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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12418 E Troon Vista Drive
Scottsdale, AZ 85255
$1,749,000
3
Beds
3
Baths
2,224
SqFt
Status
Active
MLS #
6750353
Property Type
Townhouse
Price Type
--
Welcome to your dream home in the heart of Sereno Canyon a premier Luxury Guard Gated Community in North Scottsdale! This breathtaking single-level Luxury home has it all! The spacious split floor plan with 3 upscale bedrooms boasts a gourmet kitchen with SS appliances, and a large island that's perfect for entertaining. You'll appreciate the attention to detail and luxurious touches throughout that make this home truly special. Custom finishes throughout including wood look tile floors, built in wall unit, extra cabinets, stunning lighting fixtures, and custom window treatments. The primary is a true oasis of comfort and sophistication, featuring dual vanities, and a large walk-in closet. True privacy and convenience abound - this home is fit for comfort and luxury, and includes spectacular spaces, including the retractable glass door to covered patio, a built-in BBQ, Gas Fireplace and Firepit for an effortless outdoor dining experience and relaxation. Enjoy just a few minutes' walk to the Club House, where exceptional Living, Social Life and health and wellness intersect.
18206 W San Miguel Court
Litchfield Park, AZ 85340
$1,749,000
4
Beds
3.5
Baths
3,873
SqFt
Status
Active
MLS #
6751277
Property Type
Single Family Residence
Price Type
--
This stunning home, with an assumable loan is located in the gated community of Russell Ranch. As you enter through the gated courtyard you will appreciate the bright open concept split plan residence that flows from the front to the rear of the home through the 12' sliding pocket door. The beautiful gourmet kitchen offers 2 dishwashers, 60'' wolf range, built in column refrigerator/freezer, extra-large quartzite island and counter tops. Separate area for coffee bar and large pantry, wet bar includes icemaker and beverage cooler with a bifold window that opens to the outdoor entertaining patio. The dining room features a 9' x 12' temperature-controlled wine display. Enjoy the relaxing and incredible master suite with elegant soaking tub, steam shower and marble counter tops. large bonus room. The extra deep 3 car garage with built-in cabinets and RV garage provides plenty of space for all of your vehicles and toys. Home was professionally designed and has top of the line features throughout. This home is an Entertainers Dream!!!
10598 E Tamarisk Way
Scottsdale, AZ 85262
$1,749,000
3
Beds
3.5
Baths
3,500
SqFt
Status
Active
MLS #
6761634
Property Type
Single Family Residence
Price Type
--
Welcome to your freshly painted immaculately maintained home in the prestigious guard gated community of Desert Mountain. With a large primary ensuite bedroom with gas fireplace and a second primary ensuite bedroom with a separate entry for privacy. The south facing wrap around patio has mountain, golf course and city lights views as well as a gas fireplace & BBQ grill and an in-ground spa with gas heater. Membership not included but available through the Desert Mountain Club, For details contact the Membership office. As a lock and leave home or your primary residence, this Cochise Village home provides a wonderful setting for your Arizona lifestyle. Seller is Owner Agent
17904 E Veit Springs Drive
Rio Verde, AZ 85263
$1,749,000
3
Beds
3.5
Baths
2,912
SqFt
Status
Active
MLS #
6684098
Property Type
Single Family Residence
Price Type
--
THIS EXQUISITE LUXURY HOME WITH CUSTOM UPGRADES THROUGHOUT AND MOUNTAIN VIEWS IS LOCATED AT THE PREMIER TRILOGY VERDE RIVER GOLF RESORT COMMUNITY. The home has a grand appearance due to the spacious Great Room with 10' ceilings, engineered white oak flooring, custom beams and lighting, plantation shutters throughout, a gourmet kitchen and a 20' multi sliding glass door that opens to the extended covered patio, pool, spa and outdoor kitchen. It's designed for entertaining with attention given to every detail and high-end finishes throughout. The custom kitchen is equipped with upgraded appliances, cabinets, custom walnut island, quartz counters, two ovens, amazing backsplash, beverage cooler, wine cooler, rollout shelves, oil rubbed pendants, undercabinet lighting and a large separate dining room; Luxurious primary suite with a custom beadboard ceiling, ceiling fan, spectacular bathroom with oversized shower, soaking tub and floor to ceiling tile; Two beautiful guest suites; Den/Office with beams, accent walls, built-in cabinet, French doors; Alcove with custom cabinets; Beautiful powder room with custom accent wall; Smart room with laundry sink and upgraded tile floors; Spectacular backyard with mountain views, heated pool with silver travertine surround, spa, firepit; Covered patio over 765 sq ft. with custom beadboard ceiling outdoor TV, speakers, 2 fans, built-in upgraded grill and refrigerator. 