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.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2025+2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2025+2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2025+2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2025+2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

905 E Weldon Avenue Phoenix, AZ 85014

$518,000

3 Beds

2 Baths

1,173 SqFt

Status Active

MLS # 6799169

Property Type Single Family Residence

Price Type --

This stunning remodeled 3-bedroom, single-level gem is a must-own! The lushly landscaped front yard and RV gate create a welcoming first impression. Inside, you're greeted by wood-look floors, recessed lighting, and a living room accentuated by an exposed wood beam. The pristine kitchen is a true centerpiece, offering stainless steel appliances, a mosaic tile backsplash, granite counters, abundant white cabinetry, and a center island with a breakfast bar. Relax in the main bedroom, featuring a chic bathroom with a sleek step-in shower. A separate guest quarter provides added privacy and flexibility. Expansive backyard includes a rear vehicle entry, a patio for lounging, and plenty of room for fun barbecues or even a future pool. Don't miss the chance to make it yours!

View Property

5656 N 109th Avenue Phoenix, AZ 85037

New

$518,000

5 Beds

3 Baths

2,947 SqFt

Status Active

MLS # 6801583

Property Type Single Family Residence

Price Type --

Ready to live in the Gated Community of Vista Diamante? This is your chance to own this two-story home! Be greeted by a welcoming living/dining room ideal for entertaining your guests. Soft carpet and tile floors in the right areas. For an immersive experience, the family room includes surround sound speakers! The kitchen has a center island w/breakfast bar, a walk-in pantry, granite counters, plethora of cabinets, and stainless steel appliances. Upstairs, discover a sizable loft and the laundry room. There are two main bedrooms. The upstairs main bedroom offers an ensuite with dual sinks, a separate tub/shower, and a huge walk-in closet. The downstairs main bedroom boasts an ensuite with a tub/shower combo and walk-in closet. The backyard awaits your landscaping ideas. Must see!

View Property

26039 N 160th Lane Surprise, AZ 85387

$517,990

4 Beds

3 Baths

2,342 SqFt

Status Active

MLS # 6788994

Property Type Single Family Residence

Price Type --

BRAND NEW, energy-efficient home available!! The Lark is a unique single-story home featuring 4 bedrooms, 3 baths AND a flex space! As a BONUS, Bedroom 4 has its own bath and walk-in closet!! This home offers slate cabinets with marble-look white quartz countertops, backsplash, wood-look tile flooring with beige carpet! Some INCLUDED features are PAVER driveways, washer, dryer, window blinds, refrigerator, soft water loop and MORE!! Residents enjoy EXCLUSIVE amenities including clubhouse, pool, tot lot, parks, cornhole, basketball, firepit, outdoor kitchen, walk trails and future fitness center. Shopping, restaurants, and entertainment nearby. Each home is built with innovative, energy-efficient features designed to help you ENJOY more SAVINGS!

View Property

9842 S 11th Street Phoenix, AZ 85042

$517,990

3 Beds

2.5 Baths

1,983 SqFt

Status Active

MLS # 6768874

Property Type Townhouse

Price Type --

Follow the entrance road to the top where you will see our marketing signs. Please excuse our dust, these brand new homes are under construction and are currently expected to close in January 2025. These are pre-Grand Opening prices!!

View Property

2438 W Gambit Trail Phoenix, AZ 85085

$517,900

4 Beds

2.5 Baths

2,045 SqFt

Status Active

MLS # 6768466

Property Type Single Family Residence

Price Type --

THIS IS THE ONE!! This remodeled beauty on a corner lot, has been freshened up & is ready for her new owners. Soaring vaulted ceilings welcome you into the formal living & dining room. Flooring has been replaced with luxury vinyl plank flooring & new carpet. The kitchen boasts freshly painted cabinets, new stainless steel appliances & gleaming new quartz counter tops. The kitchen island overlooks the spacious family room, complete with fireplace & offers an open concept floor plan, ideal for entertaining. Upstairs, your huge owner's suite awaits w/ vaulted ceilings. The ensuite bathroom has separate tub/shower, dual sinks & a walk in closet with plenty of room for storage. The secondary bedrooms are spacious & also have vaulted ceilings. Enjoy warm AZ sunsets under your covered patio.

