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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1509 W Lawrence Road Phoenix, AZ 85015

Open House

$529,000

4 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6748333

Property Type Single Family Residence

Price Type --

4-bedroom homes in this area don't come for sale often, & when they do, they're not like this. A 1-year old water heater & a 2-year old AC unit will give you immediate peace of mind on move-in day; & the brand-new kitchen with stainless steel appliances, sweet coffee nook, custom bar area (with brand new wine fridge!) & huge island with beautiful quartz countertops will make you smile! This home also features remodeled & luxurious bathrooms, all new carpet & all new LVP flooring throughout, brand-new & very pretty light fixtures & ceiling fans, fresh paint, all new baseboards & interior doors, new RING doorbell & the list goes on! Primary bedroom has a private backyard exit to the covered patio. French doors from the kitchen lead to a perfect view of your kids or pets playing in the huge backyard, which has plenty of space for your RV, a future pool or just room to breathe without the handcuffs of an HOA. Great nearby amenities include: Uptown Farmers Market, Murphy Bridle Path, Bookmans, Luci's, Black Rock Coffee, Sprouts, Petsmart Dog Park, PV Golf Course + more! Easy access to I-17, the light rail & Downtown Phx, too! Just minutes away from the future Metrocenter revamp, which the Phoenix City Council voted to spend $850M to turn into a walkable village containing 150,000 square feet of commercial, retail and restaurant space! Jump on the I-17 for easy access to the TSMC and tech corridor in N Phoenix or cruise to the light rail and head downtown for a concert or to Tempe for an ASU game Don't miss out! Homes rarely come for sale at this price point in this area!

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12337 W Marguerite Avenue Avondale, AZ 85323

$528,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6795898

Property Type Single Family Residence

Price Type --

This beautiful Slate home, ready for quick move-in (February) on a homesite boasting driveway, walkway and entryway pavers and front yard landscaping. This home is 4 bedrooms, 3 bathrooms, 3-car garage approx. 2,070 sf with a lot size of 7,875sf. Included features: an inviting covered entry; 9' ceilings ; a generous great room; an open dining area; kitchen offering 42'' upper cabinets, GE stainless-steel appliances including gas range, kitchen side by side fridge, quartz countertops in the kitchen, a roomy pantry and a center island; center-meet sliding doors at Great room leading to covered patio, a convenient laundry; an impressive primary suite showcasing a large walk-in closet and a private bath with cultured marble countertops; a covered patio, gas stub at back patio, tankless water heater, service door in the garage, loop for water softener, 8' garage door and 3-car garage. This home also offers ceiling fan prewiring in bedrooms, and great room with 7x22 tile flooring throughout the home with carpet in the bedrooms.

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4505 S Mole -- Mesa, AZ 85212

$528,967

3 Beds

2 Baths

1,789 SqFt

Status Active

MLS # 6750782

Property Type Single Family Residence

Price Type --

BEAUTIFUL BRAND NEW SINGLE LEVEL HOME! This Celadon plan features a stunning kitchen with Birch Sarsparilla 42'' Upper Kitchen Cabinets w Whole House Satin Nickel Pulls. Quartz Carrara Breeze Counter Tops at Kitchen w Marazzi Marble Obsession Arabesato Matte 2x5 Picket Backsplash. 6x36 DT Vicinity White Wood Tile Flooring throughout except in bedrooms. This home is a High Performance Smart Home featuring a standard whole house air purifying system, tankless water heater and an Apple Pod Smart Home Kit for Smart Home Features.

