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
30793 N 77th Way
Scottsdale, AZ 85266
$1,850,000
4
Beds
3.5
Baths
4,143
SqFt
Status
Active
MLS #
6752417
Property Type
Single Family Residence
Price Type
--
Beautiful home on one of the best lots in popular gated Bellasera. Open and airy floorplan with 4 bedroom/3.5 baths. Enter through front door and be greeted by a wall of windows overlooking backyard and pool and the awesome mountain views! Separate ''guest wing'' with two bedrooms, bath and flex room. Other features include island kitchen with gas cooktop, double ovens, and walk-in pantry, overlooking spacious family room with fireplace, shutters, tile flooring, and pre-wired for surround sound. Extra large Primary Suite that has custom closet organizer. Private backyard features private pool & spa, mature landscaping and oh those views! Enjoy the state-of-the art community center that has pool, spa, workout room and pickleball. All of this, close to shopping, restaurants and golf!
2926 N Valencia Lane
Phoenix, AZ 85018
$1,850,000
5
Beds
4.5
Baths
3,257
SqFt
Status
Active
MLS #
6754345
Property Type
Single Family Residence
Price Type
--
This newly constructed privately gated single-story family home sits on a 13,300 square foot lot that is walking distance to the Arizona Country Club, one of the most desirable locations in Phoenix. It offers over 3,200 sq ft of living space, 14-foot ceilings, an open floor plan, five bedrooms, 4.5 bathrooms, three fireplaces and a 3-car garage. The property offers attached guest quarters with a private entrance. Designer finishes throughout with the finest touches, including a 12 ft waterfall kitchen island, 72-inch fridge/freezer, architectural wood accents, custom tile work and fixtures, natural lighting combined with a soothing neutral paint palette, and much more! This open-floor plan home is perfect for entertaining and private living. See this exquisite, peaceful sanctuary!
512 E Mesa Vista Lane
Mesa, AZ 85203
$1,850,000
5
Beds
4
Baths
4,409
SqFt
Status
Active
MLS #
6769646
Property Type
Single Family Residence
Price Type
--
Frank Lloyd Wright inspired Landmark estate built in 1968, revived in 2024! Mid century modern design, 1+ acre, lush, hillside boasting incredible Mountain View's. Built on the Mesa Vista that the city was founded for in the Lehi district in 1878. The homes features 4 bedrooms, 4 Bath, + gen-suite/ casita, a stunning interior courtyard, 3 car garage, along with multiple carports and parking space. Centrally located in NW Mesa, only 15 min from PHX airport, Scottsdale, Tempe, and Phoenix, along with amazing nature experiences close by. You will see the pride of ownership in this neighborhood while having no HOA. You will fully appreciate the beauty of this property when you see it in person.
23325 S 132nd Street
Chandler, AZ 85249
$1,850,000
3
Beds
3.5
Baths
3,462
SqFt
Status
Active Under Contract
MLS #
6775551
Property Type
Single Family Residence
Price Type
--
This County Island custom home offers the perfect fusion of a contemporary luxury home with the ''gentleman's ranchette'' behind a walled-off area to the back of the property. There is an attached 3/car garage & a free-standing large Shop/RV garage. Home is very sophisticated with the latest in high-end finishes & appliances. Enjoy the majestic great room & all beds/baths that are ensuite. Note the sleek, modern office with ample storage, plus a spacious flex room, & a huge storage room. You will love the kitchen that a chef would only dream of. Each room controls its own mini-split AC. Home is an entertainer's delight with 3 large patios, a pool house & pool with fire pots & the list goes on. Please see list of options included in Documents. All TVs convey. Lots of privacy here to enjoy
8378 E San Sebastian Drive
Scottsdale, AZ 85258
$1,850,000
4
Beds
3.5
Baths
3,135
SqFt
Status
Active
MLS #
6775206
Property Type
Single Family Residence
Price Type
--
This remodeled luxury residence boasts an ideal location, combining tranquility with convenient access to upscale dining, shopping, and outdoor activities. Step inside to discover soaring vaulted ceilings that create an inviting and spacious ambiance throughout the home. With four generous bedrooms and three and a half pristine bathrooms, this property is perfect for both relaxation and entertaining. The open-concept living area flows seamlessly into a gourmet kitchen, featuring a stylish butler's pantry. The backyard is a true oasis, adorned with mature trees that provide unmatched privacy and a sense of serenity. This luxurious home harmoniously blends modern elegance with the charm of Scottsdale living.
24 W Marlette Avenue
Phoenix, AZ 85013
$1,850,000
4
Beds
3.5
Baths
3,155
SqFt
Status
Active
MLS #
6750384
Property Type
Single Family Residence
Price Type
--
Built in 2015, this 4-bedroom, 3.5-bathroom home is perfectly located in the highly desirable North Central Corridor. Inside, the home features a thoughtfully designed split floor plan with vaulted ceilings that create an airy, spacious feel. The hardwood floors throughout add warmth and elegance, while large windows bring in abundant natural light. All windows feature blackout shades from The Shade Store. The gourmet kitchen features stainless steel appliances, a gas range top, Carrara marble countertops, and a large walk-in pantry. The open layout connects the kitchen to the dining and living areas, making it ideal for entertaining. The beautifully designed living spaces are enhanced by modern lighting and high-end plumbing fixtures. The master suite is a true retreat, offering a generous walk-in closet and a luxurious ensuite bathroom withCarrara marble countertops, a double vanity, and a beautifully tiled shower. The additional bedrooms are spacious and include walk-in closets with Classy Closet organizers. The bathrooms are equally impressive, featuring elegant tile work and modern fixtures. For added convenience, the home includes a versatile den, a well-appointed powder room, and an oversized laundry room complete with a sink and extra storage. The mudroom is equipped with built-in lockers, perfect for keeping everyday items organized. Recent updates have transformed the backyard into a private oasis, completed in 2022 by Roots First Landscape. Including a built-in fireplace, bocce ball court and an outdoor kitchenideal for entertaining and enjoying Arizona's beautiful weather. This home combines modern amenities with a prime North Central Corridor location just across Central Ave from the Murphy Bridle Path, Uptown Farmer's Market, excelling public and private schools and much more. Don't miss the opportunity to make it yours!
3120 S Eagle Drive
Chandler, AZ 85286
$1,849,900
5
Beds
4
Baths
4,639
SqFt
Status
Active
MLS #
6753951
Property Type
Single Family Residence
Price Type
--
Seller may carry.. Welcome to your dream oasis in the desert! Nestled on over 1.25 acres in the highly sought-after area of South Chandler, this custom-built home offers an exquisite fusion of luxury, privacy, and space. More than just a home, this fully remodeled gem is a lifestyle.Step through the custom steel front door and onto light oak engineered hardwood flooring that exudes warmth and elegance. The living room centers around a stunning 72'' fireplace, surrounded by shiplap with built-in cabinets and chic floating shelves. Whether you're hosting or unwinding, the ambiance here is unmatched.For the culinary enthusiast, the kitchen is nothing short of a dream. Featuring a gas stove with a custom steel hood, pot filler, and pristine custom cabinetry, designed for both beauty and functionality. The oversized quartz island offers ample workspace, perfect for gatherings or quiet mornings.The expansive primary bedroom boasts 10' ceilings and leads to a spa-like ensuite. Indulge in the freestanding soaking tub or relax in the large tiled shower with glass surround. Dual sinks, custom cabinetry, and luxurious lighting make this space a true retreat.An automated gate offers entry into a world of convenience. The 22x35 man cave, complete with a 50A outlet for large tools, compressors, or EV charging, is ideal for any hobbyist or car enthusiast. Plus, with three additional attached garage spaces, you'll never run short on storage or parking.Step outside through the 16x8 sliding patio doors and immerse yourself in resort-style outdoor living. A 35,000-gallon pool, lined with travertine decking, invites you to bask in the sun or take a dip to cool off. A full outdoor kitchen, including a BBQ grill, double burner, fridge, and sink, makes this the perfect spot for entertaining friends and family.In 2022, a 35'x52' shop was transformed into a fully finished living space, featuring 12' ceilings, a new insulated garage door, and a 25'x10' gym with expansive windows that offer breathtaking views of the pool. The man cave area includes a sink, cabinets, a 50A outlet, and multiple power outlets for all your needs. The space also features a large TV/living area with French doors that lead directly to the pool, making it the ultimate indoor-outdoor experience.To complete this perfect retreat, a brand-new furnace and AC system ensures year-round comfort in the bedroom, bathroom, living room, and gym, while a mini-split system keeps the man cave cool and inviting.This home truly has it allstyle, functionality, and endless luxury. Make it yours today! Seller financing available/wrap first mortgage at 3.65%!!!
