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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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.
6311 E Monterosa Street
Scottsdale, AZ 85251
$1,875,000
4
Beds
3
Baths
2,287
SqFt
Status
Active
MLS #
6757604
Property Type
Single Family Residence
Price Type
--
***Quintessential Arcadia Ranch***Located in the ''sweet spot'' between Lafayette & Exeter. Large corner cul-de-sac lot with picturesque front yard curb appeal and broadside view of Camelback Mountain. Also known as Friendship Lane, you'll feel welcomed upon arrival. Inviting front patio sitting area leads to classic entry way, large island/eat-in kitchen, vaulted dining & great room, w/ wood burning fireplace, solid oak wood floors, w/ herringbone patterned brickwork, wainscoting & plantation shutters. Granite counters, custom cabinets, stainless Viking appliances, newer lights & fixtures, crown, split floor plan, w/ 2 master bedrooms, outdoor built-in BBQ, & sparkling swimming pool. Large primary master suite w/ jetted tub & big closet. Office off laundry room, side loading 2.5 garage.
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?
7628 E Mary Sharon Drive
Scottsdale, AZ 85266
$1,875,000
3
Beds
2.5
Baths
4,077
SqFt
Status
Active
MLS #
6765749
Property Type
Single Family Residence
Price Type
--
Nestled in the tranquil landscape of North Scottsdale, this recently remodeled Lone Mountain Vista residence is a true desert oasis. The 2023 renovation features finishes that perfectly complement your dream home. Enjoy single-level living with a loft/office/den situated at the front entry, while the stepped-down garage offers a spacious three-car capacity plus an attached RV garage, ideal for your RV or two additional vehicles. Everything is brand new, including cabinetry, countertops, flooring, fixtures, lighting, carpet, texture, paint, and landscaping. If you've been searching for your next property, this could be the perfect fit.
13331 E Parkview Lane
Scottsdale, AZ 85255
$1,875,000
3
Beds
3.5
Baths
3,208
SqFt
Status
Active
MLS #
6769549
Property Type
Single Family Residence
Price Type
--
ABOLUTLEY SPECTACULAR HOME w/STUNNING VIEWS & AN ABUNDANCE of UPGRADES! Nestled in Scottsdale's highly desirable STORYROCK near Tom's Thumb & many hiking/biking trails*this Haven is a symphony of luxury & comfort*step inside the modern iron door to view the magnificent corner opening expansive wall of glass that blurs the lines between in & outdoor living w/incredible views from this majestic lot*Chef's kitchen boasts 6 burner+griddle gas stove*double ovens*add'l built-in icemaker*huge quartz island*cabs to the ceiling w/lovely glass uppers & lighting*2 pantries*new custom cabs throughout home*master is a spacious sanctuary*all bedrooms are ensuites w/walk-in closets*coveted 4 car garage*Enjoy the backyard w/extended patios*gorgeous pool*putting green*built-in gas BBQ*opt spa*Owner/Agent
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.
8610 E De La O Road
Scottsdale, AZ 85255
$1,875,000
3
Beds
3
Baths
3,508
SqFt
Status
Active Under Contract
MLS #
6771600
Property Type
Single Family Residence
Price Type
--
This designer owned personal masterpiece with the finest finishes is the essence of Santa Barbara in the desert! Nestled in the heart of Scottsdale, this incredibly charming jewel sits on a manicured acre plus in the sought after zip code of 85255. The completely reimagined resort back yard is a show stopper, complete w/a gorgeous pool, separate large spa, 2 large raised & irrigated garden beds, a large sports lawn and an oversized covered patio for al fresco entertaining! Inside, timeless arches welcome you into a grand entry w/soaring ceilings & a wall of windows that pour sun-dappled light into a living room anchored by a natural gas fireplace. The adjacent formal dining room flows into the gourmet kitchen featuring a gas cooktop, butcher block island, & a cozy breakfast nook. This split bedroom plan includes the most luxurious & intimate primary suite, featuring a fireside sitting room, along with a spa inspired bath. An en-suite guest room peers out to the backyard, while a 3rd bedroom can also serve as a cozy den. A spacious family room & office offer plenty of room for everyone! The designer touches throughout are the epitome of quality and luxury, from the light fixtures, to plumbing trim, cabinet and door hardware, custom window treatments and more. The incredible warmth and tasteful elegance of this extraordinary home will be evident the moment you walk through the door! Welcome Home!
