Mortgage Myths: Here’s Why You Don’t Need a Full 20 Percent Down Payment

Mortgage Myths: Here's Why You Don't Need a Full 20 Percent Down Payment 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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33806 N 69th Street Scottsdale, AZ 85266

$1,925,000
3 Beds
3.5 Baths
2,953 SqFt
Status Active Under Contract
MLS # 6757673
Property Type Single Family Residence
Price Type --
Experience breathtaking, unparalleled VIEWS OF THE GOLF COURSE AND BLACK MOUNTAIN from this exquisitely renovated home. (Including new roof and HVAC) Ideally situated a mere chip shot from the clubhouse and all Terravita's of amazing amenities. Every detail of this home has been thoughtfully crafted with top-tier materials, combining elegance, functionality, and stunning views. THIS IS LIKE BUYING A BRAND-NEW HOME IN AN ESTABLISHED COMMUNITY ON THE BEST LOT IMAGINABLE. Here are some upgrades: HVAC: New system (2022) with gas furnace and (2) American Standard 14 s HVAC: New system (2022) with gas furnace and (2) American Standard 14 seer condensing units Roof: Brand new roof (2022) with warranty Water Filtration: Summit Home Water System Processor (no salt, no maintenance, all water is drinkable) Windows: New Windows from Window World with Low-E Glass and Argon gas, lifetime warranty on all South, West, and North-facing windows Flooring: Porcelain wood-look plank tile throughout Paint: New interior and exterior paint throughout (Premium Sherwin Williams) Lighting: All new LED lights, new light fixtures, new ceiling fans, new kitchen lighting, exterior lighting with timer Shutters and Shades: Plantation shutters on the East side, Hunter Douglas plantation shutters throughout, remote-controlled room darkening shades in the Owner's suite Baseboards and Trim: 6 baseboards throughout, new trim Doors and Hardware: New doors, new hardware, all interior and exterior locks and hinges replaced Security: Top-of-the-line digital security system with cameras in the Great room, backyard, front door, and garage Plumbing Fixtures: All new Moen faucets and fixtures, new Toto comfort height toilets New Office Space: Reconfiguration of Great room to accommodate new office space Family/Dining Room Fireplace: 3-way fireplace with heat blower system, new chimney, new exterior fans and lighting Views: Huge golf (18th Hole) and Black Mountain views Kitchen Counters: Quartzite countertops Sink: Franke chef-style heavy-duty large stainless steel single basin sink Appliances: Thermador oven and speed cooker, Thermador 5 burner gas range, 90 bottle Thermador 3-temp wine chiller, Thermador high-output built-in range hood, Thermador dishwasher, GE Cafe built-in refrigerator Cabinets: New white ENVII shaker cabinets to the ceiling, two-toned cabinets with island in dark grey, glass-tiled backsplash Lighting: Large pendants above the island Primary Bedroom/Bath Shades: Remote-controlled shades Access: Private entry to the backyard Closets: 2 owners closets Vanities: Dual raised quartz vanities Bath & Shower: Soaker tub, dual showerheads, frameless-tiled shower, built-in shower caddies on both sides Flooring: Marble flooring up to the walls in the shower Additional Bathroom Accessories: Heated light & ceiling fan in the bathroom Additional Bathrooms Toilet: Moved for comfort seating Counter and Bowl: Onyx counter and bowl Vanity: Custom vanity Shower: Frameless tiled shower, raised vanity Additional Office & Den Office: New office with Expansive Golf and Mountain Views Den: 7' Closet added, creating additional bedroom as needed Laundry Counters: Quartz counter, folding counter Storage: Storage above washer and dryer, above and below folding counter Appliances: New top-of-line GE high-capacity washer and dryer with pedestals Garage Capacity: 3-car garage Flooring: Epoxied floor Lighting: LED lights throughout Climate Control: Carrier high-efficiency mini-split heating and air conditioning unit with remote Water Heaters: Two 50-gallon gas water heaters with new hot water circulator systems, one for the house and one for the casita Doors: New weatherstripping, new ultra-quiet garage motors, side entry door Storage: Built-in cabinets, bike racks, custom workbench with shelves, custom 6-bike rack with storage above, additional storage racks Utility Sink: Huge 40x24 tub sink for big jobs Ceiling Fans: Two ceiling fans Exterior BBQ: New built-in BBQ Landscaping Rock: New landscape stone for the entire property, front and rear Stucco: New stucco was applied and painted to match the house on all exterior perimeter walls Irrigation: The irrigation system totally upgraded with new pumps, timers, regulators, lines, and heads Landscaping: Extensive removal of old overgrown trees, bushes, and vines, planting new cactus, trees, and other landscaping enhancements Decking: Front and rear patio decking painted with top of the line exterior HD cool decking paint Gutters: New 5 commercial grade gutters Fountain: Rebuilt piping and pump system, new motor for the fountain by the casita Cameras: Security camera with night vision Meter: New electric meter for accurate readings Rattlesnake Proofing: All points of entry by gates and fences were rattlesnake-proofed Screens: HD screens on all applicable doors Patio Fans: New exterior patio fans and lighting Casita (Complete Renovation 2024) (CASITA COMES FULLY FURNISHED!) Flooring: New porcelain plank flooring in the bed area, new ceramic flooring in the bath area Shower: New floor-to-ceiling tile shower with custom glass shower doors Paint: Painted walls and ceilings Lighting: New LED ceiling lights, new ceiling fan Security: Upgraded security system tied into the house Thermostat: New digital thermostat Vanity: New vanities with marble top Toilet: New comfort height toilet Shutters: New Hunter Douglass plantation shutters Mirrors: New vanity mirrors Total Cost of Renovations: $600,000.00 Welcome to Terravita - Where Lifestyle is the True Luxury Dear Prospective Homebuyer, If you're considering making Terravita your home, know that you're not just buying a property; you're embracing a lifestyle that's rich, engaging, and brimming with opportunities. Terravita stands as a testament to a community that values experiences, relationships, and personal growth over mere bricks and mortar. Here, the house you buy is simply a gateway to the life you desire. A visit to Terravita's clubhouse and a brief tour of the amenities is essential - it's not just recommended; it's crucial. It is literally what you are buying. If you are just looking for a house, this is likely not the place for you. Dialing 480-488- 3456 can set you on a path to discovering a world where every day is a new adventure. This initial tour is more than just a walkthrough; it's an eye-opener to the vibrant, active lifestyle that awaits you. Many have said that understanding the depth and breadth of Terravita's amenities was a pivotal moment in their decision to join our community. We invite you to take the first step towards discovering if Terravita is the right fit for you. It's not just about finding a home; it's about finding a place where you can live your life to the fullest. The lifestyle you've dreamed of is here, waiting for you to embrace it. Remember, exploring Terravita starts with a tour of our clubhouse and amenities. Make that choice today and open the door to a world where life is rich, full, and wonderfully yours. Terravita is a guard gated 823 acre planned community which consists of many amenities including an 18 hole championship golf course, a 39,000 square foot newly remodeled clubhouse facility with 2 dining areas, a heated Olympic pool with easy beach front entrance and hot tub, 6 tennis courts and a full-time tennis pro, a 13,000 square foot health and fitness center, community-wide 6 mile long walking and jogging trails, and extensive event calendar with fun-filled events for the dozens of social organizations. Terravita Golf and Country Club has been voted Best Master Planned Community and Best Private Golf Club numerous times by Ranking Arizona. Terravita was created by Del Webb and was their first non-age restricted community. Terravita golf course was created by PGA Hall of Fame member Billy Casper and designer Greg Nash. Terravita golf amenities include a pro shop, a large driving range, and four separate areas to practice chipping and putting.

