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

15237 W Pinehurst Lane Surprise, AZ 85374

$500,000

2 Beds

2 Baths

1,934 SqFt

Status Active

MLS # 6771426

Property Type Single Family Residence

Price Type --

Live the good life at The Grand in this beautiful 2 bedroom 2 bath home with an office/den. This home has a spacious great room open to kitchen and dining areas making the layout great for entertaining or just enjoying the comforts of home. The backyard is serene and quiet with an oversized gorgeous covered patio to enjoy the lush landscaping surrounding it. All appliances are included, Kitchen has a breakfast bar and kitchen island with plenty of counterspace and cabinets. This home offers plenty of extras and all the perks of living in an active adult resort community! Furniture can convey with property if buyer chooses..

View Property

2092 E Lance Drive Payson, AZ 85541

$500,000

2 Beds

1 Bath

1,232 SqFt

Status Active

MLS # 6772939

Property Type Single Family Residence

Price Type --

Welcome to Elk Surprise Hillside Hideaway, a modern rustic log home that combines luxury with comfort in a peaceful, remote setting—yet offers easy year-round access to town. This turnkey property offers breathtaking mountain views, fresh air, and numerous high-end amenities, making it a perfect getaway or a vacation rental. The home's open floor plan creates an ideal space for gatherings, while every room boasts stunning views. Modern rustic design details include Knotty Pine ceilings, rustic stained concrete floors, cherry cabinetry, granite countertops, and a large kitchen island. The master suite features a travertine walk-in shower, dual vanities, and private toilet room. Outdoors, enjoy 900+ sqft of multilevel deck space, perfect for relaxing and taking in the natural beauty. Upgrades include a 5-stage rainwater purification system, central HVAC (2019), and a new water heater (2016). Fully furnished and equipped for vacation rental success, this property offers exceptional value with both luxury and charm. Please note that the sale of this home is contingent upon the Buyer's purchase of the adjacent lot at 2088 E Lance Dr. MLS#

View Property

8737 W Kimberly Way Peoria, AZ 85382

$500,000

2 Beds

2 Baths

1,835 SqFt

Status Active

MLS # 6772085

Property Type Single Family Residence

Price Type --

For the first time on the market, this well-maintained Camelback model is an original owner property. It boasts a very open and spacious floor plan with high ceilings and dual pane windows. Features include a three-car garage with a service door, built-in cabinets, automatic openers for both doors, a water softener, a large laundry room with a utility sink, a gas cooktop, a built-in oven, security doors, bay windows in the primary bedroom and breakfast area, a separate tub and shower in the primary bath with double sinks, a therapeutic tub, a tiled shower, recessed lighting, sharp exterior paint, and easy-to-maintain landscaping.

View Property

234 N Heritage Drive Gilbert, AZ 85234

$500,000

4 Beds

2 Baths

1,530 SqFt

Status Active

MLS # 6783700

Property Type Single Family Residence

Price Type --

Looking for a new home? You've found it here in the beautiful Lowe Estates! This charming single-level residence offers 4 beds & 2 baths. You'll LOVE the perfectly flowing living & dining room, paired with French doors to the back! Vaulted ceilings add to the airy feel, complemented by neutral paint, abundant natural light, and tile flooring w/soft carpet in bedrooms. The kitchen boasts SS appliances, ample wood cabinetry, & a cozy breakfast nook. Enter the double-door main bedroom to find outdoor access and two closets - one seamlessly integrated into the ensuite with dual sinks. The private backyard, with a covered patio & mature tree, is ideal for relaxing or enjoying BBQ. PLUS! This property includes a rear 2-car garage & an RV gate. Let's not forget the Community pool!

View Property

29860 N 42nd Street Cave Creek, AZ 85331

$500,000

3 Beds

2.5 Baths

1,418 SqFt

Status Active

MLS # 6789901

Property Type Single Family Residence

Price Type --

UNICORN ALERT! Not too many homes in this area that are this nice and at this price! Come see why! Fresh paint inside and out, newer AC and water heater, updated kitchen and baths. Walk inside and be greeted by vaulted ceilings showcasing this home. Large living room, dining area and great kitchen with eat in area and a half bath. Upstairs is the primary bedroom with a walk in closet, updated bath and lots of light. The secondary bedrooms are en-suite, perfect! The backyard is easy peasy..turf for the pups and a water fountain to help chill you out. Relax and enjoy, this is an easy home! The area is fantastic, so close to shopping, restaurants, schools and more. Such growth in this area, this is a unicorn, come find out why!

View Property

4609 E Valley View Drive Phoenix, AZ 85044

$500,000

3 Beds

3 Baths

1,733 SqFt

Status Active

MLS # 6784031

Property Type Townhouse

Price Type --

This charming 3-bedroom townhome in Pointe South Mountain offers a prime location on a private cul-de-sac with stunning mountain views. The home sits on the 16th fairway of the Arizona Grand Resort Golf Course and allows private access to the sprawling South Mountain Park and its amazing hiking and bike paths. Inside, a split floor plan features vaulted ceilings, Italian marble floors, and wood flooring in select areas. Highlights include a sunken living room, a cozy beehive fireplace, and a spacious Arizona room with French doors. The kitchen has Corian countertops, a breakfast bar, and ample cabinetry. The main bedroom has outside access, a walk-in closet, and dual sinks. A 2-car garage currently finished out as a private guest room with built-in cabinets, shower and air conditioning. A perfect private space for a guest. Plus an amazing backyard with a built-in BBQ and blue pool with built-in jacuzzi and waterfalls. The pool can be heated during the winter plus it has a new pool filtration system, pump and motor. Don't miss out!

