Mortgage Myths: Here’s Why You Don’t Need a Full 20 Percent Down Payment

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 Hayward Avenue Phoenix, AZ 85020

$1,185,000
4 Beds
4 Baths
2,369 SqFt
Status Active
MLS # 6776609
Property Type Single Family Residence
Price Type --
Where Old-World Charm Meets Modern Day Luxury in the Heart of North Central Phoenix! Welcome to this stunning estate, a beautifully remodeled gem nestled ''Between the Sevens'' within the sought-after Madison School District. The main house features three spacious bedrooms and three full baths, exuding elegance and modern charm. The highly upgraded kitchen is a chef's dream, boasting chic custom lacquer-finished cabinets with roping inlay, glass doors, quartz countertops, and a seamless backsplash. High-end white Café appliances with bronze-accented hardware perfectly complement the undermount single-basin white porcelain sink. Every cabinet is thoughtfully designed with full-size drawer pull-outs, a pull-out cutting board, organized utensil and spice drawers, and ample storage. The kitche flows seamlessly into the formal dining room with its Moroccan-tiled floor, overlooking the pool and offering walk-out access to the expansive 18'x26' trellised pergola. Meticulously refinished solid oak flooring with mahogany inlay extends throughout the main living areas, while a bay window corner with an arched recess and vaulted ceiling creates a spacious nook--ideal as an office, study, or library. Each room is charismatically adorned with exquisite ceiling fixtures, fans, recessed lighting, and vaulted ceilings. Adding a touch of intrigue and functionality, a dual-purpose bookshelf door conceals the inside laundry room and butler pantry. With plentiful cabinetry and penny-round tile flooring, this space is a hidden treasure. The primary suite is a luxurious retreat, showcasing naturally re-honed and refinished stonework in the bathroom. The hall bath, shared by the second and third bedrooms, includes a curbless shower with a marble basketweave mosaic tile floor for added elegance. A third bath with a clawfoot soaking tub and Moroccan tile flooring is conveniently located just off the formal dining room. Step outside to your private oasis, where no detail has been overlooked. The beautifully landscaped and hardscaped front and backyards boast a large outdoor Pergola with a checkerboard-patterned piazza-style patio. The gorgeous, heated pool and spa come equipped with new smart pool equipment, allowing you to control the temperature and features from your phone. Custom steel trellis, ironwork, and flower boxes surround the pool area, creating a serene retreat. The property is further enhanced with brand new dual-paned windows and sliding patio doors, new solid wood interior doors with crystal hardware, and an upgraded HVAC unit with a whole-house air filtration system. Electrical upgrades include a dual inverter and an electric vehicle charging station. Additionally, new water heater, plumbing, and sewer lines have been installed both inside and outside, including underground systems. A separate driveway leads beyond the main house to a potential fourth bedroom/studio guest house, offering versatile space for guests, a workout room, or a private studio. The casita features a new roof, new mini-split HVAC, closet, and a full bath. With its prime location, impeccable upgrades, and luxurious amenities, this property provides an unparalleled living experience in the North Central Corridor all year round!

2839 E Bellerive Drive Gilbert, AZ 85298

$1,185,000
4 Beds
2.5 Baths
3,340 SqFt
Status Active Under Contract
MLS # 6762944
Property Type Single Family Residence
Price Type --
Wow! Outstanding Spanish-style property with all the bells & whistles at gated Montaverde is a true gem! With 10 foot ceilings this 4 bedroom plus den plus office plus formal dining room home offers excellent curb appeal, a 2.5 car garage, RV gate, and paver driveway. Enter through the amazing courtyard into the abode to discover sheer beauty & breathtaking detail with a split floor plan boasting tall ceilings, a formal living room, a delightful dining room, sophisticated fixtures & features throughout, real hardwood flooring, plantation shutters, and recessed lighting. The captivating great room features faux ceiling beams, a fireplace, and a sense of openness, promoting a greater traffic flow. The elegant white kitchen showcases cabinetry with crown moulding, tile backsplash, granite counters, stainless steel appliances, a built-in fridge, a large walk-in pantry, and a large island with breakfast bar. The owner's suite hosts a lavish ensuite with a soaking tub, step-in shower, dual granite vanity, and a walk-in closet. The secluded den is ideal for an office. The outdoor oasis is an entertainer's dream, offering a covered patio, lush lawn, cobblestone & travertine, an elegant Ramada with electrical outlets & fan, and a beautiful gas heated pool and jacuzzi with water features & seating area to sunbathe. So many beautiful flowers, raised garden beds and fruit trees too with great views of the mountains so close by. Beautiful side yards too. Words don't give this gorgeous extremely sophisticated and highly upgraded masterpiece of a home justice!

