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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9197 W Molly Lane Peoria, AZ 85383

$1,269,900

4 Beds

3 Baths

3,799 SqFt

Status Active

MLS # 6776781

Property Type Single Family Residence

Price Type --

Located in the highly sought after community of Cibola Vista, this home offers resort-style living situated on your half an acre lot! With tall ceilings and large windows all throughout the house, you have beautiful natural sunlight to enjoy your private oasis. A true chef's kitchen with high-end appliances perfect for entertaining or home cooked meals. Out back you are greeted with a huge covered patio with outdoor speakers and surround sound, a sparkling pool with an oversized baja shelf for lounging and built-in outdoor kitchen perfect for summer parties and outdoor living! A 3 car garage with epoxy flooring for all of your toys. Whether you're envisioning a detached casita, an RV garage, or a private garden sanctuary, the possibilities are endless on this large lot with an RV gate!

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6919 E Ivyglen Street Mesa, AZ 85207

$1,269,000

5 Beds

3.5 Baths

4,170 SqFt

Status Active Under Contract

MLS # 6748564

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! The epitome of luxury living! Located in the prestigious gated community of Annecy, & one of the few custom homes within the community. Grand entryway, with elegant stone & wood flooring, custom ceiling trim & exceptional craftsmanship found throughout. Seamless blend of stone & hardwood floors, wide baseboards, arched doorways, & intricate crown moldings. The primary suite is a true spa-like retreat, complete with his & hers walk-in closets. Enjoy two sets of Jack & Jill bedrooms/bathrooms, a remarkable laundry room, & an entertainer's kitchen with new appliances that will leave you in awe. Stunning all-black tile swimming pool, complete with waterfall, slide, built-in hot tub, & stone pool decking. Outdoor kitchen features a large gas grill with granite countertops The property also offers a paver driveway, a massive extended length three-car garage with plenty of storage, and an RV gate. This home is truly a showstopper!

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2909 N 81st Place Scottsdale, AZ 85251

$1,265,000

4 Beds

2 Baths

2,217 SqFt

Status Active Under Contract

MLS # 6763705

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the vibrant heart of Scottsdale! This stunning, completely remodeled home combines modern luxury with beautiful design. From the new roof, AC, plumbing, electrical, flooring, cabinets, bathrooms, level 5 smooth drywall, etc., every detail has been meticulously crafted. Bright, open-concept living area perfect for entertaining. Stylish kitchen that features sleek quartz countertops, stainless steel appliances, walk-in pantry, and striking black cabinetry. Large open living room with a new gas fireplace, sets the perfect backdrop for gatherings with family and friends. There is a spacious master suite with a lavish en-suite bathroom featuring a soaking tub and separate shower. Step outside to discover your backyard paradise! With a large covered patio, sparkling pool, spa, and lush turf, it's the ideal space to soak up the Arizona sun or host unforgettable outdoor gatherings. The low-maintenance landscaping enhances the home's curb appeal while providing a tranquil escape. Nestled in a highly sought-after Scottsdale neighborhood, you're just moments from the vibrant Old Town, with its exceptional shopping, dining, and entertainment options. This home isn't just a property; it's a lifestyle waiting for you to embrace. Don't miss your chance to make this stunning oasis your own!

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30804 N 120th Avenue Peoria, AZ 85383

Open House

$1,265,000

5 Beds

4 Baths

3,354 SqFt

Status Active

MLS # 6712297

Property Type Single Family Residence

Price Type --

Blackstone exclusive golf and CC community. Newest upgrades Including new paint in/out, flooring, pool pump, custom power window treatments and so much more. Super clean move in ready home! Kitchen overlooks great room with fireplace and boasts SS appliances, oversized island with prep sink an abundance of cabinets with roll outs, huge walk in pantry with second fridge. This split floor plan provides privacy to master in one corner, across the home a guest suite and separate hall leads to three addition bedrooms with media area. Large private lot with natural space behind, mtn views, pool, spa, extended paver patio, gas plumed for bbq, putting green to sharpen your game,. It's your chance to live the lifestyle you deserve in a spectacular home. provides privacy to company. Staycations are a thing of the past with this spacious resort style yard that includes extended covered paver patio, pool, spa, putting green complimented with mountain views. Freshly painted inside and out, new flooring, added enhancements make this home move in ready. It takes only moments to fall in love with this home. Area highlights include biking/walking paths, play areas, clubhouse/rec, tennis/pickleball, work out facility, golf, and more all within minutes of the 303 access. It's time to enjoy life!

