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.

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

YearAny2024+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

YearAny2024+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

YearAny2024+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

YearAny2024+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

7571 E Visao Drive Scottsdale, AZ 85266

$1,885,000

4 Beds

3.5 Baths

3,306 SqFt

Status Active

MLS # 6773848

Property Type Single Family Residence

Price Type --

Premium oversized lot!This home is set to be featured on an upcoming episode of HGTV. Look no further for a contemporary residence with a resort-style backyard - your dream home awaits! Jewel box designer home. TURN KEY! Situated in the exclusive guard-gated community of Bellasera, this impeccably renovated estate, crafted by the esteemed Designs by Alexandra based in California, presents a sophisticated living experience. Boasting 4 bedrooms, including a GUEST HOUSE with a private exterior entrance, 3.5 bathrooms, a 2-car epoxy garage, and more, this residence is a true gem. Upon entering, you'll be captivated by the sun-drenched living room featuring a wall of glass that seamlessly opens to the beautifully landscaped resort-style backyard with a desert oasis vibe and a brand new pool!

View Property

12746 E Casitas Del Rio Drive Scottsdale, AZ 85255

$1,881,995

3 Beds

3.5 Baths

2,599 SqFt

Status Active

MLS # 6707716

Property Type Townhouse

Price Type --

NEW CONSTRUCTION - ESTIMATED COMPLETION DECEMBER 2024, Modern, Desert Contemporary style architecture! This open 3bdr/3.5bth/Study floor plan offers ample space for entertaining. The Caullins' welcoming covered entry and inviting foyer lead to the spacious great room and dining room, with views of the large covered patio beyond that opens to natural area open space. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space, and ample dual pantries. The beautiful primary bedroom suite is highlighted by a huge walk-in closet and deluxe primary bath with dual-sink vanity, large soaking tub, luxe glass-enclosed shower and private water closet. Landscape includes spool, outdoor kitchen and fire feature.

View Property

2748 E Hummingbird Way Gilbert, AZ 85297

$1,880,000

3 Beds

3.5 Baths

4,092 SqFt

Status Active

MLS # 6728237

Property Type Single Family Residence

Price Type --

Welcome to Elegance Redefined - Nestled in the heart of a serene neighborhood of Whitewing at Germann Estates, this exquisite residence boasts an architectural masterpiece that seamlessly blends modern luxury with timeless charm. As you enter through the grand entrance, you're greeted by a breathtaking courtyard that sets the tone for the opulent experience that awaits. The heart of the home is the gourmet kitchen, a culinary haven equipped with state-of-the-art appliances, sleek quartz countertops, and a spacious island that invites social gatherings. The open-plan living area, bathed in natural light, features soaring ceilings and a chic fireplace, creating an ambiance of warmth and sophistication. Retreat to the primary suite, a sanctuary of tranquility with its private bathroom that offers a spa-like experience where a soaking tub and rain shower await to wash away the stresses of the day. The finishes and thoughtful design create a space that's both functional and aesthetically pleasing. Each bedroom is complete with en suites, providing the ultimate in comfort and convenience. The den and/or craft room is complete with built in cabinets and shelves. The flex room is a perfect place to turn into any space that you seem fit with its endless possibilities, along with all the natural light that pours in, and access to another outside patio. Outside to the backyard oasis - an entertainer's dream with a sparkling pool, spa, an outdoor shower that adds a touch of indulgence, perfect for cooling down on warm summer days or rinsing off after a dip in the pool. An entertaining space, along with plenty of open space to truly make it your own. This home is not just a dwelling but a statement of luxury and comfort. It's where every detail is meticulously crafted to offer an unparalleled living experience. Make it yours and live the life you've always dreamed of.

View Property

24 E Wagon Wheel Drive Phoenix, AZ 85020

$1,880,000

5 Beds

3 Baths

4,031 SqFt

Status Active

MLS # 6775748

Property Type Single Family Residence

Price Type --

North Central sought after North/South private large cul-de-sac lot! Move-in ready home was remodeled! No detail overlooked! Park-like yard w/child play equipment, upgraded salt water play/sport pool w/ energy saving variable speed control motor & removable pool fence and above ground Jacuzzi spa. Mature landscaping with fruit trees & large shade trees, newly installed artificial grass in front. CIRCULAR DRIVE & SIDE ENTRY GARAGE with addtional side paved parking & storage; store your toys & NO HOA! Double ovens in kitchen. The family room w/gas fireplace & built-in bookcases. Formal double entry door into living room overlooking back yard. Ample storage abounds! Large bedroom sizes; 3-2 split. Mstr bedroom w/walk-in closet & cedar closet, Mstr dual showers. 4 beds w/plantation shutter.

