If you’re just getting into the real estate market, you may have heard that 20% down is the ideal percentage in order to lower your monthly payments and get your mortgage application approved. However, while 20% is often suggested, many people struggle to come up with this amount of money. If you’re staving off home ownership, here are some reasons you may not need to hold off as you long as you thought.
Minimizing Your Insurance Costs
Putting down 20% of the total purchase price of your home is often suggested, but it doesn’t definitively mean that your application won’t be approved if you don’t. If you have a good credit score and are in good financial standing, putting less than 20% down means you’ll have to pay Private Mortgage Insurance (PMI); however, it can be worth paying the extra funds in order to get into the real estate market sooner and start paying into your most significant investment.
Mortgage Programs For Less Than 20%
It may seem less possible to buy a home if you only have 5 or 7% of the purchase price, but there are many programs in the United States that enable those with limited funds to apply for a mortgage. From the Federal Housing Administration (FHA) to Fannie Mae and Freddie Mac, there are many lenders that can offer you mortgage programs that will work for your situation. While higher rates come in tandem with a lower down payment, there are options out there for those who haven’t saved quite enough.
Why Put Down 20%?
Putting down 20% is not a necessity for mortgage approval or purchasing a home, but it can be a great means of saving money in the long run and reducing your interest rates. If you’re raring to get into the real estate market and don’t want to wait for the bills to stack up, that’s OK, but if you want to hold off and save up additional funds before diving in, this can mean more money and a more solid investment in the future.
The magic number is often 20% when it comes to a down payment on a home, but you don’t require this percentage of your home’s price in order to get approved for a mortgage. If you’re currently considering diving into home ownership and would like to know more about the opportunities in your area, give me a call – J.P. Cook – 602-320-4253.
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6120 N 31st Court
Phoenix, AZ 85016
$1,995,000
4
Beds
3.5
Baths
2,735
SqFt
Status
Active
MLS #
6760379
Property Type
Single Family Residence
Price Type
--
Beautiful, remodeled house with NO INSIDE STEPS, in guard gated Biltmore Greens that Boasts: decorative front gate, custom front doors, gorgeous eucalyptus wood floors throughout, tile flooring in the bathrooms & closets, quartz countertops on the kitchen perimeter cabinets while the island & bathroom countertops are a beautiful matching granite, large kitchen that has Thermador & Sub Zero appliances, built in ice maker, enlarged primary bathroom and closet, All new, cabinetry throughout, crown molding, custom closets, lighting & plumbing fixtures. Outside fire pit, pool, and a great covered back patio with automatic sunscreens, built-in BBQ and a view that looks out to the desert through the wrought Iron fence. The garage has tile flooring and extra storage behind a locking door.
11836 N 76th Way
Scottsdale, AZ 85260
$1,995,000
5
Beds
4
Baths
3,569
SqFt
Status
Active Under Contract
MLS #
6771638
Property Type
Single Family Residence
Price Type
--
Gorgeous fully remodeled home is situated on almost an acre in the heart of Scottsdale near all the action! The 4bed/3bath main home in highly desirable 85260 zip code has undergone a recent transformation, showcasing modern upgrades and stylish finishes throughout. Lush green backyard with mature citrus and a massive side yard. Home situated near the end of a quiet cul-de-sac. Owners spared no expense in remodeling this gem. Quartz countertops and hearth, gas fireplace in the living room, too many upgrades to mention, let the photos speak for themselves! Gorgeous outdoor retreat sitting area with gas fireplace to enjoy our beautiful desert evenings. Elevated dog bath in laundry room, perfect for your four-legged friends. Attached 1bed/1bath ADU. Whole home Generac backup system!
3410 N 45th Place
Phoenix, AZ 85018
$1,995,000
6
Beds
4.5
Baths
2,723
SqFt
Status
Active
MLS #
6775354
Property Type
Single Family Residence
Price Type
--
This beautifully remodeled home in the highly desirable Arcadia Osborn area offers a perfect blend of modern luxury and timeless charm. The property boasts a newer roof, AC, and updated electrical, ensuring peace of mind for years to come. The convenient split floorplan features 2 Jack & Jill bathrooms, a lovely powder room, and a separate pool house (or guest house), perfect for entertaining or relaxing by the pool. The home is packed with high-end & eco-friendly upgrades including Control 4 home automation, surround sound, pool automation, security cameras, and a tankless water heater. You'll love the vaulted ceilings, spray foam insulation, and wide-plank wood floors throughout. The chef's kitchen is outfitted with a 66'' commercial fridge and an outdoor kitchenfor seamless indoor- outdoor living. Step outside to enjoy mature landscaping, a sparkling pool with deck jets and a Baja shelf, automated misting, and a back porch with automated shades. The property also comes equipped with electric car chargers and garage storage. TVs & appliances convey with the sale, making this home truly move-in ready!
6908 E Mariposa Drive
Scottsdale, AZ 85251
$1,995,000
4
Beds
4
Baths
2,756
SqFt
Status
Active
MLS #
6777726
Property Type
Single Family Residence
Price Type
--
Nestled in the heart of Old Town Scottsdale, 6908 E Mariposa Dr offers a captivating blend of classic allure and modern luxury. This ''Old Hollywood'' inspired retreat boasts spacious, beautifully designed interiors that echo a timeless aesthetic, perfect for those seeking a stylish escape. Home features, 4 bedrooms, 4 bathrooms, all new interior and exterior finishes, and heated pool! Each room is meticulously curated, balancing luxury and comfort, creating an inviting atmosphere for relaxation and entertainment alike. Located just moments away from Scottsdale's world-renowned shopping, dining, and cultural hotspots, this property offers unparalleled access to Scottsdale's best! Don't miss your chance to own a piece of Scottsdale's iconic charm!
308 Calle Linda --
Sedona, AZ 86336
$1,995,000
3
Beds
4
Baths
3,473
SqFt
Status
Active
MLS #
6779632
Property Type
Single Family Residence
Price Type
--
Nestled in the prestigious gated community of Casa Contenta in the heart of Sedona, this elegant Southwest-style home offers breathtaking red rock views and seamless indoor-outdoor living. Featuring 3 bedrooms and 4 baths, the main level boasts an open-concept great room, a combined living and dining area, and a beautifully designed kitchen with granite countertops, stainless steel appliances, and a spacious center island. The primary suite and a guest suite are also located on this level for convenient, single-level living. Downstairs, you'll find a generous family room, a kitchenette, and an additional guest suite, all with scenic views and access to a covered patio. The home is adorned with Pella windows, rich hardwood floors, tile, and cozy carpet in the bedrooms. Located near Sedo
12634 N 80th Place
Scottsdale, AZ 85260
$1,994,999
5
Beds
3
Baths
2,725
SqFt
Status
Active
MLS #
6717392
Property Type
Single Family Residence
Price Type
--
New exterior paint color on this Scottsdale private oasis with an incredibly lush back yard and amenities. A gorgeous lawn, semi-circular drive and courtyard invite you into this stunning remodeled home with updated fixtures and finishes. Wood flooring, double French exits, skylights and dual pane windows throughout. No interior steps! Richly appointed kitchen. Living, family and formal dining rooms. Spacious owners suite. Resort-style back yard complete with an expansive covered patio, Diving pool, sports court and built-in BBQ. Large lot with room to add more!
14018 N 48th Way
Scottsdale, AZ 85254
$1,994,900
4
Beds
3
Baths
3,100
SqFt
Status
Active Under Contract
MLS #
6723704
Property Type
Single Family Residence
Price Type
--
Welcome Home to your 4 bedrooms, 3 bath dream home in a highly sought-after area of Scottsdale with no HOA! This stunning single level property has been fully re-imagined by the design talents of 555 Angel Designs and is now in immaculate, like-new condition. As you enter the home, you'll be greeted by a spacious and open floor plan. The living area features custom wood work and multi door sliders that flood the space with natural light, creating a warm and inviting atmosphere. The kitchen is a chef's dream with brand new top of the line appliances, honed marble countertops and custom cabinetry that provide ample space for cooking and entertaining. The adjacent dining area and butler's pantry are perfect for hosting dinner parties or casual meals with family and friends. The luxurious primary bedroom is a true retreat, boasting a spacious bedroom with plenty of natural light, a stunning grand ensuite bathroom with a walk-in shower, freestanding tub, double vanity and a large walk-in closet. Three additional well sized bedrooms and full bathrooms provide plenty of space for family, guests or a home office. A large private oasis backyard, with a pool, covered patio and new landscaping provide the perfect space for outdoor living and entertaining. Owned solar another huge benefit along with 3 car oversized garage. This home is just minutes away from shopping, dining, and entertainment, as well as top-rated golf courses, schools and parks. Don't miss this opportunity to own a completely updated and move-in ready home in one of the most desirable areas of the city!
