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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19217 N 262nd Drive Buckeye, AZ 85396

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$520,000

3 Beds

2.5 Baths

2,187 SqFt

Status Active

MLS # 6800509

Property Type Single Family Residence

Price Type --

Incredible & Desirable Refuge Model! Beautiful 3 bed/2.5bath or optional den/hobby room split floorplan. Over 50K in upgrades! Features a gourmet kitchen, SS appliances, recessed & pendant lighting, light wood cabinetry, mosaic tile backsplash, granite counters, huge walk-in pantry, & island w/breakfast bar. This inviting spacious open floor plan exudes tall ceilings, plantation shutters, & tile flooring. 2.5 car tandem, insulated garage w/50amp/240V EV or power RV! Soft water system, Alumawood pergolas, block wall, concrete coating to patio/side walkway are just a few of many upgrades! Enjoy the peak-a boo mountain views & well manicured backyard while soaking in the hot tub after a round of golf. Come see this exquisite home in Sun City Festival & all the amenities it has to offer! Buyer to verify all facts and figures.

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21686 N 259th Drive Buckeye, AZ 85396

Open House

$520,000

3 Beds

2.5 Baths

2,453 SqFt

Status Active

MLS # 6794202

Property Type Single Family Residence

Price Type --

Beautifully maintained 3-bedroom, 2.5-bath home, nestled in a tranquil community. With 2,453 sqft of thoughtfully designed space, this home features a spacious great room and a cozy den. The open-concept kitchen showcases granite countertops, a central island, a breakfast bar, and a walk-in pantry, all complemented by rich maple cabinetry. The master suite offers a split layout, a dual-sink bath, and a walk-in closet. The home also features leased solar panels, low-E windows, and neutral-toned carpet and tile throughout, & a 3-car garage. Sliding doors from the dining area lead to a covered patio and a low-maintenance backyard that backs to the greenway, enclosed by privacy block fencing and accented by stylish gravel stone. A perfect blend of elegance and practicality!

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9186 W Clara Lane Peoria, AZ 85382

Open House

$520,000

3 Beds

2 Baths

2,173 SqFt

Status Active

MLS # 6724146

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this stunning property featuring a cozy fireplace, natural color palette, and a center island in the kitchen. New stone countertops. The spacious primary bedroom boasts a walk-in closet. The primary bathroom is complete with a separate tub and shower, double sinks, and good under sink storage. Step outside to enjoy the fenced backyard with a private in-ground pool and covered sitting area. Fresh interior paint and partial flooring replacement in some areas make this home truly turn-key. Great location in North Peoria. Close to the shopping and restaurants. Don't miss out on this amazing opportunity to own your dream home!

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4040 E Caitlin Drive San Tan Valley, AZ 85140

$519,999

4 Beds

2.5 Baths

2,348 SqFt

Status Active

MLS # 6788046

Property Type Single Family Residence

Price Type --

This immaculate four-bedroom, 2.5-bathroom home is nestled in Archer Meadows, a prestigious gated community by Meritage. Featuring a stunning open floor plan, the home boasts a spacious upgraded kitchen complete with a large granite island, sleek subway tile backsplash, and stainless steel appliances. The master suite offers an elegant accent wall, dual vanities in the bathroom, a relaxing soaking tub, and a walk-in closet. With no neighbors to the east and backing up to open space, this property provides breathtaking mountain and greenbelt views. A must-see home, ready to welcome its new family!

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14426 W Gunsight Drive Sun City West, AZ 85375

$519,999

3 Beds

2 Baths

2,246 SqFt

Status Active

MLS # 6798847

Property Type Single Family Residence

Price Type --

Visit your dream home in Sun City West, an active adult community that offers world-class amenities such as golf courses, tennis courts, swimming pools, fitness centers, and a wide range of clubs and social activities! Stunning 3-bed, 2-bath, 2-car gar property boasts 2246 sqft of living space. Greeted by a bright and open floor plan with high ceilings, large windows, and tasteful finishes throughout. Kitchen includes stainless steel appliances, quartz countertops and brand-new white shaker cabinets. Large backyard with covered patio with a blank canvas to create your ideal outdoor space. Brand new vinyl wood flooring throughout the home. Enjoy the fully upgraded, spa like bathrooms with high end shower system, , framed mirrors, shower niche, and custom vanities. Must see!

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22647 E Indiana Avenue Queen Creek, AZ 85142

$519,999

4 Beds

3 Baths

1,933 SqFt

Status Active Under Contract

MLS # 6780542

Property Type Single Family Residence

Price Type --

CASITA! Rare income-generating opportunity! This home has a 1 bedroom, 1 bathroom casita with a private entrance - ideal for multi-generational living, private guest quarters or rental income. Enter this 2022 built home to the gated courtyard, where the main home and casita enjoy privacy with their own entrances. Wood-look tile throughout all common areas, impressively appointed kitchen with quartz countertops, large island and wood-look cabinets. Thoughtfully designed split floor-plan means the primary bedroom suite enjoys privacy from the two bedrooms inside the main home and the casita. Primary bedroom/bathroom suite offers an enormous walk-in glass wall shower and large walk-in closet. Outside, enjoy the turf in your back yard with no neighbors directly behind you - pergola makes enjoying the Arizona weather a breeze. Do you dream of living in a community with two heated pools, a splash pad, community trails, parks and a lake with catch and release fishing? Your new home is situated in the highly sought after community of Harvest, Queen Creek. This community was thoughtfully inspired by the area's rich agricultural history, and blends it with suburban living. Conveniently located close to major highways, including Loop 202 (Santan freeway) and State Route 24, and minutes to the state of Arizona's most beloved agritourism destinations: Schnepf Farms and Queen Creek Olive Mill. Pick your own farm fresh veggies at Schnepf!

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2023 W Rancho Drive Phoenix, AZ 85015

$519,999

4 Beds

4 Baths

2,217 SqFt

Status Active

MLS # 6766472

Property Type Single Family Residence

Price Type --

Central Phoenix home with a lot of character in a prime location that is walking distance to the Valley Metro Rail Station and the Spectrum Mall while being minutes away from I-17! If you have a green thumb, this house is for YOU, it offers lots of tree and vegetation: 2 mature orange trees, pomegranate, peach, tangerine, blood orange, 5 grapevines, artichoke, and rosemary. The house has a sustainable front and backyard with a distinctive water fountain and a wood crafted entry door. The main house features hand-carved Cantera stone, slate flooring, double-sided fireplace and 3 skylights throughout the house. Chef's kitchen boasts granite countertops, huge breakfast bar for additional seating, and stainless steel appliances. Walk-in closet, steam shower, jacuzzi tub and double vanity sink makes for a great master suite! All bathrooms have stone tile work from floor to ceiling with inset mirrors. The backyard of the home is very unique and features a fountain, fully mature orange tree, raised concrete trellis area, and outdoor fire-pit! Extended driveway, RV GATE, and a GARAGE! NO HOA! HURRY, this one won't last long!

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4823 S 117th Avenue Avondale, AZ 85323

$519,999

5 Beds

3 Baths

2,648 SqFt

Status Active

MLS # 6768509

Property Type Single Family Residence

Price Type --

Move-in ready! Discover this beautiful 4-bed, 3-bath property located in Alamar Community! You will LOVE the spacious open floor plan that promotes a modern feel. Wood-look tile flooring, stylish light fixtures, ceiling fans, and window blinds enrich the overall appeal. Upscale kitchen comes complete with abundant cabinetry, stainless steel appliances, mosaic tile backsplash, a prep island with a breakfast bar, and granite counters. For added functionality, this gem offers a sizable den and loft ideal for entertainment or office. In the large main retreat, you will have plush carpet, an ensuite with dual sinks, and a walk-in closet. The generously sized backyard features a covered patio and multiple seating areas to enjoy alfresco dining. This value is a true wonder! Don't miss it!

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301 W Leatherwood Avenue San Tan Valley, AZ 85140

$519,999

3 Beds

2 Baths

2,199 SqFt

Status Active Under Contract

MLS # 6770044

Property Type Single Family Residence

Price Type --

Welcome home to this single story 3 bed, 2 bath +den home in Ironwood Crossing. This split floorplan gives you peace and quiet away from the other rooms. The adjoined kitchen, living room, and dining room allows for a great entertaining space. With tile in the high traffic areas and carpet to soften the living room and bedrooms you will feel right at home. The Ironwood Crossing master planned community has so much to offer from 2 pools, a splash pad, 21 parks, BBQ grills, volleyball, basketball, bocce and pickleball courts, 18-hole disc golf, and so much more, you won't run out of things to do here.

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5344 W Manzanita Drive Glendale, AZ 85302

$519,995

4 Beds

2 Baths

1,730 SqFt

Status Active

MLS # 6762079

Property Type Single Family Residence

Price Type --

: Discover this single-story Alexandrite home, ready for quick move-in! Included features: a welcoming covered entry; an open great room with center-meet doors leading onto a tranquil covered patio; a dining nook; a well-appointed kitchen boasting a corner layout, white 42'' upper cabinets, quartz countertops, 3x6 subway tile backsplash, satin nickel hardware, a pantry, a center island with pendant lighting, and stainless-steel appliance suite; a convenient laundry room; a lavish primary suite offering a walk-in closet and a private bath with double sinks; three additional bedrooms; a second full bath with double sinks, and a 2-car garage with a service door, belt drive opener, and 8' door height. This home also features 9x35 stone tile flooring, carpeted bedrooms, cultured marble bathroom countertops, ceiling fan prewiring in all rooms plus patio, a paver driveway and walkway, and front yard landscaping! Also included is garage coach lights, soft water loop, R/O pre-plumb, gas stub at the back patio, and tankless gas hot water heater. Plus, much more!

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5434 W Las Palmaritas Drive Glendale, AZ 85302

$519,995

4 Beds

2 Baths

1,720 SqFt

Status Active

MLS # 6790455

Property Type Single Family Residence

Price Type --

At the heart of the single-story Peridot plan is a well-appointed kitchen with a center island, a walk-in pantry and an open dining area overlooking an expansive great room. The community standard is going to be 9 feet ceilings, soft water loop, pavers, garage service door and garage door opener. A beautiful primary suite with a private bath and a generous walk-in closet offers plenty of space for rest and relaxation. You'll also appreciate a convenient laundry and a tranquil covered patio. Our professionally curated fixtures and finishes are sure to impress!

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17594 W Blue Sky Drive Surprise, AZ 85387

$519,995

4 Beds

2 Baths

2,220 SqFt

Status Active

MLS # 6789991

Property Type Single Family Residence

Price Type --

Explore this remarkable Raleigh home, ready for quick move-in! Included features: a covered entry; a spacious great room overlooking a covered patio; a nook; a gourmet kitchen boasting 42'' cabinets, a center island, a walk-in pantry and stainless-steel appliances, including a gas range; a luxurious primary suite showcasing a private bath and an oversized walk-in closet; a fourth bedroom and a front study. This home also offers quartz countertops, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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