View Property

4452 E Lincoln Drive Paradise Valley, AZ 85253

$1,880,000

4 Beds

3 Baths

3,817 SqFt

Status Active

MLS # 6734421

Property Type Single Family Residence

Price Type --

Enjoy breathtaking Camelback Mountain views from the kitchen and dining room. Situated over an acre of land with an RV Garage, this home offers plenty of space to roam. The gourmet kitchen features a massive center island, perfect for entertaining. Cozy up to the impressive two-sided stone fireplace. Don't miss this rare opportunity for a New Construction home or renovation in Paradise Valley.

View Property

29910 N Baker Court Scottsdale, AZ 85262

$1,875,000

5 Beds

5 Baths

4,250 SqFt

Status Active

MLS # 6753123

Property Type Single Family Residence

Price Type --

Introducing our Updated Custom Monaco plan, a luxurious and spacious home spanning 4250 sqft. This plan will feature all 5 bedrooms as ensuites. The centerpiece of this home is the huge gourmet kitchen, perfect for culinary enthusiasts and those who love to entertain. The great room boasts 12 ft high ceilings, creating a grand and open atmosphere. Features to include upgraded bronze wwindows, Custom Iron entry door, recessed showers and comes with a 4-car garage, you'll have ample space for your vehicles and storage needs. The home to be built with energy-efficient foam insulation and synthetic stucco, providing both comfort and durability.

View Property

7180 E Kierland Boulevard Unit 1015 Scottsdale, AZ 85254

$1,875,000

2 Beds

2 Baths

1,698 SqFt

Status Active

MLS # 6697955

Property Type Apartment

Price Type --

Luxurious upgraded 2-bed, 2-bath condo. This immaculately maintained residence boasts high ceilings (10 feet) and floor-to-ceiling windows offering stunning views of the McDowell Mountains. The spacious 'L' shaped kitchen showcases natural stone countertops, Bosch appliances, wine fridge, ample prep space, generous storage, and lengthy counter-height breakfast bar. Conveniently located within walking distance to Kierland Commons and the Scottsdale Quarter. Property offers the ultimate in lock-n-leave luxury living. Incredible amenities include 2 hot tubs, cold plunge, heated lap pool, outdoor kitchen, BBQ areas, business center, professional-style fitness center, running track, pet washing room, sports courts, coffee bar, event space, conference room, and large-screen TVs throughout.

View Property

4051 W Falling Leaf Road Show Low, AZ 85901

$1,875,000

3 Beds

4.5 Baths

3,910 SqFt

Status Active

MLS # 6719135

Property Type Single Family Residence

Price Type --

Retreat to the luxury of the cool White Mountains in Show Low's Torreon! One of the premier custom Cambric built homes on the Cabin golf course hole twelve. Nestled against a dreamy pond setting with fairways and water in both directions. This thoughtfully designed home has two large primary bedrooms on the main level with walk-in closets and spa retreat bathroom suites graces with gorgeous tile, stone and custom lighting. Both suites have decks with private access, see through fireplaces and ambient LED lighting. Entertain guests in this chef's kitchen with La Cornue gas range, Sub Zero refrigerator, wine steward and built-in microwave & dishwasher. Enormous kitchen pantry and additional storage under staircase. Gorgeous granite countertops with bar seating for 10 and breakfast room that boasts room enough for large dining table for dinner with family & friends! Extend your parties out to the deck overlooking the golf course. Bar-b-que on the patio or nestle up to the fireplace and roast a s'more. Upstairs is a large loft with fireplace and wet bar. Large bunkroom with four full-sized bunks. Two full bathrooms with showers for kiddos or guests and large balcony for star-gazing in the evenings. Torreon offers many country club amenities including fitness room, heated pool & spa, walking paths and two course. Invite guests to join you at one of the two restaurants or spend time at the kids club, tennis or pickle ball courts. Several memberships offered.