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3748 E Mare Court Phoenix, AZ 85044

$1,264,000

6 Beds

3.5 Baths

4,801 SqFt

Status Active

MLS # 6718151

Property Type Single Family Residence

Price Type --

Back on the market..Huge BASEMENT-HEATED Pool-Oversized Lot with dreamy mountain views and sunsets-4.5 Car Garage.Beautiful custom home situated in the Equestrian Estates.Step into your elegant home boasting 6 bedrooms, 3.5 baths, a chef kitchen with 2 workstations new granite, built-in appliances, double ovens and stainless appliances.Travertine floors in main living area. Wood flooring in bedrooms-lots of storage and walk in closets. Primary suite with sitting area and 2 closets and direct access to backyard.Full built out basement w/ bonus room, bar, 2 bedrooms and bath. Perfect place to send the kids or create a quiet cool place to retreat from the heat. Built in BBQ, view deck&storage shed.Beautiful neighborhood, Kyrene School District, horse back riding trails and more.

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30813 N 138th Street Scottsdale, AZ 85262

$1,259,000

4 Beds

3 Baths

3,320 SqFt

Status Active

MLS # 6768091

Property Type Single Family Residence

Price Type --

Looking for a home with all the bells & whistles... you have found it! This beautiful Santa Fe Style residence on a 1.248 acre lot with no HOA is a true dream and value. Surrounded by breathtaking mountain views, a 3-car sided garage, RV gate, circular driveway and more. Travertine flooring, stylish light fixtures & windows enrich the experience. A desirable great room enhanced by a floor-to-ceiling stone fireplace & media niches is designed for creating memories. A prep island w/a breakfast bar, abundant cabinetry adorned w/crown moulding, granite counters, travertine backsplash, built-in appliances, a handy pantry, & a lovely bay window in the dining area complete this chef's kitchen. Note that private water well pump & tank have recently been replaced as well as the pool equipment. Rest & rejuvenation await in the owner's retreat, showcasing plush carpet, direct outdoor access, double door entry, a two-way fireplace, plantation shutters, and an ensuite comprised of two vanities, soaking tub, and a walk-in closet. As a bonus, you will also have an open den/office. Wonderful backyard includes a covered patio with a fireplace, built-in BBQ, fire pit, roof deck, and a shimmering pool & spa. What's not to like? Experience the epitome of desert living in this meticulously crafted haven!

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23164 N 73rd Place Scottsdale, AZ 85255

$1,258,000

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6785097

Property Type Single Family Residence

Price Type --

Gorgeous one storey home built in 2018, single level with 3 bedrooms and 3 full bathrooms have everything you need on your next home! With over $150K in upgrades! Open concept living areas, stunning gourmet kitchen with stainless steel appliances, and a spacious waterfall island. The master bathroom includes an oversized bathtub, and other luxurious details throughout the house. Custom electronic shades in the master bedroom and sliding patio door provide privacy in the living and sleeping spaces. The house is equipped with a charging station for electric vehicles in the garage and driveway. A gorgeous backyard will allow you to enjoy the Arizona sunsets with no nearby obstructions. Large community pool with spa, ourdoor green areas, gym and sauna complement this beautiful h

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19950 W Cambridge Avenue Buckeye, AZ 85396

$1,258,000

4 Beds

3.5 Baths

2,919 SqFt

Status Active

MLS # 6736777

Property Type Single Family Residence

Price Type --

Beautiful 2919 sq ft 1 level Horse property with Casita and 1 acre with the best of both worlds, space and proximity to everything! Some of the features, include 20-foot ceiling entry in the great room, Shutters, 4 large bedrooms, 3.5 bath, including a master suite, walk-in closet master bath with en suite with a garden tub and skylight, french doors opening to the covered patio, custom tiled bathrooms, rustic wood beams, propane fireplace, chef's paradise kitchen with granite countertops and stainless-steel appliances, built-in wine fridge in the adjacent family Room, tile floors, office with additional outside access, three-car oversized garage/man cave with built-In cabinets, AC/Heat, Fan, 220-volt outlet for a charging station, and a not to forget a dream backyard with space!

