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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19782 W San Miguel Avenue Litchfield Park, AZ 85340

$515,000

4 Beds

3 Baths

1,813 SqFt

Status Active

MLS # 6786692

Property Type Single Family Residence

Price Type --

HUGE PRICE IMPROVEMENT!!! NOW VACANT ''GO AND SHOW'' IMMACULATE OPEN CONCEPT SINGLE LEVEL HOME IN BEAUTIFUL SEASONS AT CANYON VIEWS!!! COME HOME TO THIS EXQUISITLY LAID OUT FLOORPLAN AND START LIVING THE NEXT CHAPTER OF YOUR STORY. BEAUTIFULLY MAINTAINED HOME WITH BRAND NEW INTERIOR PAINT THROUGHOUT. TASTEFUL WOOD-LOOK TILE FLOORS, CLEAN QUARTS COUNTERTOPS, SUBWAY TILE BACKSPLASH, BEAUTIFUL STAINLESS STEEL APPLIANCES AND SPACIOUS 3 CAR GARAGE. UPSCALE PAVER DRIVEWAY, RV GATE AND IMMENSE 9000 SQFT LOT WITH VIEWS OF THE WHITE TANK MOUNTAINS AND THE VALLEY BELOW. LOT IS LARGE ENOUGH TO HAVE A POOL, LAWN, OUTDOOR LIVING SPACE AND STILL HAVE ROOM FOR YOUR RV, BOAT, WORK TRAILER OR TOYS! INCREDIBLE HOME AT AN UNBEATABLE PRICE!!

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2241 E Fox Street Mesa, AZ 85213

$515,000

3 Beds

2 Baths

1,604 SqFt

Status Active

MLS # 6788740

Property Type Single Family Residence

Price Type --

Check out this remodeled 3 bedroom 2 bathroom in Mesa. This property features a private pool and 2 car garage in a great neighborhood. The home upgrades include new vinyl plank flooring, fresh carpet, new interior and exterior paint and more! Located in a great neighborhood with amazing schools, this property would be a great new home!

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4026 E Larkspur Drive Phoenix, AZ 85032

$515,000

3 Beds

2 Baths

1,742 SqFt

Status Active

MLS # 6793099

Property Type Single Family Residence

Price Type --

Rare find! Beautiful single story Patio Home in Las Haciendas De Paradise Village. Recently renovated three bedroom, split floorplan, two bathroom home adorned with neutral wood-like tile and kitchen with granite counters. Gated courtyard entry and additional patio space off the kitchen that would be great for your own garden! Newer AC unit. Oasis like backyard with water feature and lush with flora. Enjoy privacy with no neighbors behind you on this desirable end lot. 2 community pools, spa, tennis/pickleball court. Close to the newly developed PV with amazing dining, shopping and more. Near the 51 freeway for easy access around town.

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9536 E Travertine Avenue Mesa, AZ 85212

$515,000

3 Beds

3 Baths

2,184 SqFt

Status Active

MLS # 6796060

Property Type Single Family Residence

Price Type --

Move in ready as you walk thru the front door, you will notice the vaulted ceiling, 20'' tile flooring in all the right places & upgrades galore! Open concept kitchen features large island with granite counters & upgraded espresso cabinets. Electric fireplace w/ shiplap, pre-wired surround sound, spacious kitchen & pantry with additional under stairs storage & mud room with built ins are just the beginning. 2nd level has a spacious open loft area, laundry with cabinet & sink option, upgraded feature walls in bedrooms 2 & 3 to the large master bedroom with walk in shower to the expansive walk-in closet, this home does not disappoint! A true gem within a resort style community with parks, pools, rec work out facility, entertaining & more!