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13403 W Cabrillo Drive Sun City West, AZ 85375

$528,850

2 Beds

2 Baths

2,335 SqFt

Status Active

MLS # 6665100

Property Type Single Family Residence

Price Type --

Motivated sellers, great opportunity for instant equity located in the high demand community of CORTE BELLA! Newly painted interior New carpet. located just minutes from multiple Cactus League Spring training facilities. The New Desert Diamond White Tank Casino and VAI Resort with multiple dining and shopping options. This Large corner homesite has an open floor plan is well designed with a dining room, living room, and great room. The kitchen offers large area with peninsula island. The great room is open with plenty of natural light. The primary suite is over sized with a ceiling fan and a large ensuite bathroom featuring a seperate shower and soaking tub, dual sink vanity, and a walk-in closet. The backyard is easy to care for! Do not miss out on this home! Corte Bella offers an abundance of amenities to suit every lifestyle. Enjoy the 18-hole golf course offering breathtaking views of green fairways, lakes, and mountains. Cool off in the full Olympic-size pool or heat up in a well-equipped gym with saunas for various classes like yoga, dance, and much more. Whether you are seeking a full-time AZ residence or a winter get-away this home is perfect!

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518 W Amoroso Drive Gilbert, AZ 85233

$528,000

3 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6784234

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION!!! A move-in ready, 3 bedrooms and 2 full bathrooms home in a lake sub-division for sale in the center of Magic town of Gilbert! This home provides everything that you're looking for: open layout with a good size living room looks into the backyard oasis; vaulted ceilings and laminate floorings throughout the house gives you cozy/country feels. Built-in bookshelves and computer niche in the family room right next to the kitchen. Comfortable size owner suite with huge windows to have backyard view, double sinks in the primary bathroom. Did I mention no carpets in the entire house? Newer HVAC/heater and water heater 2020, NEW roof 2022! The turquoise-colored pool, turf, the shed, the built-in BBQ, cover patio are just a few to mention that makes this backyard a perfect one to entertain!Minutes away from downtown Gilbert, plenty choices to connect to freeway 60, 101 or 202, convenient location to great schools, shopping, and restaurants! Come see this gem today!

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8741 S 167th Drive Goodyear, AZ 85338

$528,000

3 Beds

2 Baths

2,030 SqFt

Status Active

MLS # 6718833

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the stunning Estrella Mountain Ranch master planned community! Nestled at the foothills of the Estrella Mountains, this immaculate Kendrick Model with a premium lot single-story residence boasts 3 bedrooms, 2 bathrooms, and an array of premium features. Key Features:

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12334 W Marguerite Avenue Avondale, AZ 85323

$527,995

3 Beds

2.5 Baths

2,380 SqFt

Status Active

MLS # 6795911

Property Type Single Family Residence

Price Type --

The Elderberry on lot 57 is expected to be ready February 2025. This home is 2,380sf 3-bedroom + Study + Loft, 2.5-bathroom, 3-car garage and sits on 7,875sf lot facing North. This Elderberry plan boasts ample space for entertaining. On the main floor, you'll find 9' ceilings, 8' doors, square corner walls, center-meet sliding doors at the dining room leading to the covered patio, open dining area, an expansive great room, a convenient laundry and a well-appointed kitchen with a quartz countertop center island, 42'' white upper cabinets, GE stainless steel appliances including side by side refrigerator, 30'' gas range, microwave, dishwasher and walk-in pantry. An impressive primary suite, located just off the great room, showcases an immense walk-in closet and a private bath as well as additional bedroom and full bathroom downstairs. Upstairs, discover an airy loft, a storage area and two secondary bedrooms with walk-in closets. This home has additional features such as ceiling fan prewiring in bedrooms, 7x22 tile flooring throughout the home with carpet in the bedrooms and stairs, front yard landscaped, pavers in the driveway, walkway and entryway, 8' garage doors, service door in the garage, tankless water heater, pre-plumbed for soft water loop and gas stub at back yard.

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17828 W Encinas Lane Goodyear, AZ 85338

Open House

$527,990

4 Beds

3.5 Baths

2,873 SqFt

Status Active

MLS # 6776107

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 plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, &/or price adjustments. The Prato floor plan offers 4 bedrooms, 3.5 baths, a spacious den, a loft, a soft water loop, an elegant glass super shower with a rain shower head, and an 8' garage door. Notable design features include quartz kitchen countertops, a gas stub for the kitchen and backyard, a Ring doorbell, ceiling fan prewires, and a comprehensive lighting package throughout the home.

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3345 E Desert Cove Avenue Phoenix, AZ 85028

$527,900

3 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6796384

Property Type Single Family Residence

Price Type --

Welcome home 2025! This Wonderful 3 bedroom, 2 bath home features; Large light & bright great room, Nice Quartz countertop kitchen, undermount sink, built in microwave, Pantry, Breakfast bar, Tile flooring in kitchen, bathrooms & office, Plush carpet, plantation shutters on family room window, upgraded dual pane windows & sunscreens & Energy Saving Solar panels! WOW! Nice master bedroom with upgraded gorgeous tile shower/bronze clear glass slider, granite countertop vanity with dbl sinks, walk-in closet and sliding glass doors to your patio! Can you say Location! Big 10,000sf Corner lot, Zero maintenance backyard, large-covered patio with bar top & pass thru kitchen windows for parties, huge storage shed, plenty of room for parking and no HOA. Close to the New PV Mall ar Fantastic restaurants, Supermarkets, Golf courses and 101 frwy! Pls. review the seller upgrades in the document tab for more info!

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20034 N 273rd Lane Buckeye, AZ 85396

$527,711

3 Beds

2.5 Baths

2,478 SqFt

Status Active

MLS # 6797096

Property Type Single Family Residence

Price Type --

The search is finally over MOTIVATED SELLER! Stunning endeavor home w/ private pool & tasteful desert landscaping on corner lot. 3-bedroom, flex rm, 2.5 bath. High ceilings great rm w/ gas fireplace, wood floors, ss speakers & sliding glass door merging indoor/outdoor activities. Chef's eat-in kitchen showcases a big island w/breakfast bar, wood cabinetry w/ soft close & slide-out shelves, quartz counters, ss appliances & lg walk-in pantry. Have a good night's sleep in the main bedroom offering plush carpeting, backyard access, ensuite w/ double vanities & walk-in closet. Enjoy majestic sunsets in the Oasis backyard boasts a covered patio w/ retractable shade, pool w/ beautiful sounding flowing waterfall, charming ramada w/ built-in BBQ, kool decking & fire-pit area. Extended 2 car garage

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27058 W Yukon Drive Buckeye, AZ 85396

$527,700

2 Beds

2 Baths

2,323 SqFt

Status Active

MLS # 6746818

Property Type Single Family Residence

Price Type --

THIS STELLAR FIESTA MODEL ON A WALLED LOT WITH 2022 HVAC SYSTEM, NEWER APPLIANCES & EXTENDED GARAGE IS A MUST SEE! Enter this open concept floorplan with plantation shutters throughout & tile and carpet in all the right places. Huge living /dining area & custom media wall. Kitchen offers upgraded cherry cabinets, huge center island, miles of granite counter space w/full back splash, RO system & breakfast bar. Oversized master suite with separate garden tub /shower & huge walk-in closet. Spacious den for office or hobbies. Inviting guest room has adjacent full bath. Garage has additional storage cabinets, soft water system & workbench. Enjoy outdoor living on your covered patio overlooking your beautifully landscaped, private, walled backyard, situated on a quiet, cul de sac street.

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1448 N Avoca -- Mesa, AZ 85207

$527,500

4 Beds

2 Baths

1,842 SqFt

Status Active Under Contract

MLS # 6741099

Property Type Single Family Residence

Price Type --

Just 15 minutes away from the Superstition Mountains this spacious 4 bedroom 2 bath home is conveniently located off the 202. You will find plenty of shops, parks and of course golfing nearby! This beautiful home includes a 3-car garage, separate storages and even RV Gate with RV parking! Perfect for trailers, campers, boats or any other toy you may have. Roof updated in 2016 and the AC is 3 years old with 7 years left on the warranty! The nice open layout centers around the kitchen and the fourth room can easily function as an office. NO HOA! NO HOA! One of the most beautiful features of this nearly a 1/4 of an acre home is that there is no HOA! Come see this house before its GONE!

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