2 Myths That May Be Holding Back Buyers

2 Myths That May Be Holding Back Buyers | Simplifying The Market

Fannie Mae’s article, “What Consumers (Don’t) Know About Mortgage Qualification Criteria, revealed that “only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria.

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.

Many believe that they need at least 20% down to buy their dream home, but many programs actually let buyers put down as little as 3%.

Below are the results of a Digital Risk survey of Millennials who recently purchased a home.

2 Myths That May Be Holding Back Buyers | Simplifying The Market

As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!

Myth #2: “I need a 780 FICO Score or Higher to Buy”

The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify.

Many Americans believe a ‘good’ credit score is 780 or higher.

To help debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans. As you can see below, 54.7% of approved mortgages had a credit score of 600-749.

2 Myths That May Be Holding Back Buyers | Simplifying The Market

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach. Give me a call to get started on the path to homeownership – J.P. Cook – 602-320-4253.

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9983 E Mirabel Club Drive Scottsdale, AZ 85262

$4,975,000
5 Beds
5.5 Baths
5,616 SqFt
Status Active
MLS # 6828092
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Mirabel Golf Community, this architectural masterpiece redefines modern luxury with breathtaking desert, mountain, sunset, and city light views. An extraordinary contemporary home, newly completed, with a 5-car garage and 2 room detached guest house, situated on a large elevated 1.8-acre lot. Designed for seamless indoor-outdoor living, this estate boasts floor-to-ceiling glass walls, high ceilings, and an open-concept layout that floods the interiors with natural light. The gourmet kitchen is a chef's dream, featuring an L-shaped waterfall island, high-end appliances, custom cabinetry, and a wet bar with a convenient passthrough window connecting to the outdoor entertainment space. The expansive living and dining areas are complemented by... *SEE MORE* ... a sleek modern fireplace, temperature-controlled wine display, and luxurious finishes throughout. Step outside into a resort-style oasis, complete with a stunning infinity-edge pool and spa, fire features, and multiple lounge areasall set against the stunning backdrop of the Sonoran Desert. The covered patio with an outdoor kitchen is perfect for entertaining, while the beautifully landscaped grounds provide privacy and tranquility. The lavish primary suite is a sanctuary of comfort, offering a spa-like bathroom with a soaking tub, a walk-in shower with striking book-matched Gold Coast quartzite stone, dual vanities, a custom walk-in closet, and space for a stackable W/D. Additional ensuite bedrooms provide ample space for guests, each designed with sophistication and comfort in mind while highlighting the views from each room. This estate offers an unparalleled lifestyle in one of Scottsdale's most sought-after communities. Don't miss the opportunity to own this exquisite desert retreat. Floor plan available under the documents tab.

5655 N Camelback Canyon Drive Phoenix, AZ 85018

$4,975,000
6 Beds
5.5 Baths
7,256 SqFt
Status Active
MLS # 6805146
Property Type Single Family Residence
Price Type --
Perched atop the prestigious head of Camelback Mountain, this private, gated estate offers an unparalleled blend of luxury, privacy, & breathtaking vistas. Rarely do homes of this caliber—and with views this extraordinary—become available. Gaze at Mummy Mountain, Piestewa Peak, & Paradise Valley's sparkling city lights, or enjoy iconic Arizona sunsets & the famous Praying Monk from the home & its outdoor entertaining spaces. Meticulously renovated with over $1M in upgrades, this 6-bedroom, 5.5-bathroom estate includes an office, two flex spaces, a 3.5-car garage, & a new elevator. The stunning pool & hot tub feature sleek glass fencing, preserving the panoramic vistas. Minutes from top dining, shopping, golf, & Sky Harbor Airport, this one-of-a-kind retreat won't last long. **A Rare Opportunity to Own a Hillside Masterpiece** Perched atop the prestigious head of Camelback Mountain, this private, gated estate offers an unparalleled blend of luxury, privacy, and breathtaking vistas. Rarely do homes of this caliberand with views this extraordinarybecome available. Prepare to be captivated by sweeping panoramas that stretch across Mummy Mountain, Piestewa Peak, and the glittering city lights of Paradise Valley. Experience Arizona's iconic sunsets and the timeless beauty of the Praying Monk, visible from within the home and multiple outdoor entertainment areas. Meticulously reimagined with over $1 million in renovations, this estate is designed to maximize views from every angle. The 6-bedroom, 5-bathroom residence also includes an office, two versatile flex spaces, and a 3.5-car garageall thoughtfully situated on nearly an acre of prime hillside property. Navigate the multi-level design effortlessly with a newly installed elevator, while the state-of-the-art pool and hot tub, framed by sleek glass fencing, ensure uninterrupted vistas even while you swim. Located just minutes from world-class dining, shopping, championship golf courses, and Sky Harbor Airport, this estate offers the ultimate in convenience and exclusivity. Discerning buyers seeking a one-of-a-kind retreat will find their match here. Don't miss the chance to own this exceptional slice of Arizona luxury.