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172 E Catalina Lane Queen Creek, AZ 85140

$515,000

2 Beds

2 Baths

1,437 SqFt

Status Active Under Contract

MLS # 6731008

Property Type Single Family Residence

Price Type --

This is a stunning 2-bedroom, 2-bathroom gem in fabulous Encanterra Golf & Country Club neighborhood in Queen Creek. This 1432 s.f. home sits on a 0.132-acre lot, complete with a spacious 2-car garage. Step inside to an inviting open floorplan bathed in natural light, featuring elegant wood-like tile and plush carpet flooring. The exquisite custom details throughout the home add a touch of luxury to every corner. The kitchen is a chef's delight, equipped with stainless steel appliances, upgraded cabinets, a large island with breakfast bar seating, and gleaming granite countertops. It seamlessly flows into the dining area and the expansive living room & surround sound with b/in speakers. Master retreat offers a sanctuary with a full bathroom, double sinks, and custom-tiled shower. Your guests will feel at home in the second bedroom, which also boasts a beautifully custom-tiled bath-shower combo. Convenience is key with an indoor laundry room that provides ample storage space. Step outside to your backyard oasis, featuring a custom built in water feature and an extra-large covered patio with a fan, plus piped in gas for bbq, perfect for entertaining or enjoying a quiet evening with family. The beautiful desert landscaping adds to the charm and low-maintenance appeal of this outdoor haven. Encanterra Golf & Country Club is one of the nicest and the most affordable country clubs in the valley! Four pools!!! There are 2 resort style pools with walkup bar, negative edge pool & more. There are also two indoor/outdoor lap pools & jacuzzi. Amazing 18 hole Tom Lehman championship golf course & pro shop! Plenty of sports & activities; 4 tennis courts, 8 pickleball courts, Bocce ball, biking/walking paths, state of the art fitness center w/ personal training, movement studios for yoga, Pilates, Zumba, core conditioning & more. There are a ton of social clubs to join too. Amazing full service Palma Kitchen + Tap FIVE STAR restaurant plus additional café's. Enjoy time at the salon/spa that offers massages, skin care, nail salon & more! You will never have to leave your own neighborhood for all of your social & wellness needs!

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18527 W Caribbean Lane Surprise, AZ 85388

$515,000

6 Beds

3.5 Baths

3,042 SqFt

Status Active Under Contract

MLS # 6757461

Property Type Single Family Residence

Price Type --

Searching for your dream home? Look no further! With a little work this could be it. This 6-bedroom, 3.5-bathroom beauty features paid-off solar panels and new AC units installed in 2020. The property boasts excellent curb appeal with a 3-car garage, desert landscaping, and striking stone veneers. Step inside to find, tile flooring, and a welcoming living room ideal for entertaining guests. The spacious great room includes sliding doors that open to the backyard. You'll love the eat-in kitchen, with granite countertops, a stylish tile backsplash, a breakfast bar, and a pantry. The bright primary bedroom an ensuite bathroom with dual sinks and a walk-in closet. Outside, the backyard is perfect for relaxation and fun, featuring a patio, swimming pool and spa, and ample green space.

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13228 W Avenida Del Rey -- Peoria, AZ 85383

$515,000

4 Beds

2.5 Baths

2,257 SqFt

Status Active Under Contract

MLS # 6776882

Property Type Single Family Residence

Price Type --

Absolutely stunning 4 bedroom, 2.5 bath Single Level Home in Quiet North Peoria Community, Formal Living & Dining Room, Spacious Kitchen w/Upgraded Cabinets & Granite Countertops, Oversized Kitchen Island, Walk In Kitchen Pantry. Master Bedroom w/Dual walk-in Closets. Master Bathroom w/Dual Vanity and large Walk-in Shower. Additional 3 bedrooms plus a den/office and hallway bathroom. Dual Pane Windows Throughout & Air Conditioner w/3 ZONES & Smart Thermostats, Covered Backyard Patio,Landscaped Front & Backyard, 3 Car Garage

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16168 W Vale Drive Goodyear, AZ 85395

$515,000

2 Beds

2 Baths

1,570 SqFt

Status Active Under Contract

MLS # 6767060

Property Type Single Family Residence

Price Type --

SPECTACULAR Active-Adult / PebbleCreek / Prestigious Guard-Gated Luxury Resort Lifestyle / RENOWNED ROBSON CHAMPIONSHIP GOLF! / Enjoy good life you deserve w/vast array of Community Amenities, SOCIAL EVENTS, Classes, GYMS, Spa Treatments, Recreational Opportunities, DOG PARKS, +100's of clubs in 2 Clubhouse Recreation Centers! IDEAL Lock-N-Leave WINTER VACATION HOME or your FOREVER HOME w/Striking HARDWOOD FLOORS, new Carpet, GRANITE kitchen counters, Vaulted ceilings, Pet-friendly faux grass turf & EZ care Landscape w/Sparkling POOL & WATERFALL in your Private Desert Oasis! / EXTENDED OAKMONT MODEL was extended in size from original plan by 4 feet to enlarge Guest Bedroom & Owner's Suite, PLUS enclosed Den! NEAR SPRING TRAINING, Tanger Outlets, AZ CARDINALS Stadium, VAI Resort & more!

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5540 E Dolphin Avenue Mesa, AZ 85206

$515,000

3 Beds

2.5 Baths

1,815 SqFt

Status Active Under Contract

MLS # 6770477

Property Type Single Family Residence

Price Type --

Discover your dream home in Mesa! This stunning open floor concept house is set on a spacious quarter-acre lot, perfect for outdoor activities. Inside, upgraded flooring flows seamlessly through bright living spaces, while the modern kitchen boasts sleek countertops and stainless steel appliances, making it ideal for cooking and entertaining. With generous bedrooms and beautifully appointed bathrooms, this home offers comfort and style throughout. The large backyard, complete with an RV gate, provides ample space for your toys or the potential for a garden or outdoor oasis. Don't miss your chance to own this exquisite home that combines contemporary elegance with the charm of Mesa living. Make it your next home today!

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10333 E Irwin Avenue Mesa, AZ 85209

$515,000

3 Beds

2 Baths

2,081 SqFt

Status Active Under Contract

MLS # 6780883

Property Type Single Family Residence

Price Type --

Beautiful 3-bedroom, 2 bathroom, plus large den, beautiful large open concept kitchen with granite counter tops, and large island. This home is perfect for entertaining. The neighborhood is very well groomed, and is close to shopping, restaurants, and freeway. Original owners have taken amazing care of this home, and have kept it immaculate throughout the years. Multiple parks within walking distance. The floorplan is spacious, and very convenient for entertaining, families, or empty nesters. This is a must see.

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2616 S Tobin -- Mesa, AZ 85209

$515,000

4 Beds

2.5 Baths

2,236 SqFt

Status Active

MLS # 6733880

Property Type Single Family Residence

Price Type --

Welcome to the highly desired community of Mulberry in East Mesa! This beautiful 4-bedroom, 2.5-bath home boasts an open floor plan with an office space on the main level. The open-concept living area is filled with natural light. The gourmet kitchen features modern appliances, granite countertops, and a large island. The master suite is a true retreat with a luxurious en-suite bath, and walk-in closet. Mulberry offers amenities for an active lifestyle, including pickleball and tennis courts, two community pools, a clubhouse, and multiple parks. Come check out this lovely home in one of East Mesa's top communities.

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7715 S 69th Lane Laveen, AZ 85339

$515,000

5 Beds

3.5 Baths

2,709 SqFt

Status Active

MLS # 6761130

Property Type Single Family Residence

Price Type --

Welcome to this beautifully maintained 5 bedroom, 3.5 bath home in a prime location. The open floor plan is perfect for entertaining, while the downstairs ''mother-in-law'' suite offers a cozy retreat for guests. The kitchen features sleek stainless steel appliances and elegant cabinetry for ample storage. Tile and laminate flooring throughout add a fresh, modern touch. Upstairs, an oversized loft provides flexible space for a playroom or extra living area. Enjoy the spacious backyard with its lush lawn, desert landscaping, and extended pavers. This home is ready to welcome you

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