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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30410 N 229th Avenue Wittmann, AZ 85361

$529,000

4 Beds

2 Baths

2,070 SqFt

Status Active

MLS # 6767573

Property Type Single Family Residence

Price Type --

Nestled on just over an acre, this custom-built home is ready for all your hobbies—bring your horses, boats, and outdoor toys! With a 3-car garage and an inviting open floor plan, the home features vaulted ceilings and recessed lighting throughout. The kitchen is a chef's delight with stainless steel appliances, granite countertops, a stylish tile backsplash, and an under-mount sink, complemented by upgraded cabinets throughout the entire home. Stunning mountain views can be enjoyed from almost every window. The main suite boasts vaulted ceilings, dual sinks, a separate tub and shower, and a spacious walk-in closet. In addition to the master, there are three large bedrooms in a split floor plan.

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26312 N 132nd Lane Peoria, AZ 85383

$529,000

3 Beds

2.5 Baths

2,463 SqFt

Status Active

MLS # 6770260

Property Type Single Family Residence

Price Type --

Discover the perfect home in Peoria! Step inside this amazing 2 Story home and find a beautifully remodeled interior. The immaculate eat-in kitchen is a chef's dream, boasting track lighting, a stylish back-splash, granite counter-tops, ample cabinet space, a pantry, a central island with a sink and breakfast bar. Upstairs the master suite offers a full bath with a separate tub, glass step-in shower, dual sinks, and a spacious walk-in closet. Also upstairs you have a very spacious loft. Step into The backyard oasis and check out the covered patio, built-in Gas BBQ, and a sparkling pool! The best part of this backyard is it backs up to open space so you have no neighbor behind you. Such a great home for hosting Family and Friends.

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5432 N Comanche Drive Eloy, AZ 85131

$529,000

2 Beds

2 Baths

2,165 SqFt

Status Active

MLS # 6771153

Property Type Single Family Residence

Price Type --

GOLF COURSE VIEW & POOL/SPA. You won't want to miss the beautiful sunsets. INTEGRA-BLOCK on the GOLF COURSE with a POOL, MountaIn Views and 180 degree view of the course. The interior has imported Italian 18'' white Porcelain tile laid diagonally. Premium Granite Kitchen counter-tops with full height back splash. Floor to ceiling Cardell Marquis II white kitchen cabinets. Dovetail drawers with soft-close. Under cabinet lighting. Reverse Osmosis system. Great room has surround sound, 4 speakers and pre-wired for patio, master BR, guest BR and hall. MBR has the Built-In closet and raised master bath counter top with full height back splash. Honeywell electric air cleaners. Garage and golf cart garage has full 4' extension. Outside garage service door. Safeguard Security system. More.. Kitchen, Den and Great Room were recently painted to a neutral color. See dob tab for upgrades.

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4715 N 64th Avenue Phoenix, AZ 85033

$529,000

4 Beds

3 Baths

2,514 SqFt

Status Active

MLS # 6789487

Property Type Single Family Residence

Price Type --

This updated home in West Phoenix offers a mix of functionality and style. The spacious yard is ideal for outdoor entertaining, with an RV gate for easy vehicle access. A storage shed provides ample space for outdoor gear. Inside, the living room is perfect for relaxation, while the well-equipped kitchen is ideal for cooking meals. Stylish upgrades throughout add luxury. The separate studio with a kitchenette and bathroom offers versatility as a guest suite, home office, or rental unit. Conveniently located, this home is perfect for modern living.

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2342 N Delaney Drive Buckeye, AZ 85396

$529,000

3 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6775328

Property Type Single Family Residence

Price Type --

Welcome to Verrado! This single-level home is perfectly situated across from Tempo Park and has a spacious and thoughtful split floor plan, ensuring both privacy and flow. The heart of the home is a large, updated kitchen equipped with a gas cooktop, lighting below the cabinetry, stunning granite countertops, and ample storage, making it a chef's delight. The kitchen seamlessly opens to a beautifully designed backyard oasis, complete with a built-in BBQ, a sparkling pool, and a fun putting green—ideal for entertaining or relaxing in the sun. Natural light floods the home through generous windows, highlighting the neutral flooring and fresh paint throughout. The home boasts spacious spare bedrooms, providing comfort for family and guests, along with a generously sized primary suite that offers a peaceful retreat. Completing this exquisite property is a convenient three-car garage, providing ample space for vehicles and storage. This is a home where comfort, style, and outdoor living come together beautifully! The master planned community of Verrado has tree lined streets, over 78 unique parks, 26 + miles of walking paths and trails, 2 award winning golf courses, a fitness center, and a diverse array of local restaurants and shops. This community offers 2 community pools, including Heritage Swim Park. All schools within Verrado are A Rated as well.

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1533 E Kramer Street Mesa, AZ 85203

$529,000

4 Beds

2 Baths

1,543 SqFt

Status Active

MLS # 6784460

Property Type Single Family Residence

Price Type --

Welcome to this beautiful, fully remodeled home in one of the best parts of Mesa! This home features a 2 car garage, extended driveway and an RV gate - the property also does not have an HOA! Inside you will find 4 bedrooms and 2 full bathrooms. The backyard has a bocce ball court, putting green and a space for you to park your toys behind the rv gate. The backyard features mature trees and an extended patio for the ultimate outdoor experience. You will find that this backyard is very peaceful and quiet. Capitalize on this opportunity to own a great home in a wonderful neighborhood! Ask about how you can purchase the home fully furnished!