39220 N 30th Drive Phoenix, AZ 85086

$1,900,000
4 Beds
5.5 Baths
3,800 SqFt
Status Active
MLS # 6731365
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat, where luxury meets adventure! Nestled in a secluded, gated community, this custom estate home is a haven for RV and off-road enthusiasts. With a 4-car extended-length garage and an attached RV garage, you'll have ample space to store your vehicles and gear, ready for your next journey. Step through the elegant steel and glass doors into a world of opulence. The grand entrance features soaring 12-foot ceilings and an open great room with panoramic doors that invite the outdoors in. Cozy up by the electric fireplace or enjoy the seamless flow to the expansive pavered patio, perfect for relaxing or entertaining. The chef's kitchen is a culinary masterpiece with a separate induction cook-top, wall oven, microwave, and a generous butler's pantry with sink The enormous island and matching cabinetry extend into the dining area, providing a stylish and functional space for meals and gatherings. Enjoy the seamless flow of 8-foot interior doors and wood-look plank tile throughout, enhancing the open and airy feel of the split floor plan. The primary bedroom is a retreat of its own, featuring a private exit to your personal patio and a luxurious bathroom with a large walk-in shower, large soaking tub, separate vanities, leading to a spacious closet with a dressing table that connects to the laundry room. For those who work or need extra space, there's an office/den and a convenient half bath for guests. The three guest bedrooms each come with a private en suite, ensuring comfort and privacy for all your visitors. Don't miss the additional amenities like the large, open and pavered patio with another full bathroom. As well as 400 AMP panel in the garage and the central vac system, adding convenience and efficiency to your home. This estate is more than just a home, it's a gateway to endless adventures and ultimate comfort. Make it yours and start living the life you've always dreamed of!

