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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331 W Vista Avenue
Phoenix, AZ 85021
$1,725,000
4
Beds
3
Baths
3,219
SqFt
Status
Active
MLS #
6763823
Property Type
Single Family Residence
Price Type
--
Exquisite North Central home captures what it means to be a part of this wonderful community. Sprawling front and backyard offers over 50 mature trees, grassy lawns with flood irrigation, outdoor kitchen and living room, pool, raised planters full of veggies and herbs, and beauty that makes you forget you're in the middle of the desert. Interior of the home is updated, functional, and spacious. Split floorplan with updated bathrooms and kitchen make it move in ready and stunning. Addition of a casita/''she shed'' in the back is convenient for those who work from home or want an air conditioned outdoor structure for hot summer days. Exterior recently painted and wrapped in river rock, fenced with unbeatable curb appeal. Visit today! Additions and Upgrades : T&G Covered Patios With Additions and Upgrades T&G Covered Patios With Fans Misting system throughout backyard and in play structure Pergola added with power Casita is insulated with mini split Master bathroom remodeled En-suite bathroom remodeled New exterior paint and river rock facade Interior fireplace tiled Tiled bedrooms Buffet with fridges added in dining room EV car charger Restored flood irrigation, grading, and berms 22 trees added Raised planters added and on automatic drip New pool filter summer 2024
15618 E Centipede Drive
Fountain Hills, AZ 85268
$1,725,000
4
Beds
3.5
Baths
4,369
SqFt
Status
Active
MLS #
6742123
Property Type
Single Family Residence
Price Type
--
This fully renovated 3 level modern Pueblo home boasts unique layouts, the primary bed perched atop, while kitchen & living occupy the middle level. Also available with furnishings! Dive into luxury with pool access from bottom level or side of the property. Enjoy an acre of privacy, with no HOA! Nestled against the protected McDowell Mountain Regional Park, your views remain pristine! With impressive curb appeal, pull into a private drive & experience desert landscaping. The kitchen features top-of-the-line SS KitchenAid appliances & quartz countertops, with a living/dining area perfect for entertaining & admiring views through massive windows spanning the entire width of the main-level. The primary bedroom offers the perfect spot to bask in the beauty of your surrounding the primary bathroom features dual-sinks, and a separate soaking tub to relax and unwind. Downstairs has a guest bedroom, bonus room, two private entrances off of the pool area, and a full bath offering added seclusion for your guests. Ideal as a mother-in-law suite or for a teenager looking for their own space. Step outside to the pebble tec salt water pool and hot tub where you will experience unmatched peace and serenity, along with the beautiful and unspoiled scenery. This home features a freshly epoxied 3 car garage with custom cabinetry to store all of your toys and tools. If privacy, views, curb appeal, and a beautifully renovated desert retreat are on your wish list, look no further!
3315 N Tova Trail
Prescott, AZ 86305
$1,725,000
3
Beds
3
Baths
2,824
SqFt
Status
Active
MLS #
6752764
Property Type
Single Family Residence
Price Type
--
Experience the charm of custom craftsmanship with this exquisite Western-style estate, nestled just minutes from downtown Prescott on a 3.2-acre lot. The primary residence, is 2,689 sq ft of elegantly appointed living space, features 10-foot coffered ceilings, 8-foot doors, clear alder wood cabinetry, granite countertops, generous closet space, extensive storage, and a sizable laundry room. The open-plan living area is ideal for unwinding and hosting friends and family. The charming 1 Bed/1BR 614-square-foot guest house has its own garage included. This extra space is perfect for long-term family visits, a home office, or as a rental. Horse enthusiasts will appreciate the expansive outdoor area, which includes a two-horse stable with a tack room and heated water, a corral, and arena.
30765 N 77th Way
Scottsdale, AZ 85266
$1,725,000
4
Beds
3.5
Baths
3,346
SqFt
Status
Active
MLS #
6767820
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful home nestled in the highly sought-after, guard-gated community of Bellasera. Situated on one of the best lots within the community - this home offers the perfect blend of leisure, privacy, and breathtaking mountain views. As you enter, you are greeted by a formal living and dining area, setting the tone for the flows throughout the home. The spacious, open-concept kitchen and family room are perfect for entertaining, featuring an eat-in kitchen with bar seating, ample cabinetry, and modern appliances. Enjoy seamless indoor-outdoor living with access to the private backyard oasis, complete with a heated pool, spa, and custom-built fire pit. The primary suite boasts an ensuite bath with double vanities, a separate shower, a soaking tub, and a and a generous walk-in closet. The additional secondary bedrooms are thoughtfully designed, sharing a Jack and Jill bathroom, providing both comfort and convenience. A unique feature of this home is the separate casita located at the rear of the property. With its own private entrance, this space is perfect for guests, a home office, or a studio. Bellasera offers a tranquil desert lifestyle with world-class amenities, including a clubhouse, fitness center, tennis courts, and walking trails. Don't miss this rare opportunity to own a home in one of the most coveted communities in the area! Schedule your private showing today and experience the unparalleled beauty and luxury this home has to offer.
26615 N 71st Place
Scottsdale, AZ 85266
$1,725,000
5
Beds
4.5
Baths
4,188
SqFt
Status
Active
MLS #
6765804
Property Type
Single Family Residence
Price Type
--
Custom single-level home on over an acre. Gourmet kitchen complete w/upscale stainless steel appliances, granite countertops/island, ample cabinets/storage & large walk in pantry. Resort style backyard w/pebble tech heated pool/spa, built-in grill, fireplace, large grass area, mature trees & oversized covered patio. Master suite features gas fireplace, french doors leading to backyard, stunning bathroom w/dual sinks, marble countertops, separate tub/shower, & spacious walk in closet. All 5 bedrooms are ensuite. Hardwood floors in all bedrooms as well as living & dining rooms. Travertine tile in halls, bathrooms, kitchen, family room & outdoor patio. Oversized three-car garage. NO HOA!! Great location in North Scottsdale near world class golf, restaurants, shopping, hiking & more!
1710 W Glacier Way
Chandler, AZ 85248
$1,725,000
3
Beds
3
Baths
2,796
SqFt
Status
Active
MLS #
6765936
Property Type
Single Family Residence
Price Type
--
Stunning lakeside home located in a highly sought-after Ocotillo gated community in South Chandler. Walk through the gate into a charming courtyard with cozy sitting area and open the custom 10' steel front door to find smooth walls & soaring 12' coffered ceilings offering an airy & elegant atmosphere. The great room features German-engineered Nana Wall collapsible doors that frame breathtaking views of the lake & seamlessly open to the patio creating a large space perfect for relaxation & entertaining guests in style. A surround sound system extends t/o the home including the front & back yards. The kitchen will delight any gourmet with its top-of-the-line GE Monogram appliances including a built in pizza oven & ice maker. The quartzite countert with stunning waterfall edge add beauty & functionality. Adjacent to the kitchen is the dining area where you can enjoy your meals while taking in the picturesque lake views. The glass-enclosed office features built in cabinetry with marble countertops, and is a bright space that's ideal for remote work or creative pursuits. The large master suite is a spacious spa-like retreat featuring a cozy fireplace and luxurious bathroom with walk-in shower with rain head, & an amazing 53-jet Hydrospa tub with fireplace and TV wall for the ultimate in relaxation. The crown jewel of this home is the oversized premium lakeside lot boasting a sparkling pool & a ramada that provides a wonderful spot to relax & soak in the amazing sunsets. The outdoor space with built in grill and surround sound is also great for entertaining. Add to this, just steps away is your own private access to the lake where you can boat, kayak or fish. If you're looking for the perfect turn-key home in a wonderful neighborhood, you need look no further.
6525 E Cave Creek Road Unit 14
Cave Creek, AZ 85331
$1,725,000
2
Beds
3.5
Baths
2,775
SqFt
Status
Active
MLS #
6779783
Property Type
Single Family Residence
Price Type
--
Nestled in the exclusive enclave of Hidden Rock, this luxurious two-story residence in Cave Creek seamlessly blends contemporary design with the natural beauty of the desert surroundings. This beautiful home boasts a spacious layout, featuring two bedrooms, three and a half baths, a bonus room, and a two-car garage. The main level showcases wood flooring, a front guest bedroom with a private bath and walk-in closet, an open kitchen with top-of-the-line stainless steel appliances, a formal dining area, and a great room with a contemporary built-in electric fireplace and shelving. The master suite, with sliding barn doors, offers a walk-in closet with built-ins and a full en-suite bath with dual sink vanities, a soaking tub, and a seamless walk-in shower. Additional conveniences on this level include a laundry area and a powder room. Take the stairs to the upper level, where a lounge area leads to a front viewing deck with breathtaking mountain views. An expansive bonus room awaits, perfect for a theater or entertainment space, with an adjacent full bath. The rear-view deck offers more mountain vistas and features a built-in BBQ, eat-up bar, sink prep area, mini-fridge, and an electric fireplace. The beautifully landscaped backyard extends the length of the home, and provides plenty of privacy while offering incredible views surrounding the home. The property is thoughtfully designed with block and view fencing that harmonizes with the desert surroundings. Residents can also enjoy a community pool and spa. Just minutes from downtown Cave Creek, this home offers easy access to world-class retail shops, art galleries, and dining, making it the epitome of luxurious desert living.
11625 N 51st Street
Scottsdale, AZ 85254
$1,725,000
4
Beds
2
Baths
3,029
SqFt
Status
Active Under Contract
MLS #
6766712
Property Type
Single Family Residence
Price Type
--
This spectacular 3029 sq ft home 4BR/ 2BA/ + Office-Den and 4 Car Garage with RV Gate is situated on over ½ acre on a quiet cul-de-sac with only 6 homes. It has been meticulously maintained and updated throughout with all of the finest, Including Kitchen with custom cabinetry, Sub-Zero & high-end appliances, huge walk-in pantry & 250 Bottle Wine Cellar Cabinet. The en-suite includes huge walk-in split closet and spectacular Spa inspired bathroom. The lushly landscaped grand backyard includes Pebble Sheen Pool, extensive covered patio area, and BBQ Island. Take a flagstone walk through the Serenity Garden or sit down and relax around the fire-pit on a cool evening. There is a perfect area for a Vegetable Garden that includes a 10X10 storage building or could be used as a child's Playhouse.
3791 W Highway 80 Highway
Bisbee, AZ 85603
$1,725,000
4
Beds
2
Baths
2,523
SqFt
Status
Active
MLS #
6121153
Property Type
Single Family Residence
Price Type
--
Seller will carry with $950K down and up to 8 years! FOUR registered wells in all, surface water rights & possible mineral rights are included with this majestic 168 acre historic mountain ranch, appropriately named Rocky Creek Ranch. Upon crossing over Banning Creek via the driveway's bridge and under a lush canopy of mature trees, it's like you've stepped back in time as you approach several rustic outbuildings, 2 historic homes including the charming Rock House w/ concrete walls, corrals, windmills & lush grassy meadows that teem with wildlife. Nestled in Bisbee's beautiful Mule Mountains along the jaw-dropping stretch of Hwy 80, magnificent rock formations, waterfalls & seasonal streams abound. ~20 miles East of Fort Huachuca, home to the Buffalo Soldiers.
1703 E Singletree Court
Flagstaff, AZ 86005
$1,725,000
3
Beds
3.5
Baths
2,712
SqFt
Status
Active
MLS #
6739262
Property Type
Single Family Residence
Price Type
--
Meticulously maintained and shows like a model home. Beautiful single family home located in Mountain Estates at Pine Canyon Creekside Village. Cul-de-sac home site conveniently located near the park. Great room floor plan with 3 spacious en-suite bedrooms each with a private bath and additional separate powder room. Some items recently updated include the new paint, fans, kitchen refrigerator, new HVAC, and Electronic blinds in primary bedrooms. Pine Canyon offers a championship golf course designed by Jay Morrish, an award winning full-service clubhouse, spa and fitness facilities, access to extensive trail systems and proximity to AZ excursions.
17458 N 97th Street
Scottsdale, AZ 85255
$1,725,000
4
Beds
2.5
Baths
3,130
SqFt
Status
Active
MLS #
6755649
Property Type
Single Family Residence
Price Type
--
Welcome to Windgate Living! This spacious residence welcomes you with an impressive foyer that seamlessly flows into an open-concept main living area, where the kitchen serves as the heart of the home. High ceilings and abundant natural light fill the expansive living room and adjacent casual dining area, while a large formal dining room provides the perfect setting for intimate gatherings. The first floor features a luxurious primary suite with a generous walk-in closet and beautiful primary bath. Upstairs, an airy loft connects two sizable bedrooms, a large bathroom with dual vanity and private water closet, and a cozy corner flex space ideal for a coffee bar. Walk out to your resort style backyard with no one behind you and enjoy the Windgate Ranch life style.
210 E Ashwood Place
Phoenix, AZ 85012
$1,725,000
4
Beds
3.5
Baths
3,290
SqFt
Status
Active
MLS #
6751183
Property Type
Single Family Residence
Price Type
--
Exquisite Custom Home in a Prime North Central Phoenix Neighborhood on a dead-end Cul-De-Sac Lot. No cars drive in front of this house. Walking distance to the famed Uptown Farmers Market and the Central Ave Bridle path. Built in 2017, Move in ready. Close to Brophy/Xavier, Sunnyslope, Madison Simis, Madison Meadows Day School and downtown hospitals. Hard Wood floors, Vaulted Ceilings, Shiplap walls, Heated Pool, Tankless Water Heater, Soft Water System, In Ceiling Speakers, Alarm System, Control 4 Smart Home System, backyard Turf, Split Bedroom/Bathroom mother-in-law suite