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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4250 E Towne Lane Gilbert, AZ 85234

New

$525,000

3 Beds

2.5 Baths

2,194 SqFt

Status Active

MLS # 6802432

Property Type Single Family Residence

Price Type --

This gorgeous fully remodeled Towne Meadows home is ready for you. Original 1 owner home w/all new plank floors throughout & new carpet. Large formal living/dining upon entry w/soaring vaulted ceilings. Remodeled kitchen features newer soft close drawers & cabs, S/S appliances & quartz counters overlooking the cozy family room w/wood burning fireplace. Upstairs leads to 3 bedrooms plus loft which can easily be converted to 4th bed or use as bonus/office space. Primary bed w/remodeled bath & shower. New cabs & quartz counters in hall bath as well. Backyd features your own private pool w/new saltcell & pump. RV gate & large side yard provides ample space along w/custom shed. New hot water heater & garage opener. All this within walking distance of schools. This is truly a must see!!

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14215 W Mountain Laurel Trail Surprise, AZ 85374

New

$525,000

3 Beds

2 Baths

2,214 SqFt

Status Active

MLS # 6802315

Property Type Single Family Residence

Price Type --

Welcome home to 14215 W. Mountain Laurel Trail located in the highly sought-after Sun Village Community. This completely renovated three bedroom, two bath, one-level home offers 2214 square feet of living space with a spacious 2-car attached garage. This Cimarron model is the only floor plan offered at Sun Village with a third bedroom. The family room and kitchen area is an entertainer's dream. It includes upgraded appliances, a large island with a 5-burner electric cook-top, vaulted ceilings and direct access to the covered patio area. The backyard features lemon, orange and grapefruit trees. A large walk-in closet, vaulted ceiling are standard features in the gorgeous master suite. The master bath features dual vanities, separate water closet, and a custom walk-in shower. Opposite the master suite are two additional bedrooms, each with their own closet and vaulted ceiling. Additional upgrades include custom window blinds, an assumable solar system, all new flooring throughout and custom wall colors by an interior designer. Sun Village is retirement living at its finest. The gated community has its own par-3, 18 hole golf course, community pool/spa, full service restaurant, pickleball courts, tennis and so much more!

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122 N Sunaire -- Mesa, AZ 85205

$525,000

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6745712

Property Type Single Family Residence

Price Type --

Discover this 3 bedroom/2.5 bath fully remodeled home located in the heart of the city. Step inside to find new tile flooring, new modern lighting, and fresh neutral color paint throughout. New white shaker kitchen is equipped with new stainless steel appliances, new quartz countertops, and new fixtures. New washer and dryer installed, bathrooms fully upgraded, new ceiling fans, and many other upgrades. Large backyard lot plus storage room/guest house. Sellers looking to sell and close quickly!

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5445 N Scottsdale Road Eloy, AZ 85131

$525,000

3 Beds

3.5 Baths

2,455 SqFt

Status Active

MLS # 6679930

Property Type Single Family Residence

Price Type --

Big price cut on this nicely furnished home with Casita. Only one owner and well cared for. Large corner lot and with patio East exposure. Large open great room with kitchen cabinets galore. Like new appliances. Granite countertops and expansive laundry room with so much storage! Home is all tile with nice upgrades. Close to Robson amenities with a restaurant, sports gym, aerobics center, pools, dog park, pickleball courts and more! Owners are offering a $2000 paint allowance too!

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1802 W Isleta Avenue Mesa, AZ 85202

$525,000

3 Beds

2 Baths

1,895 SqFt

Status Active

MLS # 6681642

Property Type Single Family Residence

Price Type --

BONUS ROOM! 3 bedroom split bedroom plan with a BONUS ROOM that could be used as a 4th bedroom, office, library, you decide! Roof has 4 years remaining on the warranty, hot water tank replaced in 2023, Pool refinished with all new equipment in 2020. Close to schools, shopping and freeway access. Super East Valley location.

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15213 N Cameo Drive Sun City, AZ 85351

$525,000

3 Beds

3 Baths

2,800 SqFt

Status Active

MLS # 6682424

Property Type Single Family Residence

Price Type --

SHORT SALE OPPORTUNITY- Welcome to your dream home nestled in the desirable community of Sun City! This stunning property at 15213 N Cameo Dr offers the perfect blend of elegance and relaxation with its prime location overlooking the golf course and serene lake views. Boasting 3 bedrooms and 3 bathrooms, this premium lot home features a spacious layout designed for comfortable living. Step inside to discover a light-filled living space with picturesque views of the lush greenery and tranquil waters. The kitchen is a chef's delight, equipped with modern appliances and ample counter space. Retreat to the master suite, complete with a private en-suite bath and scenic vistas. Enjoy Arizona's outdoor living at its finest in the expansive backyard oasis, where you can soak in the breathtaking sunsets from your Arizona Room/ patio. With its proximity to shopping, dining, and recreation, this home offers the ultimate lifestyle experience. Don't miss your chance to own this piece of paradise - schedule your showing today!'

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1654 E Palo Blanco Way Gilbert, AZ 85296

$525,000

4 Beds

2 Baths

1,805 SqFt

Status Active

MLS # 6702829

Property Type Single Family Residence

Price Type --

NEW AC AND DEEP CLEAN FOR PROVIDED FOR BUYER AFTER CLOSE! This four-bedroom home, situated on a corner lot, offers a perfect blend of convenience and luxury. Enjoy the ultimate relaxation and entertainment with a sparkling professionally maintained heated pool and hot tub, providing year-round enjoyment. Embrace peace of mind with transferable lifetime warranty on windows installed in 2022, ensuring both comfort and durability. Revel in the convenience of separate his and hers closets, offering ample storage space and organization. The flooring was tastefully redone in 2021, enhancing both aesthetic appeal and functionality. Dive into the latest upgrades, including a variable speed pool pump installed this year in 2024, All appliances purchased in 2021.