1754 E Paint Horse Place San Tan Valley, AZ 85140

$1,185,000
4 Beds
2.5 Baths
2,738 SqFt
Status Active
MLS # 6734487
Property Type Single Family Residence
Price Type --
Nestled on a sprawling 1.24-acre horse property, this exceptional home boasts a blend of luxury and functionality. The expansive residence features four bedrooms, plus a cozy den, and 2.5 bathrooms, making it perfect for both living and entertaining. The huge kitchen is a chef's dream, showcasing a stunning combination of concrete and quartz countertops, a stylish copper sink, and a dedicated coffee station for morning brews. The walk-in pantry offers ample storage for all your culinary needs. Outside, the amenities continue with a sparkling pool and an above-ground spa, perfect for relaxing after a long day. Additionally, a 2,400 sqft shop/RV garage provides ample space for projects and storage.

4003 E Via Montoya Drive Phoenix, AZ 85050

$1,185,000
4 Beds
2.5 Baths
2,971 SqFt
Status Active Under Contract
MLS # 6742456
Property Type Single Family Residence
Price Type --
YOUR CLIENT IS GOING TO LOVE THIS HOME! Location, Location, Location! North Phoenix in Desert Ridge is this gorgeous home exquisitely appointed and finished with upgrades galore. This 2,971 sq ft, 4-bedroom, 2.5-bath, plus den w/split Master floorplan boasts a gorgeous chef's dream kitchen GE Profile Induction range, wall double ovens, large microwave, built-in refrigerator, built-in wine refrigerator, coffee/wine bar nook, walk-in pantry, extended glass upper cabinets w/lights, enormous island w/granite slab countertops, and custom lighting; extra-large Master w/separate exit, and master bath w/double sinks, attractive oversized walk-in shower, private toilet room, loads of lighting, & large walk-in closet w/barn door; Den w/French doors, custom cabinetry; vast living-dining great room w/full wall panel of windows & hard wood flooring; powder room; laundry room w/custom cabinetry, clothing rack & 4 built-in hampers; large family room off of the kitchen w/separate exit to the rear yard; 3 additional nice sized bedrooms; Guest bath w/separate toilet room. The grounds feature: magnificent front yard w/paved walkways & courtyard; stunning rear yard is breathtaking w/large sunk-in pit w/gas freestanding fireplace & sitting wall, extended covered patio w/built in BBQ & tongue grooved cover, additional sitting areas, and loads of pavers on the patio, pool decking & walkways, sparkling pool w/spa & large water feature, separate utility yard, & separate dog run area. This home is a family's entertaining dream. The location is within proximity of top-rated schools, shopping, dining, entertainment, hospital, & 101 & 51 freeways. This is an absolute DELIGHT that you MUST SEE!

1810 E Mountain View Road Phoenix, AZ 85020

$1,185,000
4 Beds
4.5 Baths
3,041 SqFt
Status Active Under Contract
MLS # 6704185
Property Type Single Family Residence
Price Type --
This 2013-built ''Uptown Home'' nestled in the prestigious gated community of Cinnabar Canyon Estates is primed and ready! Great views from every corner! Each bedroom boasts its own ensuite bathroom & spacious walk-in closets. The gourmet kitchen, with BRAND NEW stainless steel appliances, features custom cabinetry with convenient pull-out drawers and backsplash. A deck atop the roof, offering panoramic vistas of the valley's skyline is what this location is all about! Desert landscaping envelops the property, featuring a private yard & an expansive covered patio, perfect for entertaining. Retreat to the separate master suite, complete with a colossal walk-in closet, 8' solid core doors and soaring 10' ceilings! On a beautiful half-acre hillside lot, this 2024 remodeled gem stands out!