View Property

22677 E Desert Spoon Drive Queen Creek, AZ 85142

$500,000

3 Beds

2 Baths

1,506 SqFt

Status Active

MLS # 6783629

Property Type Single Family Residence

Price Type --

Welcome to your dream home, where entertaining and relaxation meet! This stunning 3-bedroom, 2-bathroom residence boasts a spacious split floor plan set on a premium-sized lot, perfect for enjoying life to the fullest. The heart of the home features a large kitchen equipped with a generous oversized island, elegant granite countertops, and an abundance of upgraded cabinetry, all overlooking the inviting great room and pool area. Beautiful laminate flooring and tile throughout add to the home's appeal. Step outside to your personal oasis, complete with a beautiful play pool featuring a captivating water feature, heating and cooling options for comfortable swimming year round, and an outdoor shower for added convenience. Thoughtful landscaping has been added to enhance your outdoor enjoyment. Additional highlights of this home include paid-off solar panels for energy efficiency, an Electric Vehicle Charging Station in the garage, FRESH new paint, AIR scrubber, and all appliances included. Community residents have access to community pools, splash pads, clubhouses, large parks with playgrounds, picnic areas, walking paths, dog stations, and sports fields.

View Property

101 W Shannon Street Chandler, AZ 85225

$500,000

4 Beds

2 Baths

1,967 SqFt

Status Active

MLS # 6784313

Property Type Single Family Residence

Price Type --

Check out this Gem in the heart of Chandler. This home has been completley remodeled, newer gray woodlike tile flooring that compliments the antique bianco granite counter tops in the kitchen and bathrooms. The kitchen is fully equiped with newer upgraded appliances, built in wine chiller, back splash and newer white cabinets. This floor plan offers a lot of additional living space and 4th bedroom can be a great office as well. This home has a newer roof, A/C, Culligan whole home water filteration, water heater, owned solar, insulation throughout home, newer electrical panel. Not to mention the beautiful landscaped backyard with Lush turf and pavers creating your own private oasis. This home has a large corner lot with a rv gate and close to downtown Chandler, shopping and restaurants.

View Property

8119 E Desert Trail Mesa, AZ 85208

$500,000

3 Beds

2 Baths

2,160 SqFt

Status Active

MLS # 6789060

Property Type Single Family Residence

Price Type --

You deserve a home that feels like a retreat, and 8119 E Desert Trail delivers exactly that. Imagine waking up to sweeping views of the Superstition Mountains and spending evenings under your private covered patio surrounded by fruit trees. With a spacious golf course lot, this 3-bedroom, 2-bath home invites you to relax, recharge, and live life your way. Updates like a new roof (2022) and refreshed bathrooms (2023) mean you can focus on enjoying your home, not fixing it. In the Fountain of the Sun 55+ community, you're not just buying a house—you're stepping into a lifestyle. Tee off on the 18-hole golf course, relax in the heated pool, or meet friends at Birdie's Bar & Grill. This is more than a home; it's where your next chapter begins.

View Property

4715 E Taylor Street Phoenix, AZ 85008

$500,000

3 Beds

2 Baths

1,457 SqFt

Status Active

MLS # 6784439

Property Type Single Family Residence

Price Type --

Discover this charming fully remodeled 3-bedroom, 2-bath ranch home offering style and convenience with easy access to everything you need! The thoughtfully updated farmhouse interior features a modern kitchen with new cabinets, stainless steel appliances, and fresh flooring throughout. Both bathrooms have been beautifully renovated, and the entire home showcases energy-efficient upgrades, including new windows, doors, and a completely updated HVAC system with new ductwork. No plumbing worries here—both lines and sewer lines have been replaced. The large backyard is a blank canvas for you to create the backyard of your dreams. Don't miss this move-in-ready gem!

View Property

25575 W Lynne Lane Buckeye, AZ 85326

$500,000

6 Beds

3 Baths

3,617 SqFt

Status Active

MLS # 6786222

Property Type Single Family Residence

Price Type --

Better than New!! Amazing spacious open floor plan, 6 Bedrooms & 3 full bathrooms formal living room, plus family room, Loft & a HUGE Game-room. The Kitchen boasts of newly painted cabinets with HUGE Kitchen Island, farmers sink, granite counter tops, all tile throughout the 1st floor. TWO Fire Places including one in the Main Suite. Two Bedrooms & a full bathroom conveniently on the first floor. New Ceiling fans. All the bathrooms have been remodeled and Upgraded. The 2nd Floor has all new Laminate Flooring/New Carpet. Blinds throughout. 2 New A/C Units, Newly Painted Inside/Outside. Step out into the spacious backyard, Retention Wall added & extended patio as well as extended concrete pad perfect for entertaining. The Garage has Tons of storage with Custom Cabinets & work bench.

View Property

17842 N 43rd Street Phoenix, AZ 85032

$500,000

4 Beds

2 Baths

1,425 SqFt

Status Active

MLS # 6787257

Property Type Single Family Residence

Price Type --

This Amazing 4-bedroom, 2-bathroom home offers a comfortable and functional layout., the living spaces feel cozy and inviting. The kitchen, provides ample counter space and modern stainless-steel appliances for practical cooking. The bedrooms are spacious, and the huge backyard is perfect for relaxing or outdoor activities. Located near shopping, dining, and major roads, this home is ideal for those seeking new out door projects, practical living space in a quiet neighborhood.

View Property