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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41717 N Moss Springs Court Anthem, AZ 85086

$1,220,000

3 Beds

2.5 Baths

3,191 SqFt

Status Active

MLS # 6767856

Property Type Single Family Residence

Price Type --

Golf course, mountain, pond & wash VIEWS! Endless & changing views from this Anthem Country Club home. Located behind the pond, directly behind Persimmon's hole #8 green, looking up to the ever-changing Daisy Mountain. NEW exterior paint! 1 NEW A/C, other 2012, 3/4 of roof has new underlayment. NEW epoxy garage floor. Open kitchen & family room. Updated kitchen, entertainment center & office. Charming primary bedroom & bathroom. HIS & HER closets & vanities. Large living & dining room. Neutral colors throughout. Light & bright Conveniently located by the main gate. SOLAR lease at low rate. Anthem amenities are outstanding. Come & enjoy ''2 of everything''. 2 golf courses, tennis facilities, club houses, restaurants, pools, fitness centers, just 2 much fun! Sellers are owner/agents.

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13733 E Laurel Lane Scottsdale, AZ 85259

$1,220,000

3 Beds

3 Baths

2,769 SqFt

Status Active

MLS # 6773004

Property Type Single Family Residence

Price Type --

VIEWS VIEWS VIEWS! 24/7 Guard Gated community in highly prestigious Scottsdale Mountain. Single Level home w/ direct south facing Mountain , sunset and city light views features 3 full bedrooms plus a large den, 3 full bathrooms, and a three-car garage! Premium south facing corner lot backs to natural desert and offers exquisite mountain views and city lights. Kitchen includes granite counter tops, SS appliance, plenty of storage space and eat in kitchen! Scottsdale Mountain community features pickleball, tennis, heated spa and plenty of access to the many hiking trails within the McDowell Mountain Preserve. Home is located close to the Basis Schools, Mayo Clinic, golf and much much more!

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1624 Stoney Lane Prescott, AZ 86303

$1,220,000

3 Beds

3.5 Baths

2,880 SqFt

Status Active Under Contract

MLS # 6686800

Property Type Single Family Residence

Price Type --

Designed by the esteemed Prescott Architect Joe Webb and expertly constructed by Naus Construction, this exquisite home is nestled in a gated community within the Hassayampa golf community, exuding timeless Prescott elegance. Recent upgrades include a new roof, state-of-the-art AC units, and an energy-efficient water heater, ensuring the utmost comfort and sustainability. The interior showcases architectural marvels such as beetle art timbers, knotty alder doors and cabinets, and a grand stove fireplace that adds a touch of rugged sophistication to the soaring great room. The gourmet chef's kitchen has been upgraded to perfection, featuring a spacious 9' island, high-end Viking ovens and range, and top-quality KitchenAid fridge and dishwasher. The thoughtful split design offers main-level living convenience, while each of the three bedrooms offers a private living area and ensuite bathrooms for ultimate comfort and privacy. The private backyard is a serene oasis, complete with a stone water feature and panoramic views that invite relaxation and contemplation. Residents have the option to enjoy membership at the prestigious Capital Canyon Country Club, adding an extra layer of luxury to this exceptional living experience.

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36492 E Cactus Lane Tucson, AZ 85739

$1,217,000

3 Beds

3 Baths

2,699 SqFt

Status Active

MLS # 6754708

Property Type Single Family Residence

Price Type --

This luxury home, perfectly situated along the 8th fairway of the prestigious Preserve Golf Course, offers a harmonious blend of sophistication, class, and casual elegance. Nestled within the highly coveted community of The Preserve at SaddleBrooke, this residence boasts a thoughtfully designed split floor plan, featuring three spacious bedrooms and three luxurious baths. Dual master suites provide unmatched privacy, ideal for guests or family, while a versatile bonus room easily transforms into an office, workout room, craft room, or additional guest suite, thanks to a convenient built-in Murphy Bed. The gourmet kitchen is a chef's dream, equipped with top-of-the-line stainless steel appliances, custom cabinetry, and gleaming granite countertops, all enhanced by sophisticated lighting. The kitchen opens up seamlessly to the expansive great room, dining area, and breakfast bar, creating an ideal space for both entertaining and everyday living. A custom fireplace set into a striking chiseled granite feature wall elevates the living room's aesthetic, offering a warm and inviting atmosphere. This exquisite home also offers high end custom retractible sun shades that protect from UV on the homes interior as well as a top of the line Surround sound entertainment system built in! The covered patio will invite you to relax and enjoy panoramic golf course views, with breathtaking sunsets as the backdrop. The yard is equipped with a state of the art remote watering system controlled from your phone! Whether you're an avid golfer or simply seeking a serene lifestyle in a vibrant, active community, this home offers the perfect combination of luxury, comfort, and practicality.

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3111 E Red Oak Court Gilbert, AZ 85297

$1,215,000

4 Beds

3 Baths

3,639 SqFt

Status Active

MLS # 6745436

Property Type Single Family Residence

Price Type --

Magnificent Toll Brothers home nestled in the heart of one of Gilbert's most prestigious areas. Every inch of this exquisite property creates a sense of luxury. Private gated courtyard entry (w/ gas fireplace), gorgeous hickory floors. Timeless granite & marble counters, crown moulding, soffited & box beamed great room ceiling; this home is unique. Spectacular kitchen boasts massive granite counters, upgraded cabinetry, breakfast bar & extended breakfast room. Luxurious owner's suite exudes elegance. The extended floor plan creates your own private retreat w/ massive walk-in closet, marble floors & counters, jetted garden tub accentuate the pampered comforts. Huge 1/3 acre lot features heated pool, private pergola & fire pit & still lots of space to personalize your private oasis. the pampered comforts of the owner's bath suite. Huge 14,000 sq ft lot allows plenty of room for the heated swimming pool, private pergola and fire pit. With so many upgrades and designer touches you'll be swept away!

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8619 E Rancho Vista Drive Scottsdale, AZ 85251

Open House

$1,215,000

4 Beds

3 Baths

2,059 SqFt

Status Active

MLS # 6764806

Property Type Single Family Residence

Price Type --

STUNNING modern luxury ranch single story home in a spectacular location!! The perfect place for a young family, investor, or a large family. **Comes fully furnished** This property includes a new 800sf addition that boasts 10ft ceilings in your garage and primary suite & bath, dual vanities, modern tub & large shower. No HOA, Completely rebuilt with 4 beds 3 baths (3rd bed is a secondary suite) and an extra 200sf+ AC game room!! Minutes from Old Town and Talking Stick, spectacular curb appeal, with two front lighted courtyard patios that include picturesque Camelback Mtn. sunset views! Enjoy signature Scottsdale nights and entertainment, basking in your pristine heated/chilled PebbleTec pool w/ built in fire pit alongside a 40x15 foot covered patio with commercial misters and 3 sliders.

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1427 E Cherrywood Place Chandler, AZ 85249

$1,214,747

3 Beds

2.5 Baths

2,462 SqFt

Status Active

MLS # 6782159

Property Type Single Family Residence

Price Type --

Furnished new single-story, model home with swimming pool in the gated community of Treeland. The home offers a Farmhouse exterior featuring 3 bedrooms, 2.5 bathrooms, a den, and attached 3-car garage. The kitchen features stainless steel built-in appliances including a 36'' gas cooktop and quartz countertops with a waterfall edge at the island. Other highlights include a 12' multi-slider at the dining room, Bryant maple rye cabinets, coffered ceiling in the foyer, office and primary suite, laundry sink with upper and lower cabinets, separate tub and shower at the primary bath with tile surrounds, iron entry door, champagne bronze fixtures in bathrooms, plus washer, dryer and refrigerator. Close of escrow targeted for the end of April, 2025, or earlier at Seller's discretion with notice

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1912 E Gemini Place Chandler, AZ 85249

$1,207,500

6 Beds

3.5 Baths

4,607 SqFt

Status Active

MLS # 6776538

Property Type Single Family Residence

Price Type --

**Welcome to Riggs Country Estate** Discover unmatched luxury and modern convenience in this exceptional Chandler, AZ home. With 6 spacious bedrooms, 3.5 bathrooms, and a downstairs guest suite with a private bath, this residence offers ample space and privacy for everyone. 
**Primary Suite & Additional Spaces** The expansive primary suite upstairs offers a luxurious ensuite bathroom with dual sinks, a soaking tub, separate shower, and a generous walk-in closet. The upstairs also includes four additional bedrooms, a flexible bonus room, and a large loft space for versatile living. **Elegant Living & Entertainment Spaces** Host unforgettable gatherings in the formal dining room or relax in the inviting living room. The gourmet kitchen features modern appliances, double ovens, granite countertops, two walk-in pantries, and touch-less faucets - ideal for home chefs. A large loft offers endless possibilities, perfect for a game room, library, or pool table. **Outdoor Oasis** Step outside to a covered patio complete with an outdoor kitchen featuring a BBQ grill and fridge. A large tiled seating area overlooks the stunning 10-foot-deep diving pool, accentuated by 12 color-changing lights, and a sprawling grass area. The backyard exudes a park-like ambiance with a private sidewalk and pathway lights that create a warm, welcoming atmosphere. **Smart Home Features** Designed for modern living, this home boasts a range of smart features: - Garage Control: Both the two-car garage and single-car garage (equipped with a camera) are smartphone-controlled. - HVAC Control: Adjust the HVAC system remotely for comfort and energy efficiency. - Patio Lighting: Control patio lights from your mobile device. - Pool Features: Manage all pool functions with remote control. - Exterior Lighting: Accent lights, lamp posts, and pathway lights are programmable with timers, night/day sensors, or manual mobile control. **Prime Location** This home combines luxury with convenience, situated near top-rated CUSD and charter schools, shopping, and freeway access. Welcome to Riggs Country Estate - a blend of timeless elegance and modern luxury awaits.

