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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11703 N 123rd Way
Scottsdale, AZ 85259
$1,159,000
4
Beds
2.5
Baths
2,701
SqFt
Status
Active
MLS #
6761943
Property Type
Single Family Residence
Price Type
--
Discover the epitome of Scottsdale luxury in this breathtaking 4-bedroom, 2.5-bath sanctuary, perfectly situated in the coveted 85259. Relish in awe-inspiring mountain views, a private pool, and a heated spa—all designed for an indulgent lifestyle. Thoughtfully upgraded with Energy Star Renewal by Anderson windows, complete with a 30-year transferable warranty, this home seamlessly blends elegance with efficiency. Unwind by one of two sophisticated fireplaces or venture out to nearby premier golf courses, scenic hiking trails, and top-rated schools. Modern, refined, and poised for discerning tastes, this residence offers the ultimate Scottsdale experience. Don't miss this rare gem!
3619 N 87th Street
Scottsdale, AZ 85251
$1,155,000
4
Beds
2
Baths
1,993
SqFt
Status
Active
MLS #
6750485
Property Type
Single Family Residence
Price Type
--
Experience luxurious living in this stunningly designed Scottsdale home, where quality finishes and thoughtful details shine throughout. The dream kitchen is a culinary masterpiece, featuring an oversized island, quartz countertops, custom Italian cabinetry, a coffee bar, beverage center, and stainless steel appliances. The expansive primary suite offers a walk-in closet, plus an additional closet, