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.

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309 E Georgia Avenue Phoenix, AZ 85012

$1,695,000

4 Beds

2.5 Baths

3,526 SqFt

Status Active Under Contract

MLS # 6764499

Property Type Single Family Residence

Price Type --

This 4 bed, 2.5 bath Tuscan inspired home in the heart of Uptown Phoenix has everything you've been looking for! Bursting with curb appeal, you are welcomed with lush landscaping and Chicago reclaimed brick walkways that lead to an open patio with gas fire pit at the entryway and as you step inside enjoy a thoughtfully designed floor plan split between two stories. The open concept kitchen features granite countertops, an island with a breakfast bar, and upgraded stainless steel appliances including a Viking range. The kitchen seamlessly flows into a tucked away eating nook and the open living room which includes a gas fireplace. The primary bedroom features its own fireplace, a separate seating area, a private entrance leading to the backyard, and a spa-like ensuite with a large walk-in shower, jetted tub, dual vanities, and a walk-in closet with custom built-in shelving. The first floor also includes a full bar that connects a formal eating space to the kitchen and living room, a convenient powder bath for guests, a full-sized laundry room, a private office, and a wine cellar tucked beneath the stairs, showcasing a custom arched iron door. Upstairs, you'll find a den, along with three additional bedrooms. One bedroom has been thoughtfully remodeled with rubberized flooring, ideal for a yoga or workout space. Step outside into your own backyard oasis designed for both relaxation and entertainment. The lush landscaping surrounds a shaded patio, pool, and multiple pergolas. You'll also enjoy an outdoor shower and a fully-equipped outdoor kitchen that includes a bar top with seating for 10, making this the perfect space for outdoor dining and hosting friends and family. The 3-car garage features ample built-in storage, additional racking system, a fridge and 2 Tesla charging stations. This home truly has it allluxury, style, and functionality. Don't miss the opportunity to make it yours!

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6125 E Hodges Street Cave Creek, AZ 85331

$1,695,000

4 Beds

3.5 Baths

4,025 SqFt

Status Active

MLS # 6769293

Property Type Single Family Residence

Price Type --

Exceptional Location! This stunning home is situated on one of the largest premium lots, featuring a highly sought-after south-facing backyard that opens to serene views of the surrounding open space. The desirable ''Robert'' model is designed to showcase the expansive views, spacious yard & sparkling pool through its dramatic wall of stacking glass doors, seamlessly blending indoor and outdoor living. Every detail has been thoughtfully curated with high-end finishes throughout, including luxurious slab granite, custom cabinetry, & soaring ceilings that enhance the spaciousness. The timeless, hand-scraped wood flooring adds warmth and elegance. The chef's kitchen is a true centerpiece perfect for entertaining with a s/s Wolf gas cooktop, convenient pot filler, Subzero refrigerations, R/O farm sink, walk-in pantry and adjacent to a butler's pantry complete with a wine refrigerator. The split master retreat offers tranquil views of the sparkling pool & features coffered ceilings, plantation shutters, & dual closets outfitted with custom luxury closet systems. The spa-like master bath has been beautifully updated with sleek quartz countertops, stylish backsplash, and freshly painted cabinets, delivering a modern touch to a classic design.This is a sample of the extensive features. This home perfectly blends elegance, comfort, and luxury in a highly desirable location within a gated community. See our features sheet for a list detailed amenities.

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28669 N 94th Place Scottsdale, AZ 85262

$1,695,000

4 Beds

3.5 Baths

3,858 SqFt

Status Active

MLS # 6772160

Property Type Single Family Residence

Price Type --

Only 8 years old! This beautiful home is a must-see in the Troon North Community. Stylish yet casual, it features stunning finishes and an easy-living layout. The chef's kitchen boasts a spacious island and premium appliances, perfect for culinary enthusiasts. From your breakfast table, patio, and master suite, you'll enjoy breathtaking views of Pinnacle Peak and the lush greens of the Troon North golf course every day. For the adventurous spirit, the area offers numerous hiking and biking trails nearby. As you enter through the charming, enclosed entryway, you'll find a cozy sitting area—ideal for morning coffee or evening relaxation. Inside, discover beautiful stone floors and a seamless layout with no interior steps. This home includes 4 bedrooms, including a spacious master suite and a separate casita, along with 3.5 bathrooms, a large office, a great room, and a television or reading room. This residence embodies the Troon lifestyle at its finestluxurious, welcoming, and surrounded by natural beauty.

