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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10220 N 175th Avenue Waddell, AZ 85355

$1,459,000

5 Beds

6 Baths

4,053 SqFt

Status Active

MLS # 6755960

Property Type Single Family Residence

Price Type --

Welcome to you new home in Waddell! This unique horse property with a rare opportunity for income producing potential is nestled in a serene location, offering many amenities for both horse enthusiasts and those seeking a tranquil retreat! Wrangle into your equestrian haven on a nearly 2 sprawling acres with an''A'' frame main house, modern guest house, charming casita, yoga studio, horse stables w/arena, and a myriad of mature citrus and shade bearing trees! The 2,008 sq ft main house holds loads of character and features a high vaulted ceiling in the family room, formal dining, durable tile flooring, 3 carpeted bedrooms, 2 bathrooms, neutral paint throughout, a galley kitchen fully equipped w/SS appliances, and large bonus room which can be your home office or covert into a bdrm. Main house with front, sideyard, and backyard patios offer plenty of room for entertaining! Storage galore with separate tool and tack sheds! Important extras include flood irrigation, tankless water heater, and bidet! The newly built 1,050 sq ft guest house boasts contemporary flair throughout with 10 ft ceilings, wood-look floors, a fully equipped kitchen including large walk-in pantry and breakfast bar, great room, a sizable bedroom with double doors, 1.5 bathrooms, laundry room, convenient front/side/back entries and wifi! The 125 sq ft casita with bathroom and wrap-around deck offers endless possibilities as extra space for guests, an art & crafts studio, detached office, reading room, or just your own private space! In the detached 870 sq ft yoga/fitness studio, you'll find an ample carpeted area for multiple purposes with 1/2 bathroom, & an adjacent foyer. The impressive horse boarding facility produces an approximate monthly revenue of $10k from 13 stalls and includes a lighted riding arena, tack rooms with electricity, and wash station. A must-see property with ample parking and NO HOA! Bring your best offer today!

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43720 N Acadia Way New River, AZ 85087

$1,453,900

4 Beds

3.5 Baths

3,036 SqFt

Status Active

MLS # 6758276

Property Type Single Family Residence

Price Type --

Former gorgeous model home! Welcome to The Orion Monterey Model Home - a single-story gem offering 3,036 sq ft of luxury. This 4-bed, 3.5-bath home features a 20 ft multi-slide door and 12 ft glass wall in the Great Room, blending indoor and outdoor spaces. Enjoy mountain views from the extended covered patio. Highlights include an oversized kitchen island, a luxurious master suite with an oversized shower, a versatile den, and a multi-generational suite with its own amenities. Additional features: a 50 x 16 RV garage with workshop, a Ramada with an outdoor kitchen, a beautifully landscaped backyard, and practical touches like a pet shower and bench with lockers. For more information or to schedule a private tour, please contact us. Discover the perfect blend of elegance and practicality.

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6828 N 177th Place Waddell, AZ 85355

$1,450,000

5 Beds

3.5 Baths

3,300 SqFt

Status Active

MLS # 6744338

Property Type Single Family Residence

Price Type --

This brand new beautiful home is nestled on a private street surrounded by other brand new beautiful homes. No HOA. The 1 acre lot provides ample space to build out your backyard how you have always dreamed. The detached Garage provides plenty of space for all your toys, cars, RVs, boats, etc. You do not want to miss this one!

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2361 Platt Cline -- Flagstaff, AZ 86005

New

$1,450,000

3 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6779451

Property Type Single Family Residence

Price Type --

Beautiful, fully remodeled home located on a large, corner lot in the Pines Cottages. This home has been updated in all areas, plus an expanded back deck/patio entertainment area with firepit and sitting area. Unusual for a cottage, there is not a home directly behind it which allows for wonderful privacy and a serene setting amongst the enormous Ponderosa Pine trees. This sought after, open floor plan and cathedral ceilings, coupled with a ton of windows and natural light make this a very happy home. The primary suite is on the main level with gorgeous, reimagined master bath with large shower, dual vanity and large walk-in closet. Upstairs, guests can retreat to their own spaces. The loft area can be utilized for a number of things, just let your inner designer take over. Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.

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3800 W Coyote Drive Lakeside, AZ 85929

$1,450,000

3 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6654248

Property Type Single Family Residence

Price Type --

Seller is licensed to sell Real Estate in the State of Arizona. Buyer to verify all material facts. Discover your dream escape in this White Mountain Log Cabin nestled on 5.8 acres of pure serenity. Fully fenced, the property boasts two spacious 3-car garages—one finished with a workshop and a 475 sq. ft. upstairs office. Revel in the comforts of AC/ETS, skylights, and exposed beams. An electric private gate and security system ensure your peace of mind. Tall pines, mature oaks, junipers, and native vegetation surround, creating a picturesque landscape. Enjoy the covered screened porch with lighting and fans, a large open Trex deck, and outdoor grill & entertainment areas. The metal roof, stone stem wall, and engineered drainage add durability. The property features a large established fenced garden with a drip system, offering a green oasis. Inside, find hand-crafted cherry wood cabinets, exposed granite countertops, a hammered copper sink, and quality stainless steel appliances. The vaulted T&G ceiling, custom tile work, half-log steps, and new Anderson Walnut Metal Clad Wood Windows showcase meticulous craftsmanship. Experience the luxury of a Wolf Dual-Fuel Gas Range & Hood, a private well with a water softener, and numerous custom touches throughout. This haven is close to Forest Service Land, Show Low Creek & Show Low Lake, a trail system for hiking, biking, or horseback riding, and Sunrise Ski Resort. Secluded and unique, this property offers your own piece of White Mountain Heavenan unparalleled retreat for those seeking a one-of-a-kind lifestyle. All most all furnishings will convey with full price offer.

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12015 S Tuzigoot Drive Phoenix, AZ 85044

$1,450,000

6 Beds

4 Baths

5,062 SqFt

Status Active

MLS # 6720121

Property Type Single Family Residence

Price Type --

Imagine waking up in a home where adventure begins the moment you step outside. Nestled at the edge of breathtaking trails, this home offers unparalleled access to nature. If you're an avid mountain biker or a passionate hiker, you'll love the convenience of having rugged terrain and scenic paths just steps away from your front door. Embrace an active lifestyle and savor the thrill of the great outdoors without ever having to drive to your next adventure. Ahwatukee Custom Estates, 6 Bed 4 Bath Estate on Half Acre with Luxurious Pool. Features the perfect blend of formal living for family and friends' gatherings. One bed/bath on the main level. Downstairs is a versatile haven. Oversized 3-car garage, provides ample storage space for vehicles and has EV Charger. Don't miss this gem

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5659 W Chaparal Lane Pine, AZ 85544

$1,450,000

9 Beds

8 Baths

8,500 SqFt

Status Active

MLS # 6742110

Property Type Single Family Residence

Price Type --

Discover an extraordinary lodge retreat in picturesque Pine, AZ, offering a unique opportunity to own a sprawling estate that includes two stunning homes and a cozy guest quarters, totalling 8,500 sq. ft. all set on 0.72 acres with breathtaking mountain views. Main Home: This expansive residence boasts 5 bedrooms and 4 bathrooms across. The versatile layout includes a welcoming living room, a spacious family room, and a large recreation room. The chef's kitchen is equipped with elegant granite countertops, an island, a pantry, an electric cooktop, and a double oven. Enjoy casual meals in the kitchen dining area or host formal dinners in the dining hall, which accommodates up to 16 guests. The upstairs master suite is a private sanctuary featuring a walk-in shower, double sinks, and a massage table room. An additional bedroom and guest bathroom complete the upper level. On the main floor, you'll find another master bedroom, two guest bedrooms, and an additional guest bathroom. Outside, a covered deck, patio area, astro turf lawn for games, and a large deck with a built-in fireplace offer ample space for relaxation and entertainment. Second Home: This charming residence includes 3 bedrooms, each with its own ensuite bathroom, along with a large laundry room and a full kitchen. The living room features warm knotty pine finishes and a pellet stove for cozy warmth. Guest Quarters: The separate 1-bedroom, 1-bathroom apartment-style unit is perfect for visitors or additional family members. It includes a living room, abundant storage space, and a potential kitchenette. The property is fully fenced with a gate and showcases beautifully landscaped grounds surrounded by tall ponderosa pines, enhancing the woodsy, serene atmosphere. A hot tub invites you to unwind and enjoy the cool evening air. Whether you seek a spacious family retreat or a thriving business opportunity, this property stands out as a one-of-a-kind gem with endless possibilities.

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1075 E Ranch Road Payson, AZ 85541

$1,450,000

9 Beds

8 Baths

3,690 SqFt

Status Active

MLS # 6746854

Property Type Single Family Residence

Price Type --

Discover your next investment with Mountain Meadows Cabins! Just minutes from Christopher Creek, this nearly 2.7 acre property in Gordon Canyon offers a beautifully remodeled home and six cozy rental cabins. Each cabin features a fireplace, kitchenette, and air conditioning, with three boasting indoor spas/hot tubs and two private outdoor spas/hot tubs. A perfect retreat that doubles as an income-generating property! Property comes with main home (3/2 b/b, 1792 sq ft) and 6 cabins (sq ft as follows: 424, 3 cabins at 320, and 2 cabins at 256). Property can be split into 2 parcels later if Buyer holds ability to later split into 2 parcels with the county if desired.

