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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9042 N 116th Lane Youngtown, AZ 85363

$510,995

4 Beds

3 Baths

2,370 SqFt

Status Active

MLS # 6786693

Property Type Single Family Residence

Price Type --

Welcome to your stunning new home! This elegant two-story residence spans 1,720 square feet, offering a perfect blend of modern design and comfortable living. The spacious kitchen is a chef's dream, featuring 42'' cabinets, quartz countertops, and a stylish backsplash, complemented by a sleek stainless steel refrigerator. The main living areas boast beautiful tile flooring, while plush carpeting adds warmth to the bedrooms, creating cozy retreats. Designed for both functionality and style, this home is the ideal space to create lasting memories. New Construction, Estimated completion February, 2025, Beautiful 2-Story Home.. Stone Tile throughout home with carpet in the bedrooms, The house has 42 cabinets in the kitchen, Quartz Countertops with a beautiful Oyster Grey backsplash.

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5510 W Summerside Road Laveen, AZ 85339

$510,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6697220

Property Type Single Family Residence

Price Type --

Introducing the Sage plan, a stunning 4-bedroom, 3-bathroom home with a den, spanning 2150 square feet of modern desert living. Boasting a sleek paver driveway and contemporary exterior, this residence offers both style and functionality.Step inside to discover the exquisite wood-look tile flooring that flows seamlessly throughout the open-concept floor plan. The kitchen is a focal point of elegance, featuring a striking contrast of grey cabinets on the island and white cabinets elsewhere, with upper cabinets reaching an impressive 42 inches in height. Adorned with a chic beige/grey backsplash and luxurious white quartz countertops, this space is as beautiful as it is functional. Enhanced with upgraded matte black door hardware and bath finishes, every detail of this home exudes sophistication. Entertaining is a breeze with a 4-panel sliding glass door leading to the backyard oasis. The split floorplan ensures privacy, with two secondary bedrooms located up front, a third tucked beside the den, and the primary suite positioned at the rear. Indulge in the comfort of the primary bath, complete with double vanities, a walk-in shower, and a spacious walk-in closet. Additional features include a 3-car tandem garage, providing ample space for vehicles and storage. Don't miss the opportunity to make the Sage plan your own and experience the epitome of desert luxury.

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16977 W Red Bird Road Surprise, AZ 85387

$510,000

4 Beds

3 Baths

3,024 SqFt

Status Active

MLS # 6787008

Property Type Single Family Residence

Price Type --

3,024 SQFT + FINISHED BACKYARD. What a great opportunity to purchase the GRAND floor plan, which offers 4 bedrooms, 3 bathrooms, a flex room, loft, and 3 car garage! Comes w/ WASHER & DRYER. This floor plan is so versatile! DOWNSTAIRS offers a bedroom w/ closet, full bathroom, & versatile flex room w/ double doors. UPSTAIRS you will find the owner's suite, two additional bedrooms, bathroom w/ tub/shower combo, laundry, & a HUGE loft! The GOURMET kitchen includes stunning Sandstone cabinets, Whirlpool appliances, GAS cook-top, an island w/ breakfast bar, & reverse osmosis system. The kitchen is tied together nicely with a gorgeous white Quartz countertop & black finishes. The GARAGE is a 3 car tandem giving plenty of space for parking, storage, and/or a workshop area. The garage door was upgraded to an 8 ft. tall door & there are built-in cabinets perfect for staying organized. The BACKYARD is completely landscaped w/ pavers, artificial grass, & a pergola. Together, the large covered patio and pergola create the perfect outdoor living space to do everything from enjoy the weather to entertain family or friends. New INTERIOR paint throughout. Thermostats upgraded to Ecobee, which are WiFi capable to be managed from your phone. Additional features include a soft water loop, Reme-Halo whole home air purification system, & tankless water heater. The home has Wyyerd Fiber Optic available for internet. No need to worry about which solar company to go with. Owned panels are already installed & giving a credit for most months. Thermostats upgraded to Ecobee, which can be controlled from your smart device. Whole home Smart System included. Park with basketball court, playground, & corn hole right around the corner! Conveniently located minutes from the new Fry's Marketplace & other amenities.

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4689 N Juniper Lane Pine, AZ 85544

$510,000

1 Bed

1 Bath

1,216 SqFt

Status Active

MLS # 6791899

Property Type Single Family Residence

Price Type --

This Portal 2 cabin is a truly stunning property with modern upgrades, amazing views, and serene privacy. Situated next to a common area, the cabin offers a sense of seclusion with panoramic views from nearly every room. The updated kitchen includes sleek new cabinets, durable Corian countertops, a gas range, and stainless-steel appliances, creating a stylish and functional space for cooking. Travertine flooring flows throughout the cabin, adding a touch of sophistication and durability. The great room is a highlight, featuring rustic vaulted wood ceilings and a grand gas fireplace framed in stacked stone—perfect for cozy evenings. Expansive decks extend from the house, offering an ideal spot to relax and take in the tranquil surroundings. The bathroom has been fully upgraded with luxurious features, including a thermostatic control, a rain shower, body spray, and a wand, providing a spa-like experience. The bedroom is another retreat, boasting incredible views and vaulted ceilings. This cabin includes two loft areas, which can serve as additional sleeping spaces, accommodating more guests with a queen sleeper sofa and a double sleeper sofa. Practical upgrades include a new roof in 2023 and a central heat/AC system installed in 2008, ensuring comfort and reliability. Some Furniture and Furnishings convey.

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20411 N 99th Drive Peoria, AZ 85382

$510,000

3 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6760829

Property Type Single Family Residence

Price Type --

Super Clean single story home offers 3 bedrooms, 2 bathrooms, spacious 3 car garage located in the popular Parkridge neighborhood. High ceilings, formal living area, and wide open kitchen and great room for entertaining and family time. A nice addition to this floor plan is the home office/ den that can be private with self closing doors or open for invited guests. The master bath has a large tub with separate shower, walk in closets and shelving with cubbies for organization. The home has new appliances. 2023- New BOSCH AC, New hot water heater, 2024 New cabinets, paint, appliances and new flooring throughout home. Bonus Leased Solar installed! Low monthly payment and almost No monthly electric bill. Close to the Loop 101 and access to all that North West Valley has to offer.

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1910 E Gemini Drive Tempe, AZ 85283

$510,000

4 Beds

2 Baths

1,746 SqFt

Status Active

MLS # 6791231

Property Type Single Family Residence

Price Type --

Great LOCATION! Quiet neighborhood, close to shopping, freeways, schools and restaurants. Newly remodeled bathrooms. Recently painted interior and exterior. Brand new flooring (Laminate & Carpet). Priced to sell.

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924 S Osborn Lane Gilbert, AZ 85296

$510,000

3 Beds

2.5 Baths

1,973 SqFt

Status Active

MLS # 6784652

Property Type Single Family Residence

Price Type --

Welcome to this charming Craftsman-style home in Cooley Station North that offers 3 bedrooms & 2.5 baths in 1973 SqFt with an open great room layout and upstairs loft. The kitchen has maple cabinets, granite counters, tile backsplash, stainless appliances, a walk-in pantry, and an island with breakfast bar & pendant lighting. Multi-panel center sliding glass doors lead out from the great room to the backyard which offers a paver patio with pergola covering, mature shade trees, and grass for kids and pets. Bedrooms are upstairs. The primary has an en-suite bath with dual sink vanity, separate tub & shower, and walk-in closet. The laundry room is conveniently located upstairs and has upper/lower cabinets. Other features: plantation shutters, wood and tile floors throughout, upgraded stair rail, and an oversized 2 car garage with epoxy floors. Amenities in Cooley Station include pools, spas, playgrounds, and common areas.

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20738 W Colter Street Buckeye, AZ 85396

$510,000

1 Bed

2 Baths

1,684 SqFt

Status Active

MLS # 6775628

Property Type Single Family Residence

Price Type --

This home is perfect for all year round living or if you are just wanting to get out of the cold winters! Two separate patios to have your morning coffee on or to entertain, Walk into your spacious kitchen, with a large center island and granite countertops, the dining space is open to the kitchen and living room. A perfect space for entertaining. The windows offer a lot of natural lighting. The primary bedroom and bathroom are a special retreat. The den could also be used as a second bedroom with a full bathroom. Very cute laundry room with tons of cabinetry and a laundry sink. Mountainside has its on private pool. Additional amenities include lap pool, three additional pools with a hot tub. Pickelball and tennis courts, workout facility, hiking & Mtn biking all at your fingertips!

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3021 N 17th Drive Phoenix, AZ 85015

$510,000

3 Beds

2 Baths

1,347 SqFt

Status Active

MLS # 6784397

Property Type Single Family Residence

Price Type --

North Encanto Historic District! Tenants now month-to-month through March 2025, at $1,995/mo. Absolutely Charming red brick home just North of Encanto Park. Three Bedrooms, One-and-three-quarter baths, rare TWO Car Garage. Light and Bright throughout, Kitchen with glass door upper cabinets, gas stove and stone-like countertops. All the modern accessories along with historic charm. Large pie-shaped lot with cozy back yard, pergola covered patio, slate pathways, and fire pit. Tenant Rights. Do not disturb the tenants. Photos are dated.

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856 E Harmony Way San Tan Valley, AZ 85140

$510,000

2 Beds

2 Baths

1,445 SqFt

Status Active

MLS # 6785393

Property Type Single Family Residence

Price Type --

Amazing opportunity to own in AZ's premier resort community- Encanterra! Surrounded by pristine landscaping and award winning golf course this first class community offers a lifestyle like no other. Home in the Trilogy section offers open great room concept with kitchen island, 2 well sized bedrooms,2 car garage. and SOLAR on a pre paid lease. Upgraded features include fresh exterior paint, shutters for most windows, shades for the great room, granite counters, tiled shower enclosures, screened in patio, hardwood floors and crown moldings. All on an 6200 sq ft lot with plenty of room to add a private pool. Encanterra features resort style amenities with onsite restaurants, heated pools, full service spa and fitness center, loads of member clubs and activities, PICKLEBAL

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4538 E Hopi Avenue Mesa, AZ 85206

$510,000

3 Beds

2 Baths

1,643 SqFt

Status Active

MLS # 6789378

Property Type Single Family Residence

Price Type --

Beautifully Updated Home in a Prime Location! This amazing 3-bedroom, 2-bath home has been completely transformed with thoughtful upgrades inside and out! Highlights include: * Brand-New Landscaping with a modern watering system in the backyard, perfect for entertaining or relaxation. * Stylish Interior Updates, featuring new flooring, fresh countertops, and refinished light gray kitchen cabinets. * Enhanced Fixtures and Finishes, including all-new lighting, hardware, and plumbing fixtures throughout the home. * Updated Bathrooms with contemporary refinements and new flooring. * Fresh Paint and New Baseboards throughout, adding a polished, modern feel. * Partial Roof Refresh and a recently replaced hot water heater ensure peace of mind. Nestled in a quiet, family-friendly neighborhood with no age restrictions, this home is part of an award-winning school district and offers easy access to freeways, shopping, schools, parks, and more. The desert-landscaped backyard provides a low-maintenance oasis for your busy lifestyle.

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8546 E Brittle Bush Road Gold Canyon, AZ 85118

$510,000

2 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6791545

Property Type Single Family Residence

Price Type --

Nestled in Gold Canyon, the highly sought-after Mountainbrook Village is a vibrant 55+ master-planned community. With 2 bedrooms plus a den, this turnkey home features a split and open layout! Step into this freshly painted home and view the spacious great room, beautiful tile flooring, and soaring vaulted ceilings. The cozy fireplace adds charm, while plantation shutters provide elegance throughout. The eat-in kitchen is a chef's dream with stunning granite countertops, an island with a cooktop, a breakfast bar, pull-out cabinets, and recessed lighting. You'll love the outdoor living space with breathtaking views of the Dinosaur and Superstition Mountains. After, you can enjoy a wealth of amenities including 2 pools, a spa, fitness center, pickleball courts, tennis, bocc ball, water volleyball, a variety of community activities, and much more! Bonus features include a newer roof, a newer AC system making this a great low maintance home for true retirement living!

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