4-Car tandem garage with epoxy floor, air conditioning, electric charger; Plus, gorgeous landscaping, courtyard with sunscreens, outdoor lighting, 500 gal. propane tank, extra wide driveway, full house water filtration and softener. Experience Trilogy at Verde River, a stunning resort style community nestled against the beautiful Tonto National Forest. The amenities at Verde River are spectacular. The Community boasts an 18-hole Championship Golf Course with a picturesque driving range, putting green, and separate chipping/pitching practice areas. One visit and you will understand why the PGA Southwest Section selected Verde River Golf & Social Club to host the AZ Senior Open and AZ Match Play Championships in 2020, 2021 and 2022. The active lifestyle amenities continue with pickle ball and tennis courts, with Clubs designed for social or competitive play. Adjacent to the sport courts for your convenience are bocce ball courts and an open grass area for social gatherings. The Community Clubhouse is all encompassing including a critically acclaimed restaurant, Needle Rock Kitchen and Tap, with a hugely popular wine and beverage program, Helen's Kitchen, a chef's inspired kitchen designed for cooking classes, and The Market Place, a favorite of member's for grabbing a morning coffee or picking up a forgotten grocery item. Love the Arts? Spend time at the Art Loft, where classes are offered in a variety of disciplines. The Clubhouse has an Events Center, designed to manage the needs on any member event. Attached to the Community Clubhouse is Alvea Spa, complete with Spa and Salon services, and Afterburn Fitness, a state-of-the-art workout facility that offers a variety of group fitness classes. Following your workout, enjoy convenient locker room facilities, and steam rooms. Just steps away from the Clubhouse in the Resort Pool, Lap Pool, and Sauna, all of which are heated. Enjoy the view, with food and beverages at Eddy's Poolside. Have a dog? Experience a dog-friendly community with a 7.5-acre dog park, with canopy shading coming soon for those warm AZ days. Trilogy at Verde River's location provides residents with the tranquility of the Tonto National Forest and the convenience of a short drive to the heart of North Scottsdale. Get the best of both worlds and see why you could be calling the Community, Home!
7454 E Cochise Road
Scottsdale, AZ 85258
$1,740,000
4
Beds
3.5
Baths
2,992
SqFt
Status
Active
MLS #
6731909
Property Type
Single Family Residence
Price Type
--
This home is a hidden gem! Scottsdale Road and Shea. Secluded gated community offering private pool, spa AND community pool. Kitchen has GE Monogram DBL ovens, gas cook top and bar. Kitchen is perfect for entertianing friends and family. 2 gas fireplaces, 15 ft vaulted ceilings, north / south exposure. Corner lot. 3 car garage with built in storage cabinets. Split floorplan, numerous glass doors to pool, spa and back yard space. Open, bright and light. Warm and inviting with plenty of space to relax and enjoy. Close to numerous fantastic restuarants, theaters, resorts, spas, parks, green belt, golf, hospitals and freeway. ,Hyatt Resort. Gainey Ranch shopes and dining are minutes away. This property is truly a must see to appreciate!
17808 E Bear Wallow Way
Rio Verde, AZ 85263
$1,740,000
3
Beds
3.5
Baths
3,004
SqFt
Status
Active
MLS #
6688055
Property Type
Single Family Residence
Price Type
--
Spectacular mountain views set the tone for this luxurious modern 3,004 sqft home in Trilogy Verde River. Amenities include golf, tennis, pickleball, pools, fitness center, restaurant, and much more. All in a guard gated community. This Orion model home features 3 beds, 3.5 baths, great room, office, extra large laundry/hobby room, bonus room plus 3 car garage with many first class upgrades throughout the home. The back covered porch has a huge standing propane fireplace, other paver sitting area, synthetic grass and Beautiful views of Four Peaks. Don't miss your chance to enjoy living in this remarkable residence with rare, hard to find Mountain Views.
7114 E Pasadena Avenue
Paradise Valley, AZ 85253
$1,739,900
4
Beds
2.5
Baths
2,640
SqFt
Status
Active
MLS #
6684144
Property Type
Single Family Residence
Price Type
--
LOCATION LOCATION LOCATION. Walking distance to Fashion Square Mall & all entertainment/dining Old Town Scottsdale has to offer. Home has incredible views of Camelback Mountain & an open floor plan that you'll fall in love with. Beautiful private courtyard w/ room for a pool. Kitchen includes BlueStar oven range, Carrara marble counters & a natural soap stone counter island w/ so much space to make even the best of chefs jealous. The oversized master suite will blow you away. Master bathroom has separate tub w/ oversized remodeled shower. Other features include gorgeous private backyard, high end artificial turf & white lady banks rose bushes to give the home a high end California feel to it. Upgraded lighting throughout, quartz countertops in the laundry room.
7705 E Doubletree Ranch Road Unit 19
Scottsdale, AZ 85258
$1,739,000
3
Beds
3
Baths
2,052
SqFt
Status
Active
MLS #
6764873
Property Type
Single Family Residence
Price Type
--
This exceptional 3-bedroom, 3-bath golf course property in Arroyo Vista Gainey Ranch is a true oasis, complete with a charming separate casita for guests. Nestled on the 7th hole, it offers stunning views that will take your breath away. As you step inside, you're greeted by a warm and inviting atmosphere, highlighted by beautiful wood windows, doors, and trim that flow seamlessly throughout the home. The open floor plan is perfect for both relaxation and entertaining. The chef's kitchen is a culinary dream, featuring rich Alder cabinetry, soaring beamed ceilings, gas cooking, grand luxurious granite countertops. The immense island provides ample space for meal prep and casual dining, while the high-end Subzero refrigerator/freezer and multiple wine and beverage refrigerators ensure you have everything you need for hosting gatherings. Additional highlights of the home include spacious bedrooms with, ample natural light, and a well-designed layout that maximizes both comfort and functionality. Step outside to your outdoor oasis, where you can enjoy the serene views and lovely Arizona sunsets. This property is not just a home; it's a lifestyle. Don't miss the chance to experience all that this stunning residence has to offer!
18223 W San Miguel Court
Litchfield Park, AZ 85340
$1,739,000
6
Beds
6
Baths
4,100
SqFt
Status
Active
MLS #
6704847
Property Type
Single Family Residence
Price Type
--
Fall in love with this newly built custom home located in the gated community of Russell Ranch, 6 bedroom 6 bath and an office/den. Fire sprinkler system, electric fireplace, multiple ceiling heights 10, 12 and 16 ft ceilings. RV garage, Detached casita with one bedroom, full kitchen, living room and laundry closet, water softener pluming ready. *Heated pool and jacuzzi *RV garage: double oversized door (size 14x14), RV plug, mini split AC system, spray foam, insolated garage doors. *3 car garage - EV Plug, spray foam, insolated garage doors *Electric panel- 400 amp electrical panel with a 200 amp sub panel
1535 W Wagon Wheel Drive
Phoenix, AZ 85021
$1,735,676
4
Beds
4.5
Baths
3,647
SqFt
Status
Active
MLS #
6717216
Property Type
Single Family Residence
Price Type
--
Last new-build opportunity at Willow, Camelot Homes new gated community located in North Central Phoenix. Tucked behind the bridle path located on 15th Ave between Glendale and Northern, with breathtaking views of Piestewa Peak. You'll have the opportunity to work with an award winning design team to build the home of your dreams. Buyer's choice landscape not included in pricing.
2638 W Black Ridge Lot 29 Trail
Prescott, AZ 86305
$1,730,500
3
Beds
3
Baths
2,861
SqFt
Status
Active
MLS #
6768297
Property Type
Single Family Residence
Price Type
--
Welcome to the breathtaking views of Prescott Arizona'.This Amazing lot is primed for this Mountain Modern Home that blends naturally with the beauty of Prescott's unique landscapes. Featuring 2861 sf this 3 Bed 3 Bath with an office is a perfect fit. This spacious lot offers the perfect elevation for a home with Expansive Windows, capturing Panoramic Views. Imagine evenings spent on a Secluded Patio, gathered around a fire pit under the Arizona Night Sky. This home's varied rooflines echo the rugged terrian, blending contemporary design with the natural environment. IT IS NOT JUST A HOME; IT IS A LIVING EXPERIENCE!! With Crystal Creek Builders, your vision is paramount. Tailor your design and materials to your unique vision and we'll build your dream home on this exceptional lot.
7180 E Kierland Boulevard Unit 1012
Scottsdale, AZ 85254
$1,730,000
2
Beds
2
Baths
1,461
SqFt
Status
Active
MLS #
6724171
Property Type
Apartment
Price Type
--
LUXURY HOME UPGRADES, AMENITIES, LOCATION, & SPECTACULAR VIEWS! This unit has it all, look no further. Owner added an additional $140k of upgrades. Lutron lighting & motorized shade system throughout the unit, Cove & down lighting in Great Room, Custom designed Primary Closet from California Closets, Wood paneled wall in Kitchen, & Backlit mirrors in both bathrooms, just to name a few (see full upgrade list in document tab). Enjoy stunning mountain views by day & twinkling city light at night from every window of this unit. A Neutral color pallet throughout this unit will delight the most discriminating buyer. Enjoy an open floor plan with ample seating for gatherings, or move your guests to any of the amazing amenities Optima Kierland has to offer. Gathering rooms, Kitchens, Game Rooms, Outdoor BBQ area, & of course the infamous Rooftop Pool & Spa appointed with BBQ's, Dining tables, Lounge chairs. Enjoy a refreshing dip in the pool while taking in the scenic views of Scottsdale, whether it be Mountains or City lights. Optima is the ultimate in Luxury Highrise living & located near Fantastic shopping & Dining.