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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8974 E Rusty Spur Place Scottsdale, AZ 85255

$1,350,000

3 Beds

3 Baths

2,390 SqFt

Status Active

MLS # 6746787

Property Type Single Family Residence

Price Type --

Complete renovation from top to bottom on this beautiful DC Ranch patio home! Nestled in a gated, grassy community, this home features all new hardwood flooring, bathroom flooring, plumbing fixtures, countertops, appliances, hardware, paint, and lighting. Kitchen walls have been opened up into dining room to offer a fresh new layout that is bright and inviting. Kitchen island reconfigured and extended a to beautiful & large waterfall island covered in stunning marble. Brand new refrigerator and custom & functional sink! 3rd bedroom is the casita; separate but connected to main home. Casita has small refrigerator, microwave, and sink and lovely bathroom. New artificial grass and plants in backyard.Views of McDowells & walking distance to Market Street shops & dining.

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22006 E Alyssa Road Queen Creek, AZ 85142

$1,350,000

5 Beds

3.5 Baths

3,601 SqFt

Status Active

MLS # 6753398

Property Type Single Family Residence

Price Type --

Impressive custom home on a 1-acre cul-de-sac lot with NO HOA! Enter this modern farmhouse to charming living/dining room with soaring ceiling. The family room offers surround sound, a fireplace and a media niche. Immaculate eat-in kitchen is updated with newer SS appliances, 2 walk-in pantries, granite counters, an island with a breakfast bar and a custom backsplash. The owners retreat includes a walk-in closet with custom closet system, a private balcony, and a lavish en-suite including dual sinks, a soaking tub and dual shower heads in the spacious shower. Continue downstairs in the oversized basement featuring plush carpet, storage closet and full bathroom. The secondary bedrooms are bright and spacious and secondary baths are recently remodeled. You will love the oversized backyard which includes fenced 10' deep diving pool with slide and pool shower, extended patio, pergola, built-in trampoline, shade trees, fruit trees, 2 storage sheds, garden beds and so much room to play and grow. The garage is so deep it could almost be a 6 car tandem and will fit all your vehicles and storage. This home is well built with 2x6 construction with upgraded insulation, so energy costs are very low. The automatic electrical transfer switch in the Electrical panel in garage means the home is set up for a whole home generator if desired. Acre properties in such a prime Queen Creek location don't come available often. Don't let this one pass you by!

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11336 E Diamond Cholla Drive Scottsdale, AZ 85255

$1,350,000

4 Beds

2 Baths

2,248 SqFt

Status Active

MLS # 6759739

Property Type Single Family Residence

Price Type --

Located in TROON, an area known for its exquisite golf & beautiful mountain views is the community of Four Peaks at Troon Village. Enter & you are greeted by a wall of glass that paints Pinnacle Peak. This COMPLETE DESIGNER REMODEL has an open floor plan that lets in plenty of natural light. The kitchen offers a massive quartz island w/ plenty of seating & professional grade appliances. The family room & dining room are across from the kitchen so everyone can be together. The owner's suite features a large soaking tub, glass shower & large walk-in closet. On the other side of this split floor plan home are 3 additional bedrooms & an additional bath. Exit through the 18' sliding glass door to reveal your own pool & majestic mountain views. Perfect vacation home or your forever home.

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1314 E Mckellips Boulevard Apache Junction, AZ 85119

$1,350,000

5 Beds

4.5 Baths

6,336 SqFt

Status Active

MLS # 6603009

Property Type Single Family Residence

Price Type --

Boasting a sprawling 6,000+ square foot layout, this property perfectly marries luxury with functionality. Nestled in a picturesque location, it offers breathtaking of views the Superstition Mountains to the east and the Tonto National Forest to the North, providing an unparalleled blend of natural beauty and refined living. The main portion of the house features 3 bedrooms, 2.5 baths, a den, and spacious living areas, including an impressive Chef's Kitchen that provides ample room for comfortable living. The property's versatility is further enhanced by a second wing or multi-generational space with 2 more bedrooms/baths, ideal for accommodating extended family or offering extra living space for guests. The private 10-seat movie theater is a standout feature, perfect for entertaining. Additionally, the six-car garage, equipped with 50 cabinets, along with abundant storage space, provides practical solutions for homeowners with multiple vehicles or extensive storage needs. The outdoor amenities, such as the expansive paver back patio, RV gate, and ride-in/ride-out equestrian trails, make this property perfect for enjoying the area's natural beauty and engaging in outdoor activities like horseback riding and ATV riding. Situated in unincorporated Pinal County, WITH NO HOA, on an acre and a quarter, this single-story home offers a rare combination of luxury, space, and functionality in a breathtaking location, making it an exceptionally desirable property.