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940 N Bison Golf Court Show Low, AZ 85901

$525,000

3 Beds

2 Baths

1,575 SqFt

Status Active

MLS # 6714740

Property Type Single Family Residence

Price Type --

Beautiful 3-Bedroom, 2-Bathroom Home on Golf Course in Gated White Mountains Community Welcome to your dream home in the heart of the White Mountains! This residence is nestled within a secure, gated community and sits directly on a beautifully manicured golf course. The open-concept living area is filled with natural light and features a cozy fireplace, perfect for relaxing evenings. The master bedroom offers a peaceful retreat with an en-suite bathroom. Step outside to your private deck where you can enjoy tranquil views of the lush golf course, perfect for morning coffee or entertaining guests. Situated in the White Mountains, you'll have easy access to outdoor activities such as hiking, skiing, and golfing, as well as local dining and shopping! Home may come partially furnished too!

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21320 N 56th Street Unit 2159 Phoenix, AZ 85054

$525,000

2 Beds

2 Baths

1,408 SqFt

Status Active

MLS # 6770556

Property Type Apartment

Price Type --

Welcome home to resort style living in the heart of Desert Ridge! This inviting open concept 2 bed 2 bath residence offers the perfect blend of space and functionality. Enter to large great room with spacious ceiling height, beautiful fireplace, and open airy natural light. Kitchen features multi-level eat up bar flowing to full sized dinning space & large outdoor patio- perfect to enjoy morning coffee & AZ evenings. Large primary suite features updated shower, dual vanity with granite tops, & walk in closet with custom shelving. Meticulous original owner has cared for and updated their home with no expense spared. Upgrades include on trend finishes- white cabinets, high end wood look flooring throughout, plantation shutters, cool interior color pallet, refinished shower surrounds, faucets/fixtures, & stainless appliances. Updated mechanicals included new HIGH EFFICIENCY AC in 2022, recently replaced water heater, new valves & angle stops,... And so much more. Bella Monte amenities include 3 pools, multiple outdoor cooking areas, work out facilities & walking paths. Located in desirable Desert Ridge corridor providing quick access to valley freeways, Desert Ridge Market Place, High Street at City North, Kierland, JW Marriot, shopping, dining, and golf Scottsdale is famous for!

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3856 W Links Drive Phoenix, AZ 85086

$525,000

4 Beds

3 Baths

2,168 SqFt

Status Active

MLS # 6730394

Property Type Single Family Residence

Price Type --

Beautiful 4 bed residence in Anthem Parkside is the one! Charming curb appeal with a mature landscape, a 2 car garage, and a porch is just the beginning. Discover a spacious living/dining room, tall ceilings, carpet in the right places, plantation shutters, and tile flooring in high-traffic areas. The bright great room connects to the kitchen & the backyard, making entertaining a breeze. White cabinetry, granite counters, sleek SS appliances, and a breakfast bar complete the kitchen. Upstairs, the loft is ideal for a game area. The primary bedroom features an accented wall, an ensuite with dual sinks, & a walk-in closet. The large backyard is a summer delight, a covered patio with extended seating area, artificial turf, and a newer sparkling pool. Act now! A Deal like this won't last.

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245 N Aztec Trail Wickenburg, AZ 85390

$525,000

3 Beds

2 Baths

1,654 SqFt

Status Active

MLS # 6751433

Property Type Single Family Residence

Price Type --

Nestled in a tranquil cul-de-sac within a sought-after neighborhood, this meticulously maintained 3-bedroom, 2-bath home offers a harmonious blend of comfort and style. With a thoughtfully designed split floor plan, you'll appreciate the privacy of the master suite, featuring a luxurious bathroom with a separate tub and shower. The property sits on nearly half an acre, adorned with mature landscaping that enhances the home's picturesque curb appeal. Enjoy the expansive outdoor space, perfect for gardening, play, or simply unwinding in your private retreat. A standout feature of this residence is the enclosed Arizona Room, providing an additional 390 square feet of versatile living space that is seperatley cooled/heated—ideal for a sunlit office, playroom, or cozy lounge. Kitchen and dining area were just painted and new appliances installed! There is a 3-car garage for your vehicles and storage needs. Home also offers a 18x30 foot covered RV parking space and a 10x14 Tuff shed. Homeowner just had the roof underlament replaced and that material has a 50 year warranty. This warranty is transferable to the new owners. Sellers also added a new driveway that gives easy access to the RV Carport. Leaf filters were recently added to the gutters on the back of the home. There are several other upgrades and updates on the home. Please see the update list in the documents tab for that information.

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702 Mule Springs Trail Forest Lakes, AZ 85931

$525,000

2 Beds

2 Baths

1,164 SqFt

Status Active

MLS # 6741742

Property Type Single Family Residence

Price Type --

Cabin living at its best! Enjoy watching wild horses and other wildlife from your covered porch as you view the beautiful national forest adjacent to your property. This 2-bedroom, 1-1/2 bath home has an additional sleeping space in the loft for your extended family to visit. The loft also provides a cozy den/office space for your relaxation. Woodstove heating plus electric baseboard heat in bedrooms. Most of the furnishings can convey by separate agreement. The huge carport and porch provide an additional approx.1000 square feet of covered outdoor living. The 1.16 acre lot and large shed provide lots of space for all your tools and toys. Forest Lakes is at 7500' elevation in tall pine country where the temperatures are typically about 30 degrees cooler than the Phoenix valley.

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