6812 E Monterra Way
Scottsdale, AZ 85266
$1,849,000
5
Beds
4.5
Baths
4,464
SqFt
Status
Active
MLS #
6751597
Property Type
Single Family Residence
Price Type
--
Make this 1 ACRE, NO HOA, among an enclave of 8 CUSTOM homes, ideally situated at the end of a private CUL-DE-SAC yours now. Imagine yourself in this Tuscan-inspired custom built home, perfectly designed for those who appreciate elegance, flexibility, and absolute PRIVACY. Envision welcoming guests as they arrive via your paver circle driveway, leading through your private courtyard, offering a spiral staircase that guides you to a serene observation deck with sweeping VIEWS.Step through the stunning double iron doors and immediately appreciate the architectural brilliance of the dome-vaulted ceiling that draws your eyes toward the inviting backyard, where a SPARKLING POOL awaits. The gourmet kitchen, equipped with top-of-the-line Wolf gas cooktop, SubZero refrigerator, and Bosch dishwasher, is a culinary dream, perfect for hosting gatherings. The great room seamlessly connects to the kitchen and casual dining area, offering easy access to your private outdoor oasis.Retreat to the spacious owner's suite, featuring a cozy sitting room with a ledge stone gas fireplace, and indulge in the luxurious bath, complete with a jetted tub, travertine shower, and the convenience of private stackable washer/dryer in your expansive walk-in closet. The DEDICATED OFFICE offers custom built-ins and dual workstations ideal for those who work from home.THREE EN-SUITE Bedrooms, anchored by a large bonus room, provide ample space for family or guests. Step outside to your private backyard retreat, where a large covered patio, synthetic lawn, BBQ area, and refreshing POOL and SPA await your next gathering. With a 4-CAR GARAGE and RV gate & NEW ROOF 2023, this home truly has it all awaiting you!
35026 N 84th Street
Scottsdale, AZ 85266
$1,845,000
3
Beds
2
Baths
2,707
SqFt
Status
Active
MLS #
6776335
Property Type
Single Family Residence
Price Type
--
Nestled at the end of a secluded driveway, this 2-acre ranch-style bungalow can't hide its charm, creative spirit, and natural beauty. Step inside to find a central living space featuring double-vaulted ceilings with exposed barn timbers and a classic fireplace, perfect for cozy family gatherings or entertaining guests. The gourmet kitchen is a chef's delight, equipped with a BlueStar 8-burner range, Coppersmith vent hood, a full SubZero refrigeration system, and custom cabinets. The master suite is a true retreat, boasting a spa-like bathroom with natural materials. Enjoy outdoor living with a saltwater pool, stainless outdoor kitchen, gas firepits and breathtaking sunset views from your rooftop deck. This meticulously renovated home blends style and comfort.