5513 E Verde Lane
Phoenix, AZ 85018
$1,875,000
5
Beds
4.5
Baths
3,067
SqFt
Status
Active Under Contract
MLS #
6775811
Property Type
Single Family Residence
Price Type
--
Thomas James Homes welcomes you to this stunning NEW CONSTRUCTION home in a PRIME LOCATION! 5 bedrooms and 4.5 bathrooms. Enjoy a beautiful, open floorplan, with plenty of room for friends and family - perfect for entertaining. From a private courtyard you'll enter this home into an open foyer that spills into a great room with a dining area and an entertainer's dream kitchen with top-of-the-line appliances and a large island to gather around. Natural wood flooring throughout main living spaces alongside beautiful cabinets, tile, and quartz countertops give the space a luxurious aesthetic. This area leads out to your covered patio through large, multi-slide glass doors that let in wonderful natural light.
7180 E Kierland Boulevard Unit 308
Scottsdale, AZ 85254
$1,865,000
3
Beds
3
Baths
2,018
SqFt
Status
Active
MLS #
6759965
Property Type
Apartment
Price Type
--
Luxury Living starts here in N. Scottsdale's highly acclaimed Optima Kierland Tower! Urban walkability & State of the Art Amenities make this the ultimate find! Rare 3/bedroom, 3/bath, NE corner end unit of the 3rd Floor. Picturesque Mountain Views, Floor to Ceiling Windows & Sliding Wall of Glass open to a large Covered Terrace. The expanded 2018 sf floor plan offers a spacious design combining the kitchen, living and dining spaces seamlessly together for the ultimate in open concept high-rise living. Feature wall with linear gas fireplace and custom mantel. Sleek kitchen design with flat-panel cabinetry, custom sliding shelves, Bosch SS appliances, gas cooktop with custom vent hood, granite countertops and prep. island w/breakfast bar seating. Generous split floor plan enjoyed with two primary suites with en-suite baths; one oversized with seating area; both having spacious walk-in closets. The 3rd guest room offers a built-in Murphy Bed perfectly suited for an office/guest suite. Exceptional Extras Include: Sliding wall of glass, motorized shades throughout, primary suite blackout shades, primary bath spa shower, upgraded custom lighting, WiFi thermostats, outdoor tile patio, 2-gas stubs for outdoor bbq and firepit, and more. **Includes 2-parking spaces conveniently located just across from the elevator, as well as a separate Storage Unit.** Gorgeous views of the McDowell Mountains start from your unit and continue from the rooftop pool and patios with breathtaking views, rooftop running track, BBQ areas, TVs, spa, sauna, plunge pool, steam room, & entertaining areas large and small. On the main level, enjoy all the luxurious amenities you could ask for including state of the art fitness center, massage and spa, locker rooms, indoor sports courts including pickleball, basketball, and racket ball, plus party room, coffee bar, gaming room, ping pong and pool table, virtual golf, media area, numerous indoor and outdoor entertaining spaces, and even a shaded dog park with bathing and water stations. Urban walkability is ideally situated right across the street from Kierland Commons & Scottsdale Quarter for luxury shopping, dining and entertainment. Plus, you're minutes from the 101, Scottsdale Airpark, TPC Scottsdale, and WestWorld.