51414 W Pete Road Aguila, AZ 85320

$1,900,000
3 Beds
3.5 Baths
6,556 SqFt
Status Active
MLS # 6659027
Property Type Single Family Residence
Price Type --
This magnificent Property offers Hacienda Style Architecture reminiscent of Spanish Living plus a 52' x 80' Hangar with Pilot's Lounge. Chef's Kitchen boasts Wolfe Range, Kol-Gard Commercial Refrigerator, Traditional & Baker's Islands, Conversation Counter & Separate walk-in Server's Pantry. Complete with Formal Dining Room, Great Room Dance Floor, Wet Bar, Spa, Atrium, multiple Fireplaces, Den & Office, it's ideal for personal Luxury or Entertaining. The spacious Primary Suite features multiple Bath areas, Large walk-in Closet & Sitting Room. Guest Rooms have Private Exits. Enjoy Outdoor Living on the Covered Patio. The 52' x 80' Hangar features Pilots' Lounge, Shop, Storage Room & Sunshade Port. Propane & Diesel Fuel Tanks plus RV parking add to the convenience of Airpark living. Property is on 5 acres with Private Well, Well House & Detached Garage in a Gated Airpark with HOA & CCR's. State Land across the street to the South. Community has a 3,906' paved, lighted runway, paved taxiways/streets & community center for great gatherings. See Document Tab for Additional Features. THIS IS AN ACTIVE AIRPARK. PLEASE YIELD TO PLANES. DO NOT CROSS, DRIVE OR WALK DOWN RUNWAY.

2800 E Portola Valley Drive Gilbert, AZ 85297

$1,900,000
5 Beds
4.5 Baths
4,067 SqFt
Status Active
MLS # 6763587
Property Type Single Family Residence
Price Type --
This stunning single-level home, built in 2022 and located in the highly sought-after Belmont at Somerset community, was crafted by the prestigious Blandford Homes. Spanning 4,067 sq ft, this 5 bed, 4.5 bath plus den & 4 car garge showcases soaring 12 ft ceilings, an abundance of natural light, and modern finishes throughout. The home features beautiful wood-look tile flooring, sleek quartz countertops, a gourmet kitchen with a natural stone backsplash, walk-in pantry, stainless steel appliances, and a striking wood beam ceiling. Designer lighting, ceiling fan fixtures and custom motorized Hunter Douglas window treatments add elegance throughout the space. The expansive primary suite includes a luxurious soaking tub, lighted floating cabinets, and a spacious walk-in closet. Step outside to an entertainer's dream backyard, complete with travertine pavers, low-maintenance artificial turf, a cozy fire pit with seating area, and a large removable fenced-in pool perfect for both relaxation and family fun. Beautifully situated near the vibrant San Tan Village, this home offers unparalleled convenience with easy access to premier shopping, dining, and entertainment options just minutes away. Located in a highly sought-after neighborhood, you're close to top-rated schools, parks, and recreational facilities. Quick access to the 202 freeway makes commuting a breeze, putting the rest of the Valley at your fingertips. Whether you're looking to enjoy the nearby golf courses, explore local hiking trails, or experience the lively community events, this location has it all. Don't miss the opportunity to experience this exceptional Gilbert home!

7220 N 185th Avenue Waddell, AZ 85355

$1,900,000
3 Beds
2 Baths
1,000 SqFt
Status Active
MLS # 6691951
Property Type Single Family Residence
Price Type --
Here's your chance to one a piece of Waddell history...the iconic LITTLE KENTUCKY! Equestrians, trainers, breeders, this is the property you have been looking for. Offering an impressive 140 x 250 covered arena, 3 enclosed barns offering 16x16 stalls fully trimmed out with high pressure mister systems, water and electric, the large barn also offers a workshop shop and trainers office with kitchenette area, there is an additional 4 stall shed row offering 12x 32 stalls, 60' trainers round pen, hot walker, covered hay storage, several tack and storage areas, wash rack,. multiple pastures, exercise track, 32 stalls in total and not to mention the very comfortable and nicely appointed 3 bedroom apartment AND ASK US ABOUT THE POSSIBILITY OF PURCHASING THE MAIN HOME AND ADDTIONAL 4 ACRES!!!

4502 E Calle Tuberia -- Phoenix, AZ 85018

$1,900,000
4 Beds
3 Baths
1,953 SqFt
Status Active
MLS # 6716154
Property Type Single Family Residence
Price Type --
Welcome to this gorgeous oasis in the heart of Arcadia! Nestled on a generous .24-acre lot, this 4-bedroom, 3-bathroom home offers amazing views of Camelback Mountain. Step into the backyard and discover the lush landscaping creating a serene backdrop for outdoor gatherings and al fresco dining. The sparkling pool begs you to take a refreshing dip on hot summer days, while the meticulously manicured gardens offer a peaceful sanctuary for quiet reflection. With new A/C units and fresh exterior paint, this home is not only a feast for the senses but also a practical investment in your future. Don't miss this rare opportunity to own a piece of paradise in Arcadia.

6407 E Old Paint Trail Carefree, AZ 85377

$1,900,000
3 Beds
3.5 Baths
4,339 SqFt
Status Active
MLS # 6772625
Property Type Single Family Residence
Price Type --
Discover a tranquil oasis on nearly 2 acres in the prestigious gated community of Black Mountain Foothills. This 4,339 SqFt estate boasts a single-level, split floor plan with 3 bedrooms, a spacious office, and 3.5 baths. Enjoy the serene Sonoran Desert landscape, complemented by spectacular mountain vistas, dazzling sunsets, and unobstructed city light views. Unique floor-to-ceiling glass wall corners seamlessly blend the interior with an expansive covered patio, pool, and spa, all surrounded by mature desert landscape. The home features soaring 18' ceilings, an enormous Principal Suite with a fireplace and large bathroom, and a beautiful formal Dining Room perfect for entertaining. The well-appointed Kitchen includes a huge walk-in pantry, island, breakfast counter, and ... informal dining area that opens to a large Family Room. Additional amenities include a 3-car garage with 2 EV chargers, an air-conditioned exercise room, and indoor-outdoor speakers. Every window offers a view, enhancing the peaceful and private atmosphere of this luxurious estate.

1804 E Senna Point Payson, AZ 85541

$1,900,000
3 Beds
4 Baths
3,606 SqFt
Status Active
MLS # 6748495
Property Type Single Family Residence
Price Type --
Stunning new WTM Construction home located in the prestigious gated golf community of Chaparral Pines awaits you. This beauty is completed and displays an elegant masterpiece that this builder creates including 2X6 exterior walls, spray foam insulation, concrete fiber siding, Windsor Pinnacle Series Wood Clad windows, and a 50-year GAF Roof. This single level, open split floor plan home sits on a large lot backing to 2 water ponds with a waterfall and is not to be missed. Starting with a grand front entry to the great room is a wall of windows to capture the views where you will notice a stone ceiling to floor gas fireplace highlighted by a beamed ceiling bringing it all together. Kitchen boasts SS Wolfe Subzero appliances such as a 48'' refrigerator, 48'' gas cooktop, built in oven and microwave, Sollid Brand soft close doors/drawers done in Shaker White style with black hardware, upgraded granite throughout, farm sink, an oversized kitchen island and breakfast nook which make it truly a chef's delight. Separate study/office with barn doors also has a beamed ceiling and can be a multi purpose room. Primary bedroom is a dream with a beamed ceiling and exterior doors to the back patio. Bath has dual vanities with large mirrors, walk through shower, 2 closets, and a free standing tub highlighted by a Chandelier. Guest bedrooms are both ensuites with large walk in showers and closets. Garage is oversized and can hold an RV/Boat and has epoxy floor finish and leads into a mud room/breezeway for added convenience. Flooring is all engineered wood with tile in all the wet areas. Large driveway and all patios are done in pavers. Too much to mention! Come experience this amazing build.

37031 N Mirabel Club Drive Scottsdale, AZ 85262

$1,900,000
3 Beds
3.5 Baths
3,366 SqFt
Status Active
MLS # 6751900
Property Type Single Family Residence
Price Type --
Great home in the gated Mirabel Club. Situated on a quiet premium homesite with beautiful landscaping surrounding the home. The open kitchen with top of the line appliances has been tastefully updated and overlooks the great room. From the great room you enter a large covered outdoor patio area with pool, spa, fire pit and built in BBQ. Enjoy great views of mountains, natural desert and stunning Arizona sunsets. Additionally the home offers two bedrooms both ensuite, den and half bath on the main level and an attached loft with bedroom, full bath and outdoor patio.

10477 N 101st Place Scottsdale, AZ 85258

$1,900,000
4 Beds
3 Baths
3,196 SqFt
Status Active
MLS # 6771580
Property Type Single Family Residence
Price Type --
CAPTIVATING WATER/MOUNTAIN VIEWS! Located in highly sought after gated ''Island at Scottsdale Ranch''. Beautifully renovated with the finest finishes & upgrades. Popular Marquesa model offers 1 bedroom/office down w/full bath; upstairs you will find a spacious primary bedroom w/balcony & spiral staircase to pool area overlooking Lake Serena & mountains. Primary has 2 walk-in closets, new walk-in shower/tub. 2 generous guest rooms up with bath. Designer kitchen w/new cabinetry, Jenn-Air appliances, Wolf Induction cooktop that any Chef will love! Built-in bar for entertaining. Living room w/ soaring ceilings and romantic gas fireplace. NEW ROOF w/extended 10 year warranty. Cozy family room plus office/sitting room. Fabulous entertaining backyard w/pool & heated spa, private boat dock/boat with amazing indoor/outdoor living at its finest all on an over-sized lot. Pool recently resurfaced with new cool decking. Built-in BBQ on side patio convenient to the kitchen. Fresh epoxy floor in 2 car garage. Unique misting system (for bugs) covers the entire backyard so you can enjoy evenings sitting out. THIS IS A MUST SEE ... ONE-OF-A-KIND HOME! DON'T LET IT GET AWAY!

7835 N 3rd Way Phoenix, AZ 85020

$1,900,000
5 Beds
3 Baths
3,564 SqFt
Status Active
MLS # 6774430
Property Type Single Family Residence
Price Type --
Spanish Contemporary in the heart of North Central Corridor! Gated community with quick access to Central Bridle Path. Fully remodeled interior and exterior. 13'+ ceilings, wide plank wood floors with an open floor plan that includes a gas fireplace. Custom Beautiful new chef's kitchen with quartz countertops and backsplash, gas range, built-in fridge, all new Thermador appliances, floating wood shelves w/ under-cabinet lighting, wine fridge. Milgard sliding glass doors to patio enhancing the indoor/outdoor Arizona lifestyle with a newly renovated and lush landscape, upgraded extended travertine patio and pool surrounds. Elegant primary bedroom retreat with a dream bathroom that includes a solid freestanding tub, custom tiled shower, and Restoration Hardware fittings in all bathroom Huge walk-in primary closet w/ built-ins. Built-in library room for quiet reading, or game room. 3-car garage. New A/C units, RO water filtration and soft water systems. Located in the Madison School District, walking distance to the renowned Murphy Bridle Path, top restaurants and famous Uptown Farmers Market. Beautiful home in a wonderful and active area. One of a kind find!

14500 N Centennial Drive Prescott, AZ 86305

$1,900,000
3 Beds
4 Baths
3,288 SqFt
Status Active
MLS # 6774674
Property Type Single Family Residence
Price Type --
This exquisite modern ranch-style masterpiece is being built on a premium 1.02 acre lot# 56. Nestled amidst the serene Boulders - natural trees, ensuring privacy and tranquility for its owner. The Buyer will have the opportunity to handpick every finish, thanks to the generous Allowance package added, ensuring a truly personalized living experience that perfectly matches your unique style. The spacious single level home is 3288 SF with a 3 car RV/ Workshop garage. The open-concept design of this home offers a sprawling great room and a gourmet kitchen. The home is being built by Approved Talking Rock Home Builder known for his attention to detail and is a joy to work with.

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