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23079 E Stacey Road Queen Creek, AZ 85142

$529,000

5 Beds

3 Baths

1,950 SqFt

Status Active

MLS # 6789264

Property Type Single Family Residence

Price Type --

A pristine home with true 5 bedrooms & new (18) panels of solar that is completely paid for. The yards(front & back) is complete & has been replanted for the winter. There are many ''smart'' features in the home & the sellers own the security system, Ring camera, soft water and RO. Plenty of cabinets with stone counters give this home a near-new look. Owners suite is split from other bedrooms & is very roomy. This community is conveniently located to multiple schools, shopping, & lots of great activities. Check out this money saving home today.

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11000 N 77th Place Unit 1083 Scottsdale, AZ 85260

$529,000

2 Beds

2 Baths

1,319 SqFt

Status Active

MLS # 6790639

Property Type Apartment

Price Type --

Beautiful home located within Scottsdale Country Club with 10' ceilings. Home features upgraded wood cabinets, granite countertops and backsplash, breakfast bar, split master bedroom with spacious ensuite with walk in shower and closet. Open concept living room with gas fireplace. Access to private patio from the master bedroom and living room. Community feature exercise room and heater community pool and spa. Home is centrally located close to shopping, restaurant and golf courses and highways. Landlord has taken meticulous care of the home during the time he has owned it. PRICED TO SELL

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15611 W Cameron Drive Surprise, AZ 85379

$529,000

5 Beds

2.5 Baths

3,022 SqFt

Status Active

MLS # 6792982

Property Type Single Family Residence

Price Type --

Prepare to be impressed by this LARGE (3,022 sf), updated home located within the highly desirable, Greer Ranch neighborhood. This 5 bedroom + office is setup perfectly for growing families. The downstairs welcomes you into a large living area with a shiplap accent wall, and into the updated kitchen with beautiful quartz counters, black stainless appliances and a reclaimed wood backsplash. The upstairs features an additional living area/den, and all 5 bedrooms. The oversized master suite boasts an impressive shower with rain head, as well as dual walk-in closets. The backyard is a low-maintenance, blank canvas that can suit a variety of needs. Greer Ranch is a community that keeps you close to great schools, multiple grassy parks, and allows convenient access to the Loop 303 Corridor.

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9262 W Hedge Hog Place Peoria, AZ 85383

$529,000

3 Beds

2 Baths

2,039 SqFt

Status Active Under Contract

MLS # 6741139

Property Type Single Family Residence

Price Type --

Great property in move in condition. Meticulous sellers & it shows. Newly painted inside w/spacious open floor plan, private primary split, gourmet kitchen showcasing upgraded counters, subway tiles, pantry, cherry cabinetry and s/s appliances, neutral flooring t/o plush carpeting, granite in baths, newer designer blinds, newer contemporary lighting, 3 car garage,w/ great cabinets & epoxy flooring. Newly painted outside w/front yard landscaping redesigned & rear yard featuring new pavers,patio tiles & artificial turf. Irrigation system replaced in 2022. Home sealed for pests 2023. 2024 Tankless hot water heater & filtration installed. Private corner lot close to shopping, dining, top rated schools & mountain views as well! Do not miss this home.

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4042 S Shady Court Gilbert, AZ 85297

$529,000

4 Beds

2 Baths

1,682 SqFt

Status Active Under Contract

MLS # 6793793

Property Type Single Family Residence

Price Type --

Looking for a quiet location nestled at the end of a cul-de-sac near easy access walking paths and well maintained space with great privacy and mature trees surrounding? Come see this Power Ranch home that has been well maintained and updated by it's current owners. As you walk through the door you step into a wonderful space for gathering and a beautiful remodeled kitchen with a dine in option. Split floor plan allows for extra privacy with gorgeous guest bath remodel, new carpet and newer flooring throughout. Enjoy your patio space that looks out onto a nurtured but easy to maintain backyard with green grass, trees and cement sidewalk for easy side yard access. This house is ready for its new owner!

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11111 E Elmhurst Drive Sun Lakes, AZ 85248

Open House

New

$529,000

2 Beds

2 Baths

2,028 SqFt

Status Active

MLS # 6801464

Property Type Single Family Residence

Price Type --

Nestled in a vibrant gated active adult community, this stunning Barcelona model offers an open-concept floor plan designed for modern living. Freshly painted and move-in ready, the home is ideally situated along a serene walking path, providing a peaceful retreat just steps from the community's renowned Sisk Park. Inside, you'll find a spacious living area perfect for entertaining, with natural light streaming through large windows. This community boasts an array of amenities, including restaurants, clubhouses, pools, golf, tennis, pickleball, racquetball, billiards, fitness center, bocce ball and social activities, ensuring an active and fulfilling lifestyle. Don't miss this opportunity to embrace resort-style living in a home that combines comfort, convenience, and charm!

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