42121 N Anthem Creek Drive
Anthem, AZ 85086
$1,845,000
3
Beds
3.5
Baths
3,963
SqFt
Status
Active
MLS #
6775070
Property Type
Single Family Residence
Price Type
--
If you want million dollar views in your backyard...this house has ''THE VIEWS!'' All updated interior. Castille model that was completely reimagined, remodeled and made current. In addition to the million dollar views in the backyard...the interior is a magazine picture in every direction. Custom kitchen and baths. Custom cabinetry and wood working detail / built-ins throughout house. Retractable wall of windows that brings the outdoors in. There are so many more exhilarating designer touches in this house, you must see to appreciate...will surely make you very happy. FINALLY...a true opportunity to own a WOW VIEW property in Anthem Country Club for the most discerning Buyer! This home and its VIEWS will blow your socks off! Heated spa and pool, built-in BBQ island, gas firepit and fireplace on extended tumbled travertine patios. Gourmet Chef's Kitchen boasts stainless appliances, gas cooktop, wall ovens, warming drawer, granite counters, custom beverage center and large island. Stunning marble master bath with dual vanities, double walk-in shower and separate soaking tub plus walk-in closet. Master sitting area and separate exit to private patio. Every bedroom has an en suite full bath. Custom queen murphy bed in one bedroom. Solar lease paid off at closing by seller's (approx 41k). Country Club Lifestyle with Resort Style Amenities...Anthem Country Club is managed by Club Corp which offers many great benefits to members that reciprocate around the world! Two 18 hole golf courses, Persimmons and Ironwood, designed by Greg Nash. 2 Pro shops, 2 sets of men's and women's lounges / locker rooms, 2 member restaurants, 2 gyms, 2 pools, 2 spas, several tennis courts, Gorgeous Ball Room for ongoing Member events and private events venues available as well, 2 Impressive guard gated entrances, all surrounded by breathtaking mountain and golf course views...you will love being a member of the Anthem Golf & Country Club!
14852 E Valley Vista Drive
Fountain Hills, AZ 85268
$1,839,575
4
Beds
3.5
Baths
3,832
SqFt
Status
Active
MLS #
6777690
Property Type
Single Family Residence
Price Type
--
Here's a reworked version that brings out the highlights of the property while giving it a smooth, inviting flow: Experience luxurious hillside living with panoramic views at this newly built home, perfectly positioned on the border of Fountain Hills and Scottsdale. This modern masterpiece showcases open-concept design and premium construction, blending livable luxury with the feel of a serene retreat. The main floor boasts a single-level design, centered around an impressive great room with soaring 12-foot ceilings, seamlessly flowing to a spacious terrace for indoor-outdoor living. The chef's kitchen features stacked, floor-to-ceiling cabinetry, a Monogram appliance suite (with a gas cooktop, built-in oven, drink fridge, and large refrigerator), a generous island, and elegant... pendant lighting. The primary suite offers breathtaking views and terrace access, providing an ideal space to relax. Downstairs, the walkout basement opens to a large, private yard that backs directly onto the canyon hillside, creating a peaceful, vacation-inspired setting. Indulge in the spa-like master bath, complete with a spacious walk-in shower, a double vanity, and sophisticated finishes.
6525 E Cave Creek Road Unit 4
Cave Creek, AZ 85331
$1,839,000
4
Beds
4.5
Baths
3,477
SqFt
Status
Active
MLS #
6769048
Property Type
Single Family Residence
Price Type
--
Discover Modern Elegance at Hidden Rock in a prime Cave Creek location! Situated at the base of Black Mountain, this stunning former model home perfectly blends contemporary style with Southwest charm. Step inside to be greeted by soaring ceilings and a breathtaking 22-foot gas fireplace. The 400-bottle wine wall is a focal point, complementing the chef's kitchen featuring a large granite waterfall island, Thermador stainless steel appliances, a gas cooktop, built-in espresso machine, and custom bookend cabinetry. The main level boasts a luxurious master suite with a spa-like bath designed for relaxation. A generously sized guest bedroom with an ensuite bath offers comfort and privacy. Ascend via your private elevator to the spacious second primary suite, complete with its own private balcony showcasing captivating mountain views. On this upper level, enjoy a versatile media room or additional ensuite bedroom, wet bar, and an open loft that leads to a large patio perfect for soaking in spectacular sunsets. The expansive, enclosed backyard is an entertainer's dream, featuring a gas fireplace and built-in BBQ. Close proximity to the community pool and cute walk way right to the Grotto. Amazing location walking distance to many trails, bars, restaurants, and shopping! Experience the best of modern luxury living and Southwest serenity at this Hidden Rock beauty!