2234 Harbor Way Lake Havasu City, AZ 86406

$4,950,000
3 Beds
3.5 Baths
3,989 SqFt
Status Active
MLS # 6791277
Property Type Single Family Residence
Price Type --
This exceptional boaters paradise, nestled within the prestigious 24/7 guard-gated community of Riviera Lake Havasu, redefines modern luxury living with an open-concept design that showcases unobstructed lake views and an abundance of natural light. Impeccably crafted, the home features state-of-the-art Sub-Zero & Wolf appliances, including a rare 99'' French La Atelier custom-built range, a striking LED backlit crystal Onyx kitchen island, three fireplaces, and interior glass pivot doors. The floor plan offers a spacious loft + office, two laundry rooms, and cutting-edge technology including a Savant Smart Home system, camera surveillance, and Lutron automated lighting & blinds. Custom finishes abound with metal, stone, tile, and Venetian plaster accents, while a hydronic radiant pool... includes a stunning pool & spa with sweeping views of the Havasu Riviera Marina, a fully outfitted outdoor kitchen, dining and seating areas with fire pits and TV's perfect for entertaining and watching breathtaking sunsets. Whether seeking a peaceful weekend getaway to disconnect from the demands of everyday life or a space to create lasting memories with family and friends, this home offers the ultimate retreat. Located just under an hour's flight from both Los Angeles and Phoenix, Lake Havasu is one of the most sought-after destinations along the Colorado River, making this unparalleled property the perfect escape to unwind and enjoy life's finest moments.

12659 E Shadow Ridge Drive Scottsdale, AZ 85255

$4,950,000
5 Beds
6.5 Baths
6,065 SqFt
Status Active
MLS # 6797513
Property Type Single Family Residence
Price Type --
Now Priced SUBSTANTIALLY BELOW Current Builder Pricing. Welcome to this stunning 2023 single-story estate in North Scottsdale's gated Shadow Ridge. With over 6,000 sq ft, including a 589 sq ft pool house, this home offers 5 bedrooms, 6.5 baths, a chef's kitchen with SubZero/Wolf appliances, and a custom granite island. The great room features soaring 18-ft ceilings, pocketing glass walls, and RH chandeliers, leading to a resort-style backyard with a pool, spa, outdoor kitchen, pizza oven, and fire pits. The primary suite boasts a spa-inspired bath with mountain views. Additional features include oak floors, custom lighting, a 4-car garage, and a 1-bedroom casita and detached Pool House with full wet bar and walk in glass Wine Closet. Near Tom's Thumb Trailhead and top golf courses. Welcome to the epitome of refined elegance and serene luxury in North Scottsdale. This newly constructed 2023 single-story estate is a masterclass in contemporary design, blending seamless indoor-outdoor living with the breathtaking natural beauty of the exclusive Shadow Ridge community. Offering sweeping mountain vistas and a tranquil desert ambiance, this home is a sanctuary of unparalleled sophistication. Boasting approximately 6,100 square feet of meticulously crafted living space (which includes a 589 sq ft detached pool house), this award-winning Cheval model features five exquisite bedrooms and six-and-a-half opulent bathrooms, each curated to cater to the most discerning lifestyles. The residence exudes timeless elegance, with precision landscaping and designer-grade finishes that create an atmosphere both inviting and awe-inspiring. At the heart of the home, a state-of-the-art chef's kitchen awaits, equipped with SubZero and Wolf appliances, complemented by a striking custom leather-finish granite islandperfect for both gourmet creations and gracious entertaining. The expansive great room features soaring 18-foot ceilings, adorned with a stunning RH 60-inch chandeliers, with 10-by-20-foot pocketing glass wall panels, opening to an entertainer's utopia in the backyard and courtyard. Immerse yourself in luxury with a resort-style pool, rejuvenating spa, cascading water features, and an outdoor kitchen complete with a gas-powered pizza oven, a professional 42-inch grill, and fire pit with a dream view. The sunlit courtyard seating area, centered around an additional fire pit, adds another layer of sophistication to this exquisite outdoor retreat. For enhanced entertainment options, the detached pool house stands as a showpiece of its own, boasting a custom-designed bar alongside a temperature- and humidity-controlled glass wine closet. The primary suite is a haven of tranquility, offering a spa-inspired bathroom with a freestanding tub framed by picturesque glass windows overlooking the mountain vistas. Additional features include a spacious four-car garage with ample storage and a private 1 bedroom suite casita that serves as an elegant retreat for guests. With oak flooring throughout, custom lighting fixtures, intricate stone accents, and an abundance of natural light, this home achieves the perfect balance of warmth and contemporary refinement. Ideally located near the iconic Tom's Thumb Trailhead and Scottsdale's premier golf courses, this home in the gated Shadow Ridge subdivison is more than a residenceit is a statement. This home offers a rare fusion of luxurious modern living and the timeless allure of Scottsdale's stunning desert landscape.