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2709 E Janelle Way Gilbert, AZ 85298

$1,350,000

5 Beds

4.5 Baths

4,680 SqFt

Status Active Under Contract

MLS # 6760858

Property Type Single Family Residence

Price Type --

This exquisite 4680 sqft home complete with an expansive mother-in-law suite, with kitchenette, is sure to exceed your expectations! Nestled on a sprawling .85-acre lot, one of the largest in the subdivision, this property offers 5 bedrooms, 4.5 baths & dual 3-car garages on either side of the home. The outdoor oasis features lush tropical landscaping in both the front & back yards, extended driveways, stone façade, courtyard, & a stunning 30,000-gallon saltwater pool with stone accents, waterfall, waterslide & underwater seating adding to the resort-like feel. Inside you will find elegant wood & tile flooring, recessed lighting, soaring ceilings & large picture windows. The grand living area includes a great room, formal dining & remodeled kitchen boasting granite counters, SS appliances chic pendant lighting, gas cooking, large center island, butler's & walk-in pantries, breakfast nook & rich wood cabinetry with crown molding. The luxurious master suite offers new carpeting, bay windows & a spa-like bath complete with dual vanities, grand Roman tub, a walk-in tiled shower with a drying area & His & Her walk-in closets. 2 guest bedrooms come with ensuite baths, while a 4th bedroom, equipped with a Murphy bed & large walk-in closet, is perfect as a home office. The attached 731 sqft. Casita is a gem, featuring an oversized bedroom with sitting area, large walk-in closet, spacious bathroom with dual sinks & walk-in shower, living room with a kitchenette & a private yard. It also includes a 30 x 30 garage with a workshop & drive-through door, providing extra parking space in the back. Additional upgrades include 3 HVAC units, 100-amp service in the casita garage, extra insulation, cobblestone pavers, firepit & RV gate. Ideally located in Gilbert, near shopping, dining, and scenic views of the San Tan Mountains, this home offers everyday living that feels like a vacation in paradise!

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9441 N 80th Place Scottsdale, AZ 85258

$1,350,000

4 Beds

3 Baths

2,944 SqFt

Status Active Under Contract

MLS # 6763355

Property Type Single Family Residence

Price Type --

From Frank Lloyd Wright's Architects and one of only two subdivisions from Fellow John Rattenbury. Exuding serenity while integrating seamlessly into the streetscapes of the neighborhood was Rattenbury's primary goal for his Mountain View East project within McCormick Ranch. Utilizing principles of Taliesin West, these homes are simple, while elegant, sophisticated, and spacious. This model features 2 master suites split from each other while also split from 3rd and 4th bdrms. Wright-inspired design features of multi-level ceilings with clerestory windows and skylights keep the home awash in natural lighting and visual interest making it architecturally unique. Lush & mature landscaping, relaxing pool and a patio with commercial misting draws one to outdoor living and entertaining.

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9436 E Thunder Pass Drive Gold Canyon, AZ 85118

$1,350,000

3 Beds

3.5 Baths

4,486 SqFt

Status Active Under Contract

MLS # 6668556

Property Type Single Family Residence

Price Type --

MOUNTAIN VIEWS, CONTEMPORARY STYLE, SPACIOUS LAYOUT, DESERT BEAUTY all available now in ONE OF THE LOWEST PRICED custom homes in the community. Enjoy the supreme Arizona lifestyle in SUPERSTITION MOUNTAIN in this 3 bed/ 3.5 bath beautiful home with a solar heated pool and views from 3 outdoor patios. Contemporary split floor plan includes large open concept great room, master suite with large luxurious bathroom and huge walk-in closet, a 3-car extended and over-height garage with epoxy floors and storage cabinets, two large en suite guest rooms, large bonus room/game room or office with wet bar, formal dining room, sewing/craft room and beautiful kitchen with custom cabinetry, large kitchen island with counter seating, quartz countertops and stainless steel appliances. Outdoor entertaining space includes a solar heated pool to extend your swimming season by several months, new gas BBQ grill station, easy care artificial turf and plenty of covered patio space to enjoy the quiet surroundings and views. Updates include NEW water heater, NEW water softener, NEW solar pool heating system, NEW pool pump, NEW built-in BBQ, NEW garage cabinetry and NEW artificial turf in backyard. Home is in excellent condition and ready for you now! Superstition Mountain Golf & Country Club is a fabulous guard gated community, home to two private 18 hole Jack Nicklaus golf courses, a 50,000 sf remodeled clubhouse with fine dining, bar, patio dining and outdoor seating areas, fitness center with a beautiful heated pool, bocce ball, pickleball courts, tennis courts, walking trails and plenty of events and activities. Membership is optional and under separate agreement. Join in on the fun, you'll love the community atmosphere here!

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22787 E Quintero Road Queen Creek, AZ 85142

$1,350,000

4 Beds

3.5 Baths

3,740 SqFt

Status Active

MLS # 6763524

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 3.5-bathroom luxury home in an exclusive gated community offers elegance and comfort on a sprawling 14,783 sq. ft. lot with breathtaking panoramic views. Highly upgraded and a former model home, it features a den, great room, and an attached casita—perfect as a multi-generational suite with its own kitchenette, laundry room cabinets with sink. The exterior boasts incredible curb appeal with an iron entry door, while the elegant interior impresses with two-tone accent walls, high ceilings, and an airy, inviting atmosphere. The gourmet kitchen is complete with granite countertops, a walk-in pantry, quartz counters, a large island, and formal and casual dining spaces, including a breakfast bar. Step outside to a covered patio overlooking the beautifully designed backyard with a private pool, paver pathways, and lush plants. Community amenities include a playground, pool, and more, making this home a luxurious retreat!

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11519 E Blue Wash Road Cave Creek, AZ 85331

$1,350,000

3 Beds

2.5 Baths

2,655 SqFt

Status Active Under Contract

MLS # 6612853

Property Type Single Family Residence

Price Type --

Heavenly views and a custom home in Tonto Hills surrounded by the National Forest, direct views of Mighty Four Peaks, Weavers Needle and beyond. Intelligent floor plan with 3 bedrooms and 3 baths, formal dining and great room that opens to the picturesque patios. Detached horse stable has electricity and could be easily converted to a casita. Rear patios offer the perfect shape and ideal location/site for a negative edge pool, see photos of renderings for a virtual pool. The views and privacy here are unrivaled.

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20543 E Excelsior Court Queen Creek, AZ 85142

$1,350,000

5 Beds

4 Baths

3,780 SqFt

Status Active

MLS # 6728874

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning custom-built residence is situated on over an acre of land and boasts breathtaking mountain views. The property features a huge pool, perfect for entertaining or relaxing in your private oasis. Inside, you'll find 5 spacious bedrooms, 4 luxurious bathrooms, and a large loft area, ideal for a home office or additional living space. The gorgeous front courtyard is adorned with pavers and fencing, creating an inviting entrance. The kitchen is a chef's delight, equipped with white cabinets, stainless steel appliances, granite countertops, under-cabinet lighting, and two pantries for ample storage. The master bedroom is a true retreat with backyard patio access, two large walk-in closets, a separate shower with double heads and a pressure/temp valve, a jetted bathtub, and double sinks with a vanity. Step outside to the backyard, where a jacuzzi and stunning water features await. The travertine decking, raised sitting area, gas fire pit, and artificial turf surround the pool, creating a luxurious outdoor living space. There's still plenty of room to design your own dream oasis, and mature orange trees line the west side of the property, adding to the charm. Don't miss the opportunity to own this exquisite home that perfectly blends luxury, comfort, and breathtaking views.

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2609 N 81st Way Scottsdale, AZ 85257

$1,350,000

4 Beds

2.5 Baths

2,385 SqFt

Status Active

MLS # 6767278

Property Type Single Family Residence

Price Type --

Beautiful custom home in the heart of South Scottsdale minutes from Old Town, spring training, and amazing shopping, dining, & entertainment. Located in the quiet, friendly community of Scottsdale's Village Grove neighborhood, this charming mid-century Allied home has been completely reimagined, rebuilt, & made ready to be called home once again. Thoughtfully designed & professionally built from top to bottom, this 4 bedroom, 2.5 bath, 2,385 sf. residence is 90% new construction & comes with a 2-year builder warranty. Portions of the foundation, exterior walls, & roof framing are all that remain of the original structure. Wonderfully functional and flowing split floor plan designed for hosting, gathering, entertaining, and making the most of life with friends, family, & neighbors. Beautiful but low maintenance landscaping front and back featuring artificial turf, pavers, putting green, and diving pool. A great life awaits you here.

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3800 E Lincoln Drive Unit 29 Phoenix, AZ 85018

Open House

$1,350,000

3 Beds

3 Baths

3,031 SqFt

Status Active

MLS # 6779980

Property Type Single Family Residence

Price Type --

Welcome to a luxurious Southwest oasis in the heart of Estate Antigua, a premier guard-gated community renowned for its iconic exterior Mediterranean architecture since 1981. Nestled on a hillside just above Lincoln Drive, this exquisite 3-bedroom, 3-bathroom home offers breathtaking views of the Valley, downtown Phoenix, and the majestic Camelback Mountain. Step inside to discover a warm and inviting interior, featuring soaring 12 foot beamed ceilings and newer custom alder wood interior doors. The recently remodeled kitchen is a chef's dream, complete with LG stainless steel appliances, custom cabinetry, and elegant granite countertops. Wood shutters throughout enhance the ambiance, while tall living room windows frame the stunning vistas that make this home truly special. See more. The primary bedroom serves as a serene retreat, boasting a spacious layout, a roomy walk-in closet, and a cozy sitting area plus an adjacent office, perfect for a quiet work-from-home space with phenomenal views of the Valley. The ensuite bathroom is a luxurious escape, featuring a soaker tub, a newer walk-in shower, and dual sinks for added convenience. Descend the spiral staircase to find a versatile separate living area ideal for a game room, exercise space, or theatre room. This level also includes an adjacent guest bedroom and bathroom, offering privacy and comfort for visitors. This property is one of a kind; an extraordinary blend of tranquility and security in the midst of a bustling city. Experience the best of both worlds at Estate Antigua.

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