an excellent home office or playroom for the kids. Across the hall are two bedrooms that share a full bath with a tub and shower combination. Wander down the hall where you'll be met with the family room that's connected to the dining room, ideal for hosting guests or spending quality time with the family. The family room and dining room are open to the kitchen.

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9239 E Spiral Avenue Mesa, AZ 85212

$534,667

3 Beds

2.5 Baths

1,810 SqFt

Status Active

MLS # 6755709

Property Type Single Family Residence

Price Type --

BRAND NEW MOVE IN READY HOME! This DAVIDSON plan includes a DELUXE gourmet kitchen, white cabinets, black pulls, granite counter tops, subway tile backsplash, upgraded tile and carpet flooring, and Apple Pod Smart Home Kit.

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41115 N Eagle Trail Anthem, AZ 85086

$534,000

3 Beds

2 Baths

1,622 SqFt

Status Active

MLS # 6783658

Property Type Single Family Residence

Price Type --

*NEW AC AND NEW ROOF* Huge perk and hard to come by in Anthem! This spoiled home has the BEST location in ALL Anthem Parkside! It's located just around the corner from a pocket park and is settled in a cul-de-sac with a lush desert trailhead leading straight to the community center and K-8 school! SCORE! Location perks aside, this home has been completely and beautifully renovated and has been well-cared-for! We've got: New LVP flooring, bedroom carpet, and tall baseboards (no dingy tile anywhere!). Fresh paint throughout including all the solid wood cabinets topped with new modern granite countertops. All the appliances you see in the kitchen are brand-spanking-new, and you'll spot a darling dining chandelier accompanied by new modern black ceiling fans in all the important places. This home has an XL Primary Suite with backyard patio access and an en-suite bathroom, and plenty of space for the rest of the family to grow or visit with 2 extra bedrooms and bathroom! A big backyard that runs deep with mature landscaping and an expanding covered patio. And of course, the coveted 3-car epoxied garage with a wall lined with built-in storage! DON'T FORGET: the 2 fridges, above-ground spa, washer, and dryer are ALL INCLUDED! With too many perks to count, this listing will go fast! Come check it out before it's gone!

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5984 W Geronimo Court Chandler, AZ 85226

$534,000

3 Beds

2 Baths

1,627 SqFt

Status Active

MLS # 6766312

Property Type Single Family Residence

Price Type --

Stunning Home in Chandler's Cul-de-Sac! Discover this beautifully updated 3-beds, 2-baths gem in a charming neighborhood. The spacious floor plan boasts a front living/dining area and a cozy family room complete with a fireplace and vaulted ceilings. The kitchen is featuring white shaker-style cabinetry, sleek quartz countertops, a designer tile backsplash, and stainless steel appliances, including a range with double ovens. Step outside to enjoy the covered patio with a ceiling fan, perfect for relaxing evenings to enhances outdoor living. The primary bedroom offers a walk-in closet and a fully renovated en-suite bathroom, complete with a dual sink vanity, a luxurious shower, and a private water closet. Additional highlights include a 2-car garage.

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12321 W Marguerite Avenue Avondale, AZ 85323

$533,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6762756

Property Type Single Family Residence

Price Type --

The stunning Slate plan opens with two bedrooms flanking a full hall bath. Beyond the entry, you'll find an open layout offering a dining nook, a great room with access to an inviting covered patio, and a kitchen with a center island, walk-in pantry and abundant cabinetry. The primary suite is nearby, boasting a generous walk-in closet and a private bath with a separate shower and soaking tub. Select homes will offer deluxe features in the primary bath. A laundry room and a fourth bedroom with an attached bath are also included. You'll love the professionally curated finishes!

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