19555 E Via Del Oro -- Queen Creek, AZ 85142

$1,184,500
4 Beds
3 Baths
3,405 SqFt
Status Active
MLS # 6754180
Property Type Single Family Residence
Price Type --
You will be captivated by this true gem nestled on a sprawling estate with horse privileges. Enjoy the sound of the water fountain at the porte-cochère over the circular drive leading to a spacious 4-car garage. Inside, experience soaring ceilings, a wall of windows and gorgeous views. The primary suite is a sanctuary with a luxurious bathroom featuring a separate step-in shower, a jacuzzi tub, an enormous walk-in closet and fireplace. The laundry room is equally grand, offering abundant cabinetry and a convenient sink. The backyard is nothing short of an oasis, boasting a glistening pool, a soothing hot tub, and a charming ramada with a fireplace for unforgettable gatherings or a cozy evening under the stars. This home is not just a place to live; it's a lifestyle waiting to be embraced

7400 E Gainey Club Drive Unit 233 Scottsdale, AZ 85258

$1,180,000
3 Beds
3 Baths
1,869 SqFt
Status Active
MLS # 6775411
Property Type Townhouse
Price Type --
Discover opulence in this exquisite remodeled 3 bedroom, 3 bathroom unit located within the prestigious gated Gainey Ranch community, just moments away from the heart of Old Town Scottsdale. This stunning unit is a testament to luxury living, showcasing high-end finishes throughout boasting soaring vaulted ceilings that create a sense of grandeur. The expansive windows flood the space with natural light, offering breathtaking views of the lush golf course and beautiful mountains in the distance. This unit features two primary bedrooms, each with en-suite baths with walk-in showers, providing unparalleled comfort and convenience. The third bedroom is equally well-appointed, with a conveniently located bathroom featuring a lavish Kohler soaker tub just across the hall. Prepare gourmet meals in the custom-designed kitchen featuring soft grey shaker cabinets and leather-ed granite countertops and custom shelves above the sink. Stainless steel appliances, including a built-in wine fridge, make this kitchen perfect for entertaining family & friends. Step outside to your large wrap around patio, seamlessly connected to the living room, where you can relax and enjoy the serene views of the golf course and the McDowell mountains. With a two-car garage complete with storage cabinets, this condo offers both luxury and functionality. It is offered unfurnished, providing you with a blank canvas to create your own upscale oasis. Access to Estate Club which features pool, work out facilities, daily group fitness classes, tennis and pickle ball courts, full time tennis pro, pickle ball and tennis leagues, lounge areas and more. The conference rooms and separate meeting rooms can be reserved for business as well as a wine room for main parties. They have several monthly events including concerts.

19914 E Calle De Flores -- Queen Creek, AZ 85142

$1,180,000
4 Beds
3 Baths
4,104 SqFt
Status Active
MLS # 6672215
Property Type Single Family Residence
Price Type --
This stunning custom-built residence sits on a corner lot in the desirable Circle G community in the heart of Queen Creek! Sitting on 8/10th of an acre offering flood irrigation and horse privileges. Feel the country living with the convenience of all the shops and restaurants around the corner. Upon entry into this open 4 bed 3 bath you'll be greeted by the 12-foot ceilings, travertine diagonal tile, stunning granite countertops and beautiful Alder cabinets. This home boasts an Oversized garage for all your toys and offers quality craftmanship at every turn. Outside, the Side Rv gate allows for easy access to park your boat and trailers. This expansive yard and sparkling pool awaits your enjoyment providing endless opportunities and entertainment.