1325 E Palomino Drive
Tempe, AZ 85284
$1,859,000
7
Beds
4
Baths
5,076
SqFt
Status
Active
MLS #
6767845
Property Type
Single Family Residence
Price Type
--
Discover this extraordinary 7-bedroom, 4-bath home in the sought-after Warner Estates, offering luxurious living both indoors and out. The grand entrance welcomes you with a serene fountain, setting a tone of opulence from the moment you arrive. Inside, the formal living and dining rooms feature exposed wood beams and a striking dual-sided fireplace, creating a warm, inviting atmosphere perfect for intimate gatherings or larger celebrations. Or entertain outside with an oversized negative edge pool spa putting green sport court and a oversized outdoor kitchen. Inside is an expansive gourmet kitchen designed for both style and functionality. A large central island makes it ideal for entertaining, while the oversized walk-in pantry. this kitchen elevates every culinary experience. The luxurious feel extends throughout the private living quarters, where each of the seven bedrooms offers privacy and comfort. The primary suite is a true retreat, featuring elegant finishes, natural light, and a spa-like en suite bathroom with a soaking tub and walk-in shower. The additional bedrooms provide ample space for family, guests, or even a home office or fitness room. Outside, the backyard is an entertainer's paradise. The expansive covered patio is perfect for outdoor dining, complemented by a luxurious outdoor kitchen and entertainment gazebo with ample seating and stunning views. A dedicated sports court is ideal for recreation, while the heated spa offers year-round relaxation. The centerpiece is a sparkling infinity pool with an oversized seating area, making this outdoor retreat perfect for lounging and hosting gatherings. This home masterfully blends practicality with luxury, offering a flexible layout for ease of living. With no HOA fees, you can enjoy the beauty and exclusivity of Warner Estates without added costs. A rare find, this residence combines luxurious living spaces, exquisite outdoor amenities, and a prime location in one of the area's most desirable neighborhoods. Homes like this in Warner Estates are truly uniquedon't miss your chance to own this exceptional property!
N Marchant Trace --
Queen Creek, AZ 85144
$1,850,000
4
Beds
5
Baths
4,325
SqFt
Status
Active
MLS #
6698857
Property Type
Single Family Residence
Price Type
--
Welcome to Ravenwood! Your future home in SanTan Foothills. This modern farmhouse, to be complete in 2025, offers 4 beds, 5 bath, and is situated on a spacious 3.3-acres! Designed with both horse lovers and outdoor enthusiasts in mind, its proximity to San Tan Regional Park ensures endless adventure possibilities. Spanning 4,325 square feet, the home has a large RV barn and features designer touches including GE Café Series appliances, Custom Cabinetry, and wide plank LVP flooring. Guests are greeted by soaring 15 ft ceilings leading seamlessly into the open-concept living area, perfect for both relaxation and entertaining. Located just a short 20-minute drive from Queen Creek shopping and surrounded by scenic mountains and trails is the perfect blend of rural charm and city convenience.
33490 N Bell Road
Queen Creek, AZ 85144
$1,850,000
5
Beds
4
Baths
3,800
SqFt
Status
Active
MLS #
6760571
Property Type
Single Family Residence
Price Type
--
This brand-new, custom-built 5-bedroom, 4-bathroom luxury home sits on over 2 acres in a gated community, offering breathtaking 360-degree mountain and city views. The gourmet kitchen is the heart of the home, boasting high-end appliances, a grand island, and custom cabinetry, perfect for entertaining and culinary adventures. The main bedroom is a luxurious retreat, featuring an expansive en suite with a freestanding tub, oversized walk-in shower, and dual vanities. Step outside to the resort-style backyard with a sparkling pool and water features, ideal for relaxation or hosting guests. The home's courtyard provides a serene outdoor living space, while the private office is perfect for work-from-home days. A 4-car garage and RV gate offer ample space for parking and storage. With a dedicated media room and top-tier finishes throughout, this custom home offers the perfect blend of elegance, comfort, and privacy, all within minutes of city conveniences.