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10230 N 39th Street Phoenix, AZ 85028

$1,255,000

2 Beds

2 Baths

2,646 SqFt

Status Active

MLS # 6774365

Property Type Single Family Residence

Price Type --

OPPORTUNITY TO MAKE THIS YOUR DREAM HOME! SURROUNDED BY MOUNTAIN VIEWS AND WILDLIFE*FEEL LIKE YOU ARE IN THE COUNTRY BUT WITHIN THE CITY AND EZ COMMUTE TO DOWNTOWN

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20970 E Stacey Road Queen Creek, AZ 85142

$1,254,900

4 Beds

3.5 Baths

3,351 SqFt

Status Active

MLS # 6776053

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in Bellero, this stunning contemporary residence combines modern elegance with ultimate comfort. Key Features: Stunning Curb Appeal, Open-Concept Living: Step inside to an expansive open floor plan featuring high ceilings and tile plank floors. The spacious living area flows seamlessly into the gourmet kitchen, equipped with top-of-the-line stainless appliances, and HUGE center island with quartz countertops. Elegant Dining Experience. Luxurious Master Suite, 3 Versatile Bedrooms. Casita with separate entrance. Massive RV garage. 4 car attached Garage. Outdoor Oasis with pool, Built in BBQ and amazing entertaining space. Prime Location:Situated in a sought-after neighborhood, this property is just minutes away from top-rated schools, shopping, dining.

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14700 S Tuthill Road Buckeye, AZ 85326

$1,253,632

4 Beds

3 Baths

3,436 SqFt

Status Active

MLS # 6768652

Property Type Single Family Residence

Price Type --

Nestled on a sprawling 5.38-acre estate, this meticulously remodeled ranch home offers a perfect blend of luxury living and agricultural charm. The main residence features 4 spacious bedrms and 3 bathrms, along with a versatile bonus room. Step outside to discover a backyard paradise, complete with a sparkling pool that promises endless fun and relaxation under the sun. This estate is a horse lover's dream, featuring a fully equipped barndominium with 2 cozy bedrooms and 1 ba, perfect for guests or as a caretaker's quarters. The estate is designed to cater to all aspects of farming and equestrian activities, boasting an impressive arena, 10 horse stalls, a riding & corral area for training and enjoyment. The horse walker & multiple water sources across the property ensures the utmost utmost convenience and care for your equine friends. With ample space for gardening, livestock, and other agricultural pursuits, this property offers a unique opportunity to live a life of self-sufficiency and connection to the land. Whether you're a seasoned farmer, an equestrian enthusiast, or simply seeking a serene and spacious retreat from the hustle and bustle, this property is sure to captivate and inspire. Welcome home to your very own piece of paradise, where luxury meets country living at its finest.

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3295 W Mesquite Street Phoenix, AZ 85086

$1,250,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6783088

Property Type Single Family Residence

Price Type --

Stunning new construction luxury home by NEXTGEN Builders to be built: This luxurious home features 4 bedrooms plus an office/den, 3.5 bathrooms, and high-quality finishes throughout. The spacious design includes an oversized 2-car garage plus a 46+ foot RV garage with a 12x14-foot tall garage door, set on a large lot without HOA restrictions. Highlights include an oversized contemporary front door, 2x6 exterior framing, a large kitchen island with quartz countertops, and walk-in closets in all bedrooms. The Owner's bathroom offers a spacious entry shower, standalone tub, and double sinks. Other features include 8-foot doors, 12 ft ceiling, energy-efficient spray foam insulation, and a post-tension foundation. Choose your options. Please note, photos are of a model home.

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