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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4365 Buffalo Ridge Wickenburg, AZ 85390

$524,900

2 Beds

2 Baths

1,998 SqFt

Status Active

MLS # 6730853

Property Type Single Family Residence

Price Type --

Welcome to 4365 Buffalo Ridge! Nestled within the prestigious Wickenburg Ranch community, this exquisite home epitomizes modern luxury and comfort. As you step inside, a wall of sliding glass doors floods the space with natural light. The kitchen boasts an expansive island and granite countertops, complemented by a convenient walk-in pantry and sleek hood range. An open floor plan effortlessly connects the kitchen to the inviting living area, adorned with a cozy den with french doors for relaxation or work. 2 bedrooms offer restful retreats, accompanied by 2 luxurious bathrooms for ultimate convenience. Outside, a low-maintenance landscaped backyard beckons with its tranquil ambiance, featuring a covered patio perfect for alfresco dining for cozy evenings under the stars.

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22882 E Marsh Road Queen Creek, AZ 85142

$524,900

3 Beds

2.5 Baths

2,005 SqFt

Status Active

MLS # 6752341

Property Type Single Family Residence

Price Type --

Three bedrooms PLUS den and a three car tandem garage backing the beautiful Schnepf Farms property! Discover the charm of a trendy newer built home without the wait - in a lake community with catch & release fishing and two heated pools. Your new home has tile throughout all the common areas, and a thoughtfully-designed floor plan that maximizes space and comfort. In this meticulously-kept home, you'll love the large laundry room and XL formal dining space! Upgraded kitchen offers a gas stove and built-in microwave. Split floor plan and open-plan living/kitchen allows for both privacy when you need it and space to gather when you want to - the best of both worlds! Living room ceiling is pre-wired for speakers! Your new home is nestled in a newer master-planned community, and one of the most sought-after areas in all of Queen Creek. Situated in the town's agri-tainment (agricultural entertainment) district, here you'll enjoy an ideal blend of suburban and rural living. While just minutes away you'll find Queen Creek's premier shopping and dining options, across the road you'll enjoy the state of Arizona's most beloved agri-tourism destinations - Queen Creek Olive Mill and Schnepf Farms. The Harvest community's exceptional amenities include a two inviting heated pools, a splashpad, scenic neighborhood trails, inviting fire pits, community lake, gathering areas and more.

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18658 N Tanners Way Maricopa, AZ 85138

$524,900

4 Beds

2 Baths

2,596 SqFt

Status Active

MLS # 6755915

Property Type Single Family Residence

Price Type --

''Best home on Tour'' for two months in a row. Come see why! Welcome to the beautiful City of Maricopa, one of the fastest growing cities in Arizona. This Beautiful freshly painted 4-bedroom 2-bath home is located in the desirable community of Desert Passage. This Property features formal living and dining areas, updated kitchen with high end appliances. Come relax on your covered patio, opening up to a large grass yard, take a dip in the pool or enjoy something from the mature citrus trees. This home is a Must see!! Plus, the loan could be assumable.

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41301 W Sussex Drive Maricopa, AZ 85138

$524,900

5 Beds

4 Baths

2,911 SqFt

Status Active

MLS # 6757207

Property Type Single Family Residence

Price Type --

Welcome Home! This beautiful 2-story home features 5 Bedrooms and 4 full baths. Gorgeous paver driveway with low maintenance front yard! Bright, open floor plan w/high 12 ft ceilings & dual sliding glass doors provide lots of natural light. The gourmet kitchen boasts large island w/breakfast bar, granite counters, wall oven & oversized pantry. Primary main floor suite offers a spacious closet & ensuite w/dual vanity, private toilet room & separate tub/shower. Bedrooms 2 & 3 with bathrooms 2 & 3 also on main floor. 4th & 5th bedrooms upstairs with the 4th full bath and massive loft w/options to use as a game/craft room, home theatre or an office. Backyard is perfect for entertaining! Easy maintenance synthetic grass & covered patio, large enough for a future swimming pool!

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12318 W Rovey Avenue Litchfield Park, AZ 85340

$524,900

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6766839

Property Type Single Family Residence

Price Type --

This beautifully renovated 4-bedroom, 2-bath property combines modern elegance with comfortable living. As you step inside, you'll be greeted by fresh, new paint that enhances the bright, open layout. The heart of the home features an updated kitchen, complete with brand-new quartz countertops and ample cabinet space, perfect for culinary enthusiasts and family gatherings. You'll find energy-efficient solar panels that are paid off, making this home very economical. Step outside to discover your private outdoor paradise! The recently refinished pool glistens under the sun with a newly done pool deck & brand new pool equipment, ready for entertaining friends and family. Located just minutes from the Westgate Entertainment District, State Farm Stadium, spring training ballparks & more!

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1561 W Javelina Avenue Mesa, AZ 85202

$524,900

3 Beds

2.5 Baths

1,838 SqFt

Status Active

MLS # 6769779

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Check out this beautifully upgraded 3-bed, 2 and half bath, Conveniently located near the 60 and 101. New AC, walk into your private courtyard, a 2-car garage. Discover a pleasing interior paired w/fresh neutral paint, Luxury vinyl flooring, & artfully placed recessed lighting. Notice the cozy fireplace in the HUGE open floor plan, promising relaxing evenings. Upscale kitchen won't disappoint, offering stainless steel appliances, dovetail shaker white cabinetry, sleek quartz counters, French double doors reveal amazing stone covered patio throughout winding around to your front courtyard. Don't miss out this one will go quick!

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633 S Golden Key Street Gilbert, AZ 85233

$524,900

3 Beds

2 Baths

1,877 SqFt

Status Active

MLS # 6772178

Property Type Single Family Residence

Price Type --

HUGE $15,000 Price Reduction!!! Discover this premium CORNER LOT home just a short walk from DOWNTOWN GILBERT, nestled in a SAFE, quiet community with endless walking paths, LAKES, and parks. Enjoy a spacious backyard featuring a COVERED PATIO and a sparkling, HEATED POOL/SPA—the perfect size for cooling off or heating up! (NEW pool heater/cooler (2023) This DESIRABLE FLOOR PLAN boasts a stunning front-to-back entry, a LARGE OPEN FAMILY ROOM/kitchen and dining area ideal for entertaining or game nights. Modern touches include GRANITE COUNTERS and newer appliances in convenient walk-through kitchen. Recent: NEW WATER HEATER (2024), NEW RO AND WATER TREATMENT SYSTEM/SOFTENER (2021), and a NEW ROOF (installed 10/2024). Located near A+ Gilbert schools, gyms, restaurants, shopping, and MORE! MOVE IN TODAY!

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30013 N Candlewood Drive San Tan Valley, AZ 85143

$524,900

4 Beds

2.5 Baths

2,968 SqFt

Status Active

MLS # 6775340

Property Type Single Family Residence

Price Type --

GOLF COURSE HOME WITH MOUNTAIN VIEWS, HEATED POOL, AND PRIME OUTDOOR LIVING Welcome to this beautiful 4-bedroom retreat, perfectly positioned on the golf course with breathtaking mountain views! Step inside to discover a bright, open floor plan flooded with natural light from expansive windows that frame the scenic surroundings. The heart of the home is a modern, chef-inspired kitchen featuring sleek countertops, an oversized island perfect for gatherings, and abundant cabinetry for all your storage needs. The backyard is an absolute oasis, boasting a year-round heated pool, ideal for relaxing or entertaining in any season. An inviting outdoor living space awaits, perfect for lounging, dining, or simply enjoying the incredible views. With a loft and an additional downstair room that can be used as an office or playroom and a spacious 3-car garage outfitted with cabinets for extra storage, this home truly has it all. Enjoy the lifestyle offered by Johnson Ranch, including access to golf, tennis, parks, and more! This is more than just a home; it's a luxurious retreat with every amenity you could wish for. Don't miss this exceptional opportunity!

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16249 W Copper Point Lane Surprise, AZ 85374

$524,900

3 Beds

2 Baths

2,294 SqFt

Status Active

MLS # 6783942

Property Type Single Family Residence

Price Type --

This won't last long- immediate equity! Priced thousands below last appraisal. Motivated sellers. (Grandkids!) Well cared for home with a new warranties roof (October 2024), refurbished ac units, remodeled kitchen and bath (2020), updated tile floors (2020), exterior repainted in 2020 and touched up in 2024. Custom Plantation shutters. Sellers are offering an extended home warranty. Updated outdoor electric and covered patio extension in 2023. The fully updated kitchen boasts slideout shelves in bottom cabinets, upper cabinets are easy close, granite countertops and upgraded appliances! Two pantries. The updated master bath features custom tile and large walk in shower. Formal living/dining as well as an Arizona room. An entertainer's dream. Popular extended Stonecrest plan. Sellers have This is a beautiful, clean open floor plan. Sellers have taken care of this home with yearly servicing of all systems (ac, heating, sprinklers, water/sewage pipes, ductwork, etc). All records are available upon request. The Grand boasts golf courses, resort style living, clubs, sports, and activities. It's a great place to live with great neighbors. Outdoor blinds do not convey! Hot tub can convey under separate bill of sale.

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3899 E Longhorn Street San Tan Valley, AZ 85140

$524,900

5 Beds

2.5 Baths

3,287 SqFt

Status Active

MLS # 6786993

Property Type Single Family Residence

Price Type --

5 bedroom, 2.5 bath, 3-car tandem garage with pool in Laredo Ranch. Homes with these specs are hard to find in San Tan Valley. Spacious family room to accommodate large furniture. The living and dining rooms comfortably fit a piano, sofa, and dining table. The loft is large allowing for entertainment, relaxation, and separation from downstairs activities. You'll find enjoyment in the backyard with the refreshing pool and low-maintenance landscaping including turf. You can't find these features in a new home at this price. Don't let the holiday season cause you to procrastinate. Move forward now.

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18802 N 44th Place Phoenix, AZ 85050

$524,900

3 Beds

2 Baths

1,132 SqFt

Status Active

MLS # 6794685

Property Type Single Family Residence

Price Type --

Perfectly located in the highly sought after North Phoenix community of Winds of Tatum. Check out the amazing details in this 3 bedroom/2 bath charmer. 3rd bedroom is perfect as a guest room, den or office. All one level, skylights, low maintenance private backyard with paver hardscaping & pergulo. All this and location too! Close to Desert Ridge shopping, restaurants, Mayo Clinic, Scottsdale, Paradise Valley Community College, 101 & 51 freeways.

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5603 W Buckskin Trail Phoenix, AZ 85083

$524,900

3 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6742705

Property Type Single Family Residence

Price Type --

Seller will pay off Solar with full price offer at close of escrow! Fantastic Cul-de-Sac home in Stetson Valley with Mountain Views. Beautiful single story home with 3 bdrms, 2 baths plus an office. Large open floorpan with spacious kitchen featuring stainless appliances, new dishwasher, gas Stove, microwave, corner pantry, loads of storage and breakfast bar. Great room family room and dining room anchor this lovely open floorplan home, wired for surround sound. Low maintenance back yard with a covered patio, pavers, synthetic grass and new side gate.. solar panels/electrical box (solar panel loan assumable), new shower/plumbing in primary bathroom, new hot water heater and new AC, garage built in cabinets. Great School within 2.4 mi.

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