10308 E Filaree Lane Scottsdale, AZ 85262

$4,950,000
4 Beds
4.5 Baths
5,235 SqFt
Status Active
MLS # 6723851
Property Type Single Family Residence
Price Type --
FULL Golf Membership available. Nestled on a serene private cul-de-sac, this brand new Black Stone / Graffin Design home epitomizes modern luxury and timeless elegance. Spanning 4,735 square feet, this residence features 4 bedrooms + office and 4 ½ bathrooms, meticulously crafted with attention to detail. The design offers a seamless blend of architectural sophistication and contemporary comfort. The open floor plan showcases a gourmet kitchen equipped with top-of-the-line appliances, quartz countertops, a scullery room and custom cabinetry, making it a dream for culinary enthusiasts and perfect for entertaining. Expansive living spaces boast high ceilings, abundant natural light, and a cozy fireplace, creating an inviting and warm atmosphere. The primary suite serves as a tranquil retreat, complete with a spa-like ensuite bathroom, while additional bedrooms provide comfort and privacy for family and guests. Outside, the landscaped grounds offer a private oasis featuring a covered patio, ideal for outdoor dining and enjoying incredible sunset views. Available with this property also includes a FULL golf membership upon membership approval with DMMA. Additionally, the property is available without the golf membership, offering flexibility to suit your lifestyle preferences.

12946 N 116 Street Unit 24 Scottsdale, AZ 85259

$4,950,000
5 Beds
5.5 Baths
4,763 SqFt
Status Active
MLS # 6817544
Property Type Single Family Residence
Price Type --
PLEASE NOTE:ACTIVE CONSTRUCTION SITE/APPT REQUIRED. New construction luxury home to be completed Nov 2025 in guard gated community. Incredible lot w/views of Camelback. This beautiful, single level home offers 5 bedroom/5.5 bath, 3 car garage home and is nestled in the 24/7 guard gated community of Ancala Country Club. The backyard offers serenity as you capture city lights and also mountain views and sunsets. Minutes to the 101 freeway, restaurants, shops and The Mayo Clinic. Ancala Country Club amenities include tennis courts, heated swimming pools, exercise facility, restaurant and championship golf! STILL TIME TO MAKE CERTAIN COLORIZING SELECTIONS