3281 W Falling Leaf Road Show Low, AZ 85901

$1,180,000
4 Beds
3.5 Baths
3,136 SqFt
Status Active
MLS # 6680231
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat nestled among the tall Ponderosa Pine trees of Torreon. Home was beautifully remodeled inside and out in 2020 and comes Fully Furnished. The breath taking views makes this a truly exquisite property. As you approach this stunning 4-bedroom, 3.5-bathroom estate, which includes a ground level 1 bedroom, 1 bath separate casita. The exterior boasts a spacious 4-car garage, being oversized allows for your vehicles and outdoor gear. Step inside, and you'll be captivated by the warm ambiance of the interior, accentuated by the glow of not one, but two fireplaces—one inside for cozy evenings indoors, and another outside, perfect for gathering with loved ones under the starlit sky. Experience the excitement of mountain living in this exceptional Torreon residence

15215 N Kierland Boulevard Unit 436 Scottsdale, AZ 85254

$1,180,000
2 Beds
2 Baths
1,378 SqFt
Status Active
MLS # 6684481
Property Type Apartment
Price Type --
Lifestyle living at its finest. This 2 bedroom, 2 bathroom condo offers expansive living space that opens to floor-to-ceiling glass with gorgeous views of the Westin Kierland Golf Course, McDowell Mountains, and City Lights with beautiful Arizona sunrise and sunsets. High-end Gourmet Kitchen with Wolfe range, SubZero refrigerator, and Asko dishwasher. Spacious primary bedroom with wall of windows highlighting golf course views. The bathroom has an oversized shower, double sinks, a separate room for the toilet, and a generous walk-in closet. The secondary bedroom is beautifully designed with an En Suite Bath. Freshly remodeled in 2019 this lock and leave is spectacular. Conveniently located on the 4th Floor, just steps from the outdoor kitchen/dining area, covered ramadas, fireplace, fire pit, and gas barbeque. Scottsdale living at its best with Kierland Commons, Scottsdale Quarter, Kierland Resort & Spa, and 27-hole Kierland Golf Course. Enjoy the many amenities a luxury home can offer without the maintenance. Amenities include on-site concierge staff and property management, a private fitness studio, two community lounges, two resort-style sundecks, a heated lap pool, grilling stations, pet park, reserved owner parking, and guest parking in the private garage, and exclusive VIP discounts on shopping and dining throughout Kierland Commons, Scottsdale Quarter and special privileges at the Westin Kierland Spa and Kierland Golf Club.

3730 E Cat Balue Drive Phoenix, AZ 85050

$1,179,000
4 Beds
3.5 Baths
3,552 SqFt
Status Active
MLS # 6768541
Property Type Single Family Residence
Price Type --
Welcome to your dream family home! The courtyard entry adds a touch of elegance, while the custom pool and spa create a resort-like atmosphere. The en suite bedroom on the main floor offers convenience, and the spiral staircase leading to the den and additional bedrooms adds character.The gourmet kitchen with double gas ovens is a chef's delight, and the gas fireplace adds warmth and charm. Plus, being close to excellent schools and shopping makes it even more appealing. This beautiful home is the ideal space for creating lasting memories with loved ones!

32875 N 73rd Way Scottsdale, AZ 85266

$1,175,000
3 Beds
3 Baths
2,109 SqFt
Status Active
MLS # 6757401
Property Type Single Family Residence
Price Type --
Your chance to own a gem with views of Boulder Mntn is finally here! Over 300k in upgrades to this 3 bedroom 3 bath split plan. Soaring 12' ceilings, Custom kitchen w/ Thermador refrigerator/ Freezer columns, built in Thermador coffee maker, Double oven, 220 Conv/Micro oven, Dual dishwashers, 15' waterfall island with added storage, custom upper lighted display cabinets, beautiful upgraded lighting, linear F/P. Laundry with additional cabinets, Expansive patio slider wall to take in the gorgeous mountain view! Custom closets throughout, designer paint, built in Vacuum, custom made draperies w/ shades, all grout color sealed, R/O system, spectacular epoxied garage floor. Close to all amenities yet quiet and private. Next to Summit at Scottsdale Shopping Center & walking trail

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