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13439 N 79th Street Scottsdale, AZ 85260

$1,695,000

3 Beds

2.5 Baths

2,710 SqFt

Status Active

MLS # 6776801

Property Type Single Family Residence

Price Type --

Phoenix Home & Garden Cover Home July 2022! This beautifully restored mid-century modern gem is so special and unique, you don't want to miss it! The main living room features original exposed beamed ceilings, gorgeous stacked stone fireplace, floor to ceiling & clerestory windows and opens to the new vibrant custom kitchen and dining space. Handmade Moroccan tiles adorn the kitchen backsplash with custom glass shelving and eco-friendly terrazzo countertops add a timeless appeal. In addition to the great room, there is an oversized bonus/game room with stone faced fireplace and vaulted exposed beams. Rounding out this 3 bedroom home is a bonus office/den space. All of this, plus located on a 32,000+ square foot lot with horse privileges in the heart of Scottsdale!

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7400 E Gainey Club Drive Unit 109 Scottsdale, AZ 85258

$1,695,000

3 Beds

3 Baths

1,990 SqFt

Status Active

MLS # 6774100

Property Type Townhouse

Price Type --

The new definition of luxury in Gainey Ranch! Incredible remodel, extraordinary finishes, beautiful mountain and golf course views and steps to the Club House. Some of the finishes include 150 yr. old Handcrafted European Oak Floors, 1850's Kentucky Barnwood, Quartz Counters, Alder Cabinets and Teak Vanity. Enjoy all that Gainey Ranch has to offer (New $8M Club House, golf, tennis, pickleball, gym, Olympic pool and spa) while residing in the newest, most opulent condo available! Do you want special features not found in the other units? How about an enlarged master closet and A/C Garage. End unit with two outdoor spaces. 3rd Bedroom is currently set up as an office. Extensive lists of upgrades can be found in Documents.

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2647 E Vista Place Williams, AZ 86046

$1,695,000

3 Beds

3.5 Baths

4,184 SqFt

Status Active

MLS # 6692525

Property Type Single Family Residence

Price Type --

Discover tranquility & expansive beauty of the High Country. Stunning log home nestled on 5.03 acres secluded amidst towering juniper and pinon trees. A picturesque retreat boasts a charming wrap-around composite deck offering panoramic vistas, 3 bedrooms and 3.5 bathrooms, a spacious kitchen complete with a farmhouse sink, a welcoming great room & family room, versatile loft space, office for remote work or creative pursuits, hardwood floors, and luxurious in-floor heating. The main floor master suite offers a sanctuary with a generous walk-in closet, a separate jetted tub, and shower. Extra-large 2-car garage, measures 25x38, 950 sq ft, equipped with heating. Experience the epitome of mountain living in this idyllic haven.

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5805 E Agave Place Carefree, AZ 85377

$1,695,000

5 Beds

4 Baths

3,329 SqFt

Status Active

MLS # 6711345

Property Type Single Family Residence

Price Type --

This stunningly remodeled and modernized residence was crafted by the renowned architect Ilan Baldinger from Baldinger-Studio. Nestled at the foot of Black Mountain in Carefree, AZ, this exquisite home offers a tranquil setting. Step inside this luminous and spacious home to experience a sense of relaxation and serenity. Explore the expansive living and dining area with a revamped entertainment center, complete with a water vapor electric fireplace. The kitchen, with its contemporary white design, boasts top-of-the-line finishes and overlooks the living space and pool. The master suite features a private gas fireplace, a lavish bathroom with a freestanding tub, and a walk-in shower. Additionally, there is a guest casita or office ideal for remote work or visitors. The property includes a 3-car garage equipped with electric charging for your EV. Moreover, there is a separate air-conditioned RV garage or workshop. Countless other upgrades and amenities await discovery in this remarkable home - a true gem that should not be missed.

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4202 E Windsor Avenue Phoenix, AZ 85008

$1,695,000

4 Beds

2.5 Baths

3,420 SqFt

Status Active

MLS # 6716435

Property Type Single Family Residence

Price Type --

WOW! A new custom home in Arcadia Lite! Walk in to a spacious foyer with tall ceilings & tons of natural light. The living room is open to the kitchen & has spectacular views of the green grass & sparkling blue pool in the backyard. The kitchen boasts TWO islands, walk in pantry, induction cooktop, stainless steel appliances, quartz counter tops, & under-cabinet lighting. Enjoy hosting family & friends in the large dining area with additional cabinet storage. The master suite is a special oasis with a custom accent wall, wall sconces, and spa-like bathroom featuring double sinks, standalone tub, & pristine shower. The master closet even has it's own washer & dryer! The private backyard is ready for entertaining with both covered & uncovered patios and shimmering pool! RV gates! No HOA!

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3174 E Marlette Avenue Phoenix, AZ 85016

$1,695,000

4 Beds

2.5 Baths

2,796 SqFt

Status Active

MLS # 6760989

Property Type Single Family Residence

Price Type --

Welcome to your perfect oasis in the guard gated Biltmore Greens. Ideally situated in the foothills of the Phoenix Mountain Preserve, this Biltmore pied et terre offers you both privacy and peace of mind. Allowing you to right size your life with the convenience of a lock and go lifestyle. Step inside to discover a bright, open-concept kitchen that boasts tons of countertop space, perfect for cooking and entertaining. The timeless design seamlessly flows into inviting living areas, creating a warm and welcoming atmosphere for family and friends. While the charming low-maintenance backyard provides a serene escape for outdoor gatherings or quiet moments of relaxation. Convenience is at your fingertips with an array of shopping, dining, and entertainment options just moments away.

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3910 E Sheila Lane Phoenix, AZ 85018

$1,695,000

3 Beds

3 Baths

2,346 SqFt

Status Active

MLS # 6762088

Property Type Single Family Residence

Price Type --

Welcome to the serene, gated community of The Villas at Baker Park, the former grounds of the historic Baker Nursery. Designed to maximize the sky-high ceilings and the abundance of natural light this luxurious 3 bedroom 3 bath open-concept floor plan seamlessly blends all living spaces, creating a vibe that's light and airy. Beautiful wood floors, custom built-in cabinets, handmade ceramic pendant lighting and soft linen window coverings are just a few highlights that show off the home's character and sophistication. The bonus room is ideal for an office, game room or can be used as a 4th bedroom. The expansive family room, with 16ft ceilings, large windows and sliding glass door, allows for natural light to flood the room. The chef's kitchen features a professional Wolf 36 Gas Range, Sub-Zero appliances and an oversized Quartz Island. The primary bedroom entices with its generous size, en-suite bathroom, and large walk-in closet. Step outside to the low maintenance backyard featuring high quality turf and a limestone paved patio. The community offers a range of amenities, including a resort like swimming pool, spa, BBQ, dog park and green space providing a convenient and luxurious lifestyle. Within walking distance, you can enjoy some of Arcadia's best coffee shops, bakeries and restaurants including La Grande Orange. This house won't last long, given its thoughtful design, attention to detail and prime location. Don't miss this opportunity to make it yours!

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11568 E Whispering Wind Drive Scottsdale, AZ 85255

Open House

$1,695,000

4 Beds

2.5 Baths

3,042 SqFt

Status Active

MLS # 6775659

Property Type Single Family Residence

Price Type --

Introducing a stunning ranch-style home in the desirable Dorado at Troon Village! Discover the allure of this gem, showcasing desert landscaping, a mature shade tree, spacious 3-car garage w/ EV hook-up, and an extended driveway! The remodeled interior impresses you with generous and immaculate living areas, excellent for welcoming and entertaining. With high ceilings, freshly painted walls, recessed & decorative light fixtures, picture-perfect tinted windows, a cozy fireplace, and beautiful wood-style flooring, this gem exudes elegance. Meticulous attention to detail is presented in the gourmet kitchen, which comes with NEW high-end SS appliances, quartz counters, a mosaic tile backsplash, ample cream cabinetry, and a waterfall island with a breakfast bar. The romantic main suite has a double-door entry, an accented wall, a sitting area, and sliding glass doors to the backyard. It is complete with a pristine ensuite, highlighting dual sinks, a step-in glass shower, a soaking tub, and walk-in closets. The entertainer's backyard is a true oasis, boasting a covered patio, palm trees, an outdoor fireplace, and a refreshing pool, perfect for enjoying Arizona's beautiful weather. Don't miss this opportunity to own a home designed for relaxation and outdoor fun! Additional upgrades- water softener (unused), Redone patio flooring, New roof underlayment, all new recessed can lights, recessed lighting and outlets, redone garage flooring, new garage door, and NEW HVAC

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6601 E Military Road Cave Creek, AZ 85331

Open House

$1,695,000

3 Beds

3 Baths

4,045 SqFt

Status Active

MLS # 6744285

Property Type Single Family Residence

Price Type --

Nestled on the slope of Black Mountain, this renovated home offers breathtaking panoramic views throughout. Owned solar equals $25-30 electric bills! Recent upgrades include a NEW roof, redesigned landscaping, a completely resurfaced heated pool and spa and all NEW equipment. NEW smooth stucco and paint, a NEW septic system, and a dramatic entrance featuring a massive glass and wrought iron door, hinting at the craftsmanship within. Inside, the open floor plan and high ceilings create a spacious and airy atmosphere. The completely transformed kitchen features all NEW appliances, including dual refrigerators, dishwashers and ovens, refaced cabinetry, and a grand chandelier. Renovated baths, new lighting, and custom paint add a modern and distinctive touch. Polished stained concrete floors gleam throughout for a clean esthetic. Solid-core alder doors and cabinetry, and ceiling details add substance and interest. The rotunda foyer, illuminated by an enormous wrought iron chandelier, welcomes you with both elegance and sophistication. The natural flagstone walkway and the grand entrance set the tone for the opulence within. Notably, a large solar system ensures almost zero electric bills, aligning with a commitment to sustainability. In summary, this home seamlessly blends modern luxury with thoughtful design and eco-conscious features. From the grand entrance to the polished interiors, each element contributes to a sophisticated living experience complimented by the stunning backdrop of Black Mountain.

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