6001 N 44th Street Paradise Valley, AZ 85253

$4,950,000
6 Beds
8 Baths
7,966 SqFt
Status Active Under Contract
MLS # 6775549
Property Type Single Family Residence
Price Type --
Massive $300,000 Price Reduction - Unmatched Luxury with Room to Customize.This is your chance to own an extraordinary estate at the base of Camelback Mountain, now with a massive $300,000 price reduction, allowing you to personalize and update while still enjoying an unparalleled level of privacy, luxury, and breathtaking views. Iconic Views & Seamless Indoor-Outdoor Living Set against the stunning backdrop of Camelback Mountain and the Praying Monk, this home offers unobstructed, protected views that will never be impacted by future development. Designed for those who appreciate the beauty of nature, retractable glass walls in the living room, family room, and kitchen open to a resort-style backyard. Timeless Elegance Meets Thoughtful Design Crafted for ultra-luxury living and entertaining, this Old World-inspired estate spans 7,966 square feet of impeccable design and finishes. From the custom metal front door to hand-painted ceilings, bespoke lighting, including a 250 lb. crystal chandelier, every detail evokes a sense of timeless sophistication. The chef's kitchen, paired with a separate butler's kitchen, is perfect for hosting events of any scale. The finished view deck and covered patio with a gas fireplace provide intimate spaces for gatherings, while the expansive grounds, including a private park, are ideal for large-scale entertaining. This estate has hosted notable events, including a seated dinner for 250 distinguished guests, among them Presidents of the United States. A Private Retreat The split-owner's wing is a sanctuary designed for comfort, privacy, and indulgence. Highlights include: Office: A refined workspace with wood coffered ceilings and dual built-in desks. Lounge: A cozy area with stunning Praying Monk views and a double-sided fireplace. Exercise Room: Complete with a private patio for fresh air workouts. Master Bath: A spa-like retreat with double sinks, a makeup vanity, dual boutique closets, dual toilet rooms, a large shower, and a Jacuzzi tub. Accommodations for All The opposite wing of the estate features four (4) ensuite bedrooms, a shared study area, and a recreation room with a snack and beverage station. The cinema room is a favorite spot for relaxation and entertainment. Guest House Perfect for multigenerational living or accommodating a nanny or live-in aide, the attached guest house offers a kitchenette and spacious bath and closet with private access from the garage. The Multi-Level Resort-Style Backyard is a Masterpiece in Itself: First Level: A grand covered patio with a gas fireplace and intricately carved stone mantel, which is seamlessly connected to the public living spaces. Second Level: An outdoor kitchen and an infinity-edge heated pool and spa with dazzling water features. Third Level: A private park with built-in benches, perfect for peaceful moments of reflection. This estate is more than a home. It is designed to make great memories and impress. To fully appreciate the unparalleled Camelback Mountain and Praying Monk views, this property must be experienced in person.

39601 N Ocotillo Ridge Drive Carefree, AZ 85377

$4,950,000
5 Beds
7 Baths
6,897 SqFt
Status Active
MLS # 6620894
Property Type Single Family Residence
Price Type --
PRICED TO SELL! Introducing the epitome of quiet luxury at this formidable estate on 5 acres of private land. Behind the gates at the pristine Ocotillo Ridge Estates in Carefree. Every inch of this 6,900 sq. ft. estate has been meticulously maintained and crafted with an array of upgrades and emphasis on the modern hacienda style. Exceptional finishes include hickory hardwood & slate floors, wood beams, custom cabinetry, Cantera stone fireplaces, tongue and groove wood ceilings, and hand-crafted tiles throughout the home. Upon entry, the pure elegance of the great room with the accordion doors opening to the infinity edge pool and the breathtaking mountain vistas and sunsets will amaze you every time. Well-appointed top-of-the-line gourmet kitchen. ... An impressive wet bar for entertaining & picturesque views. A generous primary suite retreat with a sitting area, luxurious bath, oversized custom closet, and an exercise room. Three additional en-suites with their own patio access and separate office. Paver drive and motor court. Oversized four-car garage. Back to the enchanting courtyard, you can head to the quaint guest house that oozes the local town's flair. Your guests will have the best time at this inviting casita. Romantic outdoor spaces include 2000+/- sf of deep-covered paver patios and 1000+/- sf of elevated open dining/relaxing deck with Cantera fireplace and BBQ. There are endless, unobstructed views in every direction and every room. The setting is every bit as spectacular as the home itself. There are miles of quiet hiking and biking trails. Unequaled privacy and tranquility await you at this resort-like sanctuary. Yet, you are minutes (three miles) from the quaint, charming old towns of Cave Creek and Carefree. A full price offer will include all the furniture and accessories. A true turnkey opportunity! Effortlessly inviting you to start your new chapter without delay.

24923 N 91 Street Scottsdale, AZ 85255

$4,900,000
4 Beds
4.5 Baths
4,820 SqFt
Status Active
MLS # 6815030
Property Type Single Family Residence
Price Type --
This newly built 2024 Sophisticated Modern home designed by Swaback Architects sits on an elevated private lot to enhance the mountain and sunset views. Built by Owners as their ''forever home'', no expense was spared with over $800K in designer upgrades. Light and bright open floor plan with soaring wood tongue and groove ceilings, clearstory windows and walls of glass that open to the peaceful resort style yard with pool and fire pit. White Oak flooring, gourmet kitchen with dual kitchen islands, Wolf and Sub Zero appliances, quartzite countertops, custom cabinetry, designer hardware and lighting fixtures, heated covered patio. ASID Interior designer touches that add warmth and sophistication to this already beautiful property. Can be sold fully furnished by separate bill of sale

14545 E Rincon Creek Ranch Road Tucson, AZ 85747

$4,900,000
14 Beds
16 Baths
14,462 SqFt
Status Active
MLS # 6710405
Property Type Single Family Residence
Price Type --
Welcome to your dream come true! Whether that dream includes providing brides with their fairytale weddings; hosting exciting corporate retreat adventures; catering a high end spa and/or spiritual experience; furnishing a quiet escape for high profile individuals; operating a quaint bed and breakfast; or even creating a family compound for generation after generation to enjoy, this property is equipped to bring any of these scenarios, or whatever your vision may be, to fruition. Rincon Creek Ranch boasts a completely remodeled 4772 sq. ft. main ranch house surrounded by an acre of lush lawn and mature mesquite trees adorned with fairy lights, as well as 60 foot pines; ramada/dance floor illuminated by chandeliers and string lighting; seven newly built, upscale Southwestern style casitas ranging from 915 to 1192 sq. ft. each; a shop; detached garage; carports; coop and aviary; BBQ area; swimming pool; pastures; and a Spanish Mission style event hall inclusive of a gathering room, galley kitchen, two restrooms, and a carpeted massage room and rubber-floored exercise room - both with separate entrances. This 87-acre property has numerous vistas and sanctuaries in which to enjoy breathtaking mountain and desert views and abundant wildlife sightings. Rincon Creek Ranch shares a half- mile border with the Saguaro National Park and has direct, legal, gated access into the Park. The whole of the property encompasses the stunning beauty of the Sonoran Desert. Although situated for consummate privacy, the Ranch has quick access to Tucson International Airport and is within a short driving distance of many tourist destinations, recreational activities, cultural and art exhibits, and restaurants. Realize your dreams with Rincon Creek Ranch - the possibilities are endless!

18826 N 101st Place Unit 10 Scottsdale, AZ 85255

$4,900,000
3 Beds
3.5 Baths
3,693 SqFt
Status Active
MLS # 6699585
Property Type Single Family Residence
Price Type --
Discover refined elegance in this single-level residence ideally situated in Horseshoe Canyon near the prestigious Silverleaf Club. The charming front courtyard features a soothing water fountain and sitting area, setting the tone for the luxury within. Inside, the great room boasts a gorgeous tongue and groove wood ceiling and grand pocketing doors leading to the stunning outdoor living area. The gourmet kitchen is equipped with granite counters, Viking appliances, and an expansive butler's pantry with additional ovens and refrigerator drawers for seamless entertaining. The principal suite offers tranquility with a spacious bedroom, small refrigerator, dual sinks, separate shower, jetted tub, and large walk-in closet. Two additional en suite bedrooms provide comfort, while a ... sizable office with courtyard access ensures working from home is a breeze. Outside, the resort-style living area is an entertainer's dream, featuring a pool and spa, firepit, and BBQ center under a picturesque gazebo. The covered patio offers elegant dining options, complemented by roller shades and an outdoor fireplace for year-round enjoyment. A pristine synthetic turf lawn adds a touch of green luxury. The home also features travertine and hardwood floors throughout, a subzero wine chiller, a well appointed laundry room with sink, and powder bath. Experience sophisticated living in this exceptional luxury residence.

2525 E La Serena Drive Flagstaff, AZ 86005

$4,900,000
4 Beds
4.5 Baths
3,990 SqFt
Status Active
MLS # 6796957
Property Type Single Family Residence
Price Type --
Located on the most coveted street in Pine Canyon, this stunning single-family estate offers unparalleled views of the 18th fairway and surrounding mountains. This 4-bedroom, 4.5-bath home, plus a den/office, features a remarkable new addition designed by the esteemed Salcito Custom Homes. Upon entry, you're welcomed by a breathtaking floor-to-ceiling stone fireplace and sweeping golf course views. The gourmet kitchen boasts a stainless steel gas stove, dual ovens, and a large kitchen island with leathered granite countertops. Adjacent to the kitchen, you'll find a butler's pantry, wine bar, cozy fireplace nook, and a spacious dining area. The primary suite, located on the main level, includes private deck access, dual vanities, dual closets, a pedestal soaking tub, and a walk-in shower. A second bedroom on the main floor serves as an optional master suite. Upstairs, the home features two generously sized bedrooms with a beautifully updated bathrooms. One room offers versatility as a game room or bunk room and kitchenette, while the addition provides floor-to-ceiling windows and a walk-in closet. The massive outdoor deck is perfect for entertainment, with a stone fireplace, multiple seating areas, a jacuzzi, and a bar top overlooking the 18th fairway. This Pine Canyon masterpiece seamlessly blends luxury, comfort, and breathtaking views.

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