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13816 E Lupine Avenue Scottsdale, AZ 85259

$1,205,000

5 Beds

2.5 Baths

3,233 SqFt

Status Active Under Contract

MLS # 6760057

Property Type Single Family Residence

Price Type --

GORGEOUS 5bed/2.5bath/3car 3200+sqft home located in the private community of Scottsdale Mountain. Nestled adjacent to the McDowell Mountain Preserve, this exclusive guard-gated community offers a quintessential Arizona lifestyle. Move in ready for a buyer interested in a quick COE. Featuring the Primary bedroom on the ground floor with direct views of the McDowells and Sunset Point. This floor plan has it all, formal living and dining spaces, family room, loft/office space, large eat in kitchen with bar and breakfast area, covered outdoor patio, pool, and oversized lot backing up to community wash. Enjoy endless sunset views and city lights. Located in Scottsdale Unified School District near boutiques, art district, outdoor activities and fine dining. MAKE THIS HOME YOURS TODAY!

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18140 W Oregon Court Litchfield Park, AZ 85340

$1,200,000

4 Beds

4.5 Baths

3,180 SqFt

Status Active

MLS # 6776173

Property Type Single Family Residence

Price Type --

Discover your desert retreat in this beautifully designed single-story home, where elegance meets comfort! Impressive curb appeal is highlighted by a low-maintenance desert landscape, modern stepping stones, stylish stone accents and outdoor lighting for that welcoming atmosphere. Step inside to discover an inviting open concept layout, accentuated by modern tray ceilings, recessed lighting and modern shiplap accent walls. This home features a neutral paint scheme that complements the crisp white plantation shutters. Warm wood-look tile floors provide a seamless flow throughout. Selling points include a culinary paradise in this stunning kitchen with a true butlers pantry, generous island with stylish pendant lighting, a gas cooktop, ample cabinet space, tile backsplash and modern hood. The primary bedroom showpieces a spacious walk-in closet with custom built-ins, while the ensuite offers a true spa retreat! An added distinction here is the attached RV garage which will accommodate all your adventures! This stunning residence features a serene backyard oasis with a glistening pool, a stack stone gas fireplace, and a fully equipped covered outdoor kitchen. You'll find this beautifully designed space creates the perfect sanctuary for year-round enjoyment!

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34198 S State Route 89 Highway Wickenburg, AZ 85390

New

$1,200,000

4 Beds

4 Baths

2,836 SqFt

Status Active

MLS # 6782506

Property Type Single Family Residence

Price Type --

Introducing a soon-to-be-completed, luxurious custom estate spanning over 4 acres of prime Wickenburg horse property! Step into a grand chef's kitchen that features high-end appliances, an expansive walk-in pantry & a generously appointed laundry room complete with a deep sink and abundant storage. The main residence offers three spacious en-suite bedrooms, plus a versatile flex room perfect for an office or additional bedroom. The primary suite serves as a private sanctuary, showcasing a spa-inspired bathroom w/ dual vanities, an oversized walk-in shower & a grand closet. An attached private casita, accessible from within the main house or through a separate exterior entrance, provides guests w/ a retreat featuring a kitchenette, full bathroom & a spacious walk-in closet. For car enthusiasts, a massive four-car garage offers ample space for vehicles and recreational gear. This is more than just a home; it's a lifestyle opportunity awaiting you in Wickenburg's most coveted location. Don't miss your chance to make this luxurious property your own!

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1550 W Snow Creek Trail Show Low, AZ 85901

$1,200,000

4 Beds

3 Baths

3,200 SqFt

Status Active

MLS # 6775923

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully updated 4-bedroom, 3-bath residence offers the perfect blend of modern elegance and comfort. Nestled in a serene neighborhood of Snow Creek, the property boasts panoramic views that will take your breath away. As you step inside, you'll be greeted by an open-concept living area filled with natural light. The spacious living room flows seamlessly into a gourmet kitchen, complete with sleek stainless steel appliances, quartz countertops, and ample storage. The adjacent dining area is perfect for entertaining or enjoying family meals while soaking in the scenic backdrop. The primary suite is a true retreat, featuring a luxurious en-suite bathroom and generous closet space. Three additional bedrooms provide plenty of room for family, guests, or a home office. Each bathroom has been thoughtfully updated with modern fixtures and finishes. The finished basement adds even more living space, ideal for a game room, home theater, or gym. Step outside to your private patio and yard, where you can unwind and take in the stunning views of the surrounding landscape. This home is equipped with all the modern amenities, including energy-efficient appliances and smart home features. With easy access to local parks, shopping, and schools, this property combines convenience and tranquility. Don't miss the opportunity to own this exquisite home with an incredible view! Schedule your showing today!

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