48940 W Long Rifle Road
Aguila, AZ 85320
$1,994,000
3
Beds
2
Baths
1,544
SqFt
Status
Active
MLS #
6721279
Property Type
Single Family Residence
Price Type
--
Beautiful Ranch Property in Wickenburg, AZ 10 Acres, this meticulously maintained property boasts a wealth of features tailored for the discerning horse owner, recently updated with new landscaping featuring a drip irrigation system & yard fencing, ensuring a picturesque & low-maintenance outdoor environment, enjoy a full-size roping arena complete with a fan deck overlooking the action, perfect for training & entertainment 5 large steer pens, 5 covered pens (50 x 20), 12 covered pens (50 x 100) all equipped with lights & automatic watering systems for the utmost convenience, tack room with a dual-sided cover & wash rack, Includes 2 hay sheds/equipment parking area, conex box for secure storage, 2 RV plug-ins, recently upgraded with new gravel throughout the property, ample parking
21640 S Hawes Road
Queen Creek, AZ 85142
$1,990,000
3
Beds
2
Baths
1,575
SqFt
Status
Active
MLS #
6357693
Property Type
Manufactured Home
Price Type
--
The possibilities are endless with this property!! Bring your toys, boats, horses and build your dream home (OR 5 HOMES) to this irrigated property in a fabulous location !! Over 5 acres, owners have lived here for over 30 years in this 1985 mobile home...and they are ready to give someone new an opportunity to make this property into something FABULOUS! Sides up to Queen Creek wash/walking path... Neighbors to the North are One Acre, Custom Homes....and this could be split into 5 - 1 Acre Parcels.
35348 N 87th Street
Scottsdale, AZ 85266
$1,990,000
5
Beds
3.5
Baths
3,982
SqFt
Status
Active
MLS #
6620672
Property Type
Single Family Residence
Price Type
--
Price Reduced by 200k of market value, motivated sellers! Welcome to this luxurious listing in North Scottsdale! This small niche, gated community of 34 homes offers a feel of privacy & custom living.The neighbors are warm and friendly. This stunning 2019 ''smart'' contemporary 5 bedroom, 3.5 bathroom luxury features mountain views from multiple rooms.This luxury home is the last one built in this subdivision and features a split floor plan with the master and den on the north side of the home and secondary bedrooms on the south side of the home. Luxury is the name of the primary suite with first class oversized private room, shower and tub. The primary bathroom features dual flush options, floating cabinets with his and hers sinks. You will not be disappointed by the walk in closet. The primary suite has a private entry to the backyard. The second room in an ensuite with dual flush options. It has a brand new dedicated Mitsubishi AC unit and upgraded walk in shower with grab bars. The 3rd and 4th rooms feature a Jack and Jill bath with a spacious walk-in shower and dual flush options. There are walk in showers for all rooms with gorgeous finishes and tiled to the ceiling! Relish the meticulously maintained beautiful 8' real hardwood, a chef's dream kitchen with top of the line Thermador appliances (6 burner range, built in fridge and 70 bottle wine fridge), pot filler, water filtration with RO, soft close drawers/doors with under cabinet lightning, quartz counters with dramatic marble look island with waterfall edge. The kitchen has a walk in pantry with a breakfast area. Enjoy soaring ceilings in every room, with eclectic lighting and fans throughout the home. The home features a formal dining and a large open great room with fireplace. Impressive laundry room with a laundry sink and lots of cabinets for storage. The backyard is perfect for entertaining with lots of travertine pavers, a heated sparkling pool, heated/jetted hot tub, and built-in BBQ. The backyard sunset never gets old. You can control your front door, light switches, nest AC/heat, outdoor cameras, landscape irrigation, pool features and garage from your phone! 3 car garage features water filtration system, tankless water heater and EV charger. There is an additional 30 amp outlet for your RV or other electric toys. This luxury residence is waiting for you to call it home.
7420 E Reins Court
Prescott Valley, AZ 86314
$1,990,000
3
Beds
5
Baths
4,804
SqFt
Status
Active
MLS #
6685848
Property Type
Single Family Residence
Price Type
--
Your new memories begin here! Enter through the giant pivot front door to this fully custom home, enter the warm and welcoming living room with space for everyone. You'll find you're eager to entertain all of your friends more than you ever have. The large great room flows to the formal dining area and then into the chef's kitchen with the very large gas, 6 burner range with its 2 ovens in addition to the built -in wall convection oven. A built -in ice maker helps when entertaining outside on the very large patio that overlooks FIVE holes of the Stoneridge Golf Course! Ready to BBQ with friends? No worries, use the easy to slide corner window from the kitchen and pass all the provisions right out to your guests! Enjoy a relaxing swim in the 25 YD indoor pool. The master suite is truly.... spa-like with the walk- in stone surround shower. The dual vanities with Brazilian Quartzite and Illuminating mirrors and the large, jetted tub tucked into the custom corner view windows, lower one blind for complete privacy while enjoying the stunning views of the mountains and the golf course below. The jetted tub heats the water and recirculates it so you can enjoy a very long, relaxing soak. The master walk in closet is very large and has great storage too. The 2 guest bedrooms are also very large and both have great big closets...so much storage in this home! These rooms are also complete with the custom corner windows for the wonderful views as well as blackout blinds for a good nights' rest. The loft has it's own patio with views of Glassford Hill and also the beautiful neighborhood below. The second floor has an art studio which could be used as a rec room or a great movie room. This room has 2 separate patios, corner windows for the views and beautiful wood floors....not to mention...the room is plumbed to add a bathroom, so this could make a 2nd master en-suite! On the main floor there is an office area that has a great view of the pool and lots of productivity space for you....all rooms have Cat 6 hard wired high speed data connections. There are so many special features....please read the Special Features page to get even MORE information about this very special home nestled in the Mingus Mtns. Golf cart and some furnishings may convey with full price offer.