View Property

10801 E Happy Valley Road Unit 133 Scottsdale, AZ 85255

$1,875,000

4 Beds

3.5 Baths

3,944 SqFt

Status Active

MLS # 6769638

Property Type Single Family Residence

Price Type --

Do not miss this exceptional opportunity to reside in the exclusive guard-gated community of Glenn Moor, one of the most sought-after, well-managed, and friendly neighborhoods in North Scottsdale, often considered the crown jewel of Troon Village. This exquisite home is surrounded by the lush fairways of Troon Country Club and has breathtaking views of Pinnacle Peak and Troon Mountain. The location offers an ideal backdrop for living a private and peaceful lifestyle while being conveniently situated in the heart of all that Troon has to offer. Upon arrival, you'll be greeted by a grand circular drive, elevated setting, and lush landscaping, creating a charming yet regal frontage. The living and formal dining area features elegant lofty ceilings with intricate detailing, a custom media wall, a striking stacked stone fireplace, complemented by floor-to-ceiling windows that invite the natural Sonoran beauty indoors. The gourmet kitchen boasts top-of-the-line appliances, custom cabinetry, granite counters, a tile backsplash, an oversized island, casual dining area and views through every window. Glass sliders lead to the property's unique outdoor space, featuring a central area with multiple tiered patios, embraced by stunning mountain vistas, forming an open-air, amphitheater-like oasis. For those whose wish list includes a private pool, this area invites the opportunity to add your personal touch to this home. Well considered updates include ceramic wood-like flooring, a marble tiled entrance way, a primary suite transformed to a private sanctuary, complete with a flexible office/workout room, breathtaking views, and a spa-like ensuite featuring a standalone soaking tub, steam shower, dual vanities, a tiled walk-in shower, and two spacious walk-in closets. Car enthusiasts will appreciate the side-entry four car garage, space for additional parking, 3 spacious storage rooms, an electric car charger, and the added convenience of an elevator leading to the main living level. Come and experience for yourself how this extraordinary property can become your dream home in the heart of Troon Village.

View Property

11457 E Blanche Drive Scottsdale, AZ 85255

$1,875,000

4 Beds

3.5 Baths

2,806 SqFt

Status Active

MLS # 6747568

Property Type Single Family Residence

Price Type --

Magnificently remodeled home is located 1.1 miles up the mountain on a peaceful cul-de-sac, in prestigious 24 hour/day guard-gated Cimarron Hills - within the highly desirable master planned community of McDowell Mountain Ranch. Upon entering the gated courtyard is a tranquil waterfall and entrance to the beautiful and private attached guest casita with en-suite bath. The luxurious custom Water-Jet Marble floor in the foyer, welcomes you as enter this spacious, open floor plan. Upgrades include White Oak Hardwood Flooring throughout the home, Thermador kitchen appliances, gas cook-top, custom oversized island, new Hunter Douglas automated blinds, 54'' linear fireplace, custom floor to ceiling blackout drapes in the spacious primary bedroom with high-end plumbing and fixtures, freestanding tub, marble vanities & shower in the spa-like primary retreat. The breakfast nook overlooks the waterfall of the lagoon style aqua, pool/spa. The outdoor resort-like retreat also includes mountain views from the patio, new BBQ, firepit, synthetic grass, and new power retractable awning off the primary bedroom for a cabana like feel. NEW A/C unit 8/24. Amazing MMR amenities, Community Center with workout room, pool, tennis courts, pickleball courts, Aquatic Center. Conveniently located to walking trails, MMR golf, shopping, restaurants, freeway and 27 minutes to Sky Harbor Airport. MUST-SEE!

View Property

24235 W Pinnacle Vista Lane Wittmann, AZ 85361

$1,875,000

6 Beds

5.5 Baths

6,299 SqFt

Status Active

MLS # 6750049

Property Type Single Family Residence

Price Type --

Arizona RANCH ESTATE... Spectacular five- plus acre property with main house, guest house and four-plus car garage. Fully fenced and landscaped, this home offers so much to you. The main house is four bedrooms and three- and one-half baths, with two office/dens, large living room, dining room and spacious kitchen. Totaling 4,760 square feet. The adjacent guest house, 1,539 square feet, offers two bedrooms, two baths and a spacious great room. Large, storage ready garage, accommodates four cars, plus extra space. Add to all this, the covered patio area, basketball court, gardens, paved circular drive and fencing and you have an estate. Bring your horses! Or Airbnb? Or family estate?

View Property

17340 E Hidden Green Court Rio Verde, AZ 85263

$1,875,000

3 Beds

3.5 Baths

2,956 SqFt

Status Active

MLS # 6765377

Property Type Single Family Residence

Price Type --

Through the gates of prestigious Trilogy at Verde River, lies this stunning residence of perfection! Sitting on an impressive 21,533.00 sq. ft homesite this beautiful semi-custom home built by Monterey Homes is something to behold. This elegant Milan plan features an open layout with 3 ensuite bedrooms, plus a powder room, office, living room, beautiful wet bar that serves the spacious great room with fireplace, a gourmet kitchen, a side courtyard, and an expansive wraparound patio which creates the perfect outdoor space to entertain family and friends. Beautifully upgraded Chef inspired kitchen opens to Great room. The backyard features stunning Swimming Pool and Spa, and lots of seating for outdoor entertainment. All this and more set in one of the valley's most scenic locations in the world class Trilogy community. Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

View Property