View Property

21243 W Coronado Road Buckeye, AZ 85396

$517,750

4 Beds

3.5 Baths

3,098 SqFt

Status Active

MLS # 6755465

Property Type Single Family Residence

Price Type --

**SELLER CONCESSIONS AVAILABLE** Welcome to your dream home in the prestigious Verrado community! This exceptional 4-bedroom, 3.5-bath residence spans 3,098 sqft of luxurious living space, offering an unparalleled blend of comfort, and functionality. From the moment you step inside, you'll be captivated by the spacious open floor plan, ideal for both everyday living and entertaining. All tile flooring downstairs. The gourmet kitchen is a chef's dream, boasting stainless steel appliances, stove top, sleek quartz countertops, an oversized island, and espresso colored cabinets with plenty of storage. Downstairs den perfect for those who work from home or an ideal playroom. Upstairs, the expansive loft provides endless possibilities, from a home office to a media room or can be converted into an additional bedroom. EACH bedroom is generously sized with walk in closets, ensuring comfort for every family member. The 3rd bedroom includes its own full bathroom. Master suite is a true retreat with a spa-like ensuite bathroom with double sinks, separate tub & shower and his & hers walk-in closets, perfect for your own private escape. Ceiling fans in each bedroom, large windows for natural lighting. Spacious laundry room with its own linen closet and room for your Pinterest ideas to make it your own. The outdoor living space is just as impressive. The professionally designed backyard features pavers and synthetic grass, creating a perfect, low-maintenance space for entertaining or simply relaxing in your private oasis. With a 3-car tandem garage with an access door to the RV gate and solar panels for energy efficiency, this home truly has it all. Located in the Sienna Hills community, you'll enjoy access to resort style amenities designed for relaxation & adventure for all the family to enjoy. Community Pools, parks and fitness center . Along with a bustling Main Street filled with restaurants, shops, and community events. This home is more than just a place to liveit's a lifestyle. Don't miss your chance to own this exceptional property in one of Buckeye's most sought-after neighborhoods. Start living the life you've always dreamed of.

View Property

13607 W Springdale Drive Sun City West, AZ 85375

$517,750

2 Beds

2 Baths

3,291 SqFt

Status Active

MLS # 6768546

Property Type Single Family Residence

Price Type --

Great Opportunity To Own This Popular San Carlos EXPANDED Model: Allowing for the extra square footage to total 3291l. This 2 bedroom, 2 bathroom, 2.5 Car Garage (GOLF CART GARAGE), is fantastically located off of the 4th Teebox, perfect run with the cart! The spacious living room, AZ room, primary master bedroom & bath, guest bedroom, bath count with expansions. Home boasts an arrays of room to entertain your friends, family and other guests. Enjoy the nice seasonal weather and relax in your new home, coupled with an enclosed patio with gorgeous views of the mountains & golf course. North/South sun exposure limits direct sunlight. Great moment to capitalize to make this property your own, at current pricing structure! Buyer to verify all.

View Property

3941 W Salter Drive Glendale, AZ 85308

$517,500

3 Beds

2.5 Baths

1,975 SqFt

Status Active Under Contract

MLS # 6756371

Property Type Single Family Residence

Price Type --

SELLER IS OPEN TO DISCUSS ON THE BUYERS INCENTIVES!! PRICE REDUCED!! Fully OWNED SOLAR and Spacious 3-Car Garage (3 car garage also opens to the backyard) ! Discover this stunning two-story home that perfectly blends style, functionality, and location! Situated in a highly sought-after area, this property is a gem that offers both convenience and comfort. The home boasts an open floor plan with a versatile flex space on the main floor, ideal for an office, formal living room, or whatever suits your lifestyle. Upstairs, you'll find a cozy loft, three spacious bedrooms, two full bathrooms, and a large laundry room for added convenience. The master suite is a private retreat with dual sinks, a generous linen closet, and a thoughtfully designed layout. Come and see it!! The heart of the home is the upgraded kitchen, featuring a central island, beautiful staggered Maple Smoke cabinets with crown molding, and sleek granite countertops. Perfect for entertaining and everyday living! Step outside to the backyard, complete with a covered patio, offering a great space for relaxation or hosting gatherings. The garage also opens to the backyard for easy moving. The yard is also an ideal play area for children. Additional upgrades include premium carpet, ceramic tile flooring, and must-have appliances - the washer, dryer, RO system, water softener, and refrigerator are all included! With owned solar panels, you'll enjoy energy efficiency and cost savings. This home is move-in ready and won't last long at this price! A perfect fit for families looking for a great community and modern living. Don't miss out!

View Property

1712 S Hardy Drive Tempe, AZ 85281

$517,000

4 Beds

2 Baths

1,978 SqFt

Status Active

MLS # 6744803

Property Type Single Family Residence

Price Type --

Looking for a place to call home? This fabulous 4-bedroom residence in Tempe is perfect for you! You will be greeted by a recently remodeled interior showcasing tile flooring, graceful archways, fresh neutral palette, ceiling fans, and window blinds. Discover an inviting living room, formal dining room, and a large family room equipped with a brick fireplace ideal for chilly winter months. Built-in appliances, pass-through window, plenty of cabinets, and recessed lighting complete this lovely kitchen. Continue onto the primary bedroom, offering plush carpet and a private ensuite with an enclosed glass shower. Finally, the easy-care backyard includes a relaxing covered patio and pavers. Don't let this amazing deal slip by. Move-in ready!

View Property

16238 W Starry Sky Drive Surprise, AZ 85374

Open House

$517,000

2 Beds

2 Baths

2,273 SqFt

Status Active

MLS # 6785480

Property Type Single Family Residence

Price Type --

This original owner Windrose model in sought-after Sun City Grand (''The Grand'') community is situated on a huge premium one-third acre + lot. This residence offers bright living spaces with wide-open views into the deep back yard. Upon entering the wide foyer your gaze carries over 100 feet through the living room and patio to the back of the property. The interior features an easy access living room/dining room, cozy Arizona Room, versatile den/office and two comfortable bedrooms. The spacious primary bedroom features a bay window for natural light. Convenient access to the large covered patio is provided by sliding glass doors from the Arizona Room, Living Room and Primary Bedroom. The custom open patio extends well into the expansive back yard, perfect for entertaining guests or enjoying evenings under the stars. The enlarged garage accommodates a golf cart and has plenty of storage cabinets. Recent upgrades include dual HVAC systems in 2017 and all kitchen appliances in 2020. Elevated toilets in both bathrooms. New exterior paint in November 2023. Experience the best of Arizona living in this lovely, comfortable home and the extensive community amenities that will enhance your lifestyle. Easy access from Bell Road. Don't miss out on this exceptional opportunity.

View Property

1529 E Mcnair Drive Tempe, AZ 85283

$517,000

3 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6787485

Property Type Single Family Residence

Price Type --

Welcome to this beautiful move-in ready home located in a quiet South Tempe neighborhood! This single-story home offers 3 spacious bedrooms, 2 bathrooms, and 1,760 square feet of living space. The home is full of natural light and has hardwood oak flooring. Sitting on a nearly 10,000 sqft lot, the resort style backyard features a pebble tech play pool, large covered patio area, pergola, fruit trees and side yard with large storage shed. Conveniently located near the 101 and I-10 freeways. Nearby amenities include parks, canal walk, and shopping. No HOA! Perfect for your family!

View Property

1828 N Sunview -- Mesa, AZ 85205

$517,000

3 Beds

2 Baths

2,094 SqFt

Status Active Under Contract

MLS # 6791681

Property Type Single Family Residence

Price Type --

Well designed home located on corner lot in the Master Planned Community of Alta Mesa. Nice curb appeal with no two stories behind. Neutral colors with tile in all the right places. Eat in kitchen with island overlooking great room. Primary spacious bedroom with glass block walk in shower, double sinks, mirrored walk in closet and toilet room. Inviting living room with fireplace. Plantation shutters, vaulted ceilings and fans. Storage in garage with work area. Newer a/c and extra insulation. Low maintenance landscaping, artificial grass, citrus, garden area & extended patio with remote controlled awning. East access to 202 Freeway to all parts of the Valley. Very nice curb appeal! A dining and social membership is available for purchase at Alta Mesa Golf Club.

View Property