5440 N Calico Drive
Camp Verde, AZ 86322
$1,990,000
4
Beds
4
Baths
4,059
SqFt
Status
Active
MLS #
6688733
Property Type
Single Family Residence
Price Type
--
MODERN CUSTOM FARMHOUSE with WRAP AROUND PORCH. Meticulously remodeled in 2023-2024 is situated on 4 acres, No HOA, Registered Well, Oil pipe fence, Barn w/ 4 stalls, Private access to National Forest land, luxurious 4 bedrooms-two being Masters w/ ensuite, conveniently located on main level, 2 oversize bedrooms upper level with dormers,4 Custom Bathrooms with Granite wainscoting on walls, Granite Showers full walls to ceiling, Custom Vanities, Wainscoting on walls in all bathrooms & laundry room, Wood Beams in the great rooms wood steps on stairs,Custom Glass throughout the Farm House & wood beam on stairs has a custom glass window to allows visual through going to upper level keeping that grand open feel to the space, Wrap around porch has 20ft glass slider doors & 8 ft glass sliders on the back of the house to allow beautiful views of Coconino National Forest.National Forest Land, Energy saving sunshades on all windows, Dog friendly Screens on back of home, outside patio for entertaining with fire pit fully enclosed yard for your furry friends. Wonderful breezes keep the outside living comfortable - CLEAN Air - Mountain Views - Quiet - Secure - Private Entrance. 2 New AC/heat units w/warranty, New roof w/warranty, 3 Car Garage, Water Treatment for entire house w/warranty, New lighting, New fixtures throughout, Fire & Smoke Alarms throughout the home. Main level has formal living w/wood burning fireplace & Antique Mantel, Office/Library. Primary Master offers Gas fireplace with Full Feature Wall of Granite with 80 Flat Screen TV, Elegant chandelier lighting, Sitting area, Custom Master Bathroom floor to ceiling marble & marble Wainscoting on walls throughout the master bathroom, Master Closets HERS & HIS in primary master. Makeup Vanity with Elegant chandelier lighting, Double Sink Antique Vanity with Huge Custom Mirror Grand living space provides ample seating with a great room, dining room, boasting a gourmet kitchen with Wolf Induction 5 burner cooktop, Commercial size refrigerator/ freezer, farmhouse copper sink, double ovens, hightop bar and breakfast bar, granite counters and abundant storage. Custom Knotty Alder doors throughout Kitchen & House, Laundry/mud room equipped with a front-load washer and dryer, living/dining area has 20 ft. slider & 8 ft slider glass doors creating a seamless Indoor-Outdoor Living Space. Upper level, TV Theater Room, with Walkout DECK provides you with Direct access to the balcony to watch sunsets with panoramic mountain views & STARS Wet Bar for snacks with your movies in addition you'll find two additional bedrooms, one with dazzling chandelier lighting, additional bath w/ walk-in shower, loft/media room complete with 2 built-in desk spaces inside the dormers plus a refreshment bar w/wine drink fridge, microwave and cozy Wood Burning Fireplace. New OIL PIPE FENCE $100,000 in fencing leveled and planted with wheat fertilize soil for growing pastures, crops 4 Stall Horse Barn 4 Turnouts for your horses Property - (1) registered well domestic (1) registered irrigation well 6 Miles from I 17 on paved roads until you get to the Private Entrance to the Equestrian Estate AMAZING Access to breathtaking panoramic mountain views of the majestic Red Rocks of Sedona, adjacent Coconino National Forest, views of the Prescott National Forest,Flagstaff's Snow Bowl San Francisco Peaks and Lights of Historical Jerome. Unobstructed Views you are surrounded by National Forest one will ever build in your view. Private & Direct access to the Verde River that stretches 18 miles meandering through town limits, the winding waterway creates a habitat for bald eagles, hawks, blue heron, beavers, and otters... Located in the Napa Valley of Arizona, surrounded by wineries, this property presents the possibility for your own vineyard, become connected with a thriving wine community. Some area attractions include Montezuma Castle is the third National Monument dedicated to preserving Native American culture, Out of Africa WildLife Park, Inflatable Kayak Adventure down the Verde River, Cliff Castle Casino. Western Horseback adventures & Horse Boarding at the Nashwa Farms Equestrian & Event Center Horse boarding stable only minutes from your Custom Equestrian Estate.