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5227 E Canyon View Court Prescott, AZ 86303

$1,450,000

6 Beds

4 Baths

3,949 SqFt

Status Active

MLS # 6755842

Property Type Single Family Residence

Price Type --

Indulge in luxury living in Prescott, where stunning mountain vistas beckon from this custom-built haven, featuring 6 beds & 4 baths. Cozy up by the fireplace inside or gather around the fire pit under the Arizona sky. With no HOA restrictions, enjoy the freedom to live as you please. Vaulted ceilings add grandeur while the kitchen is a chef's dream with gas range, stainless steel appliances & oversized waterfall island. Step onto the extended balcony for panoramic mountain views. Low maintenance landscaping makes it a perfect lock & leave. RV garage & additional 2-car garage have epoxy. Don't miss the hidden/secret BUNKER featuring concrete walls, electrical wiring, 275 gallon water tank, sewer hookup option & escape tunnel. Every detail promises comfort & style!

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8989 N Gainey Center Drive Unit 114 Scottsdale, AZ 85258

$1,450,000

2 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6756528

Property Type Townhouse

Price Type --

Experience the Gainey Ranch Lifestyle in this 2 bed with office/den, 3 bath remodeled & expanded floor plan w/ unmatched views of the golf course, lake, mountains, & clubhouse! Great room opens to the wrap-around patio w/ BBQ & stone fireplace, perfect for entertaining. The beautifully remodeled kitchen offers granite countertops, a large island, custom cabinetry, two breakfast bars, & top of the line appliances. The kitchen opens to a custom bar seating area, complete with a 200-bottle wine refrigerator and ample storage. The main level office/den offers privacy for guests w/ full bath, The upstairs master suite features a private balcony, sitting area, walk-in closet, & a spacious bath w/ jacuzzi tub. The upstairs second bedroom & exercise room complete the layout. Enjoy resort-style living with access to sparkling pools, spas, walking trails, & an array of gourmet dining / shopping just steps away. Plus, the world-class Hyatt Regency is right around the corner for the ultimate five-star experience. Don't miss out on this extraordinary opportunity to live in one of Scottsdale's most coveted communities!

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14848 N 62nd Way Scottsdale, AZ 85254

$1,450,000

4 Beds

3 Baths

3,044 SqFt

Status Active

MLS # 6759013

Property Type Single Family Residence

Price Type --

Welcome to this impeccably maintained 4-bedroom + office (or optional 5th bedroom), 3-bathroom home that blends modern upgrades with classic elegance. Set within a peaceful Scottsdale community, this 3,044 sq. ft. gem boasts plantation shutters across 32 newly customized windows, offering both privacy and style. Major updates include a new roof and dual AC units installed in 2016, giving you added comfort and peace of mind. The expansive primary suite offers a luxurious retreat, complete with three walk-in closets and a spa-like ensuite featuring dual vanities, a soaking tub, and a separate shower. At the heart of the home, the sophisticated kitchen shines with granite countertops, stainless steel appliances, a gas cooktop, and a generous island—perfect for hosting gatherings. The backyard is a true oasis, showcasing a Pebble Tec play pool with a tranquil waterfall, a built-in BBQ area, and lush landscaping, ideal for entertaining or quiet relaxation. Just minutes from Kierland Resort & Golf Course, and the upscale shops and dining of Scottsdale Quarter, this home offers luxury living in one of Scottsdale's most sought-after locations. Come experience it for yourself today!

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6610 E Barwick Drive Cave Creek, AZ 85331

$1,450,000

3 Beds

2 Baths

2,747 SqFt

Status Active

MLS # 6769555

Property Type Single Family Residence

Price Type --

Custom home on acreage with an open-concept design perfect for entertaining. A major remodel was done in 2022: custom cabinets, one-of-a-kind Quartzite slab counters, high end stainless appliances, walk-in pantry with custom shelving, new lighting, new wide plank wood flooring throughout the main living areas & new carpet in the bedrooms. New paint inside & outside. Two new HVAC units in 2021. The remodeled barn has 4 stalls, fans, auto waterers, arena, wash rack & a tack room. The office has a separate entrance off the front courtyard. Enjoy the sunsets and the sweeping views of the surrounding mountains from the rooftop deck. The bricked in patio has a cozy wood burning fireplace & a beautiful tree center stage that is perfect to dine al fresco under. No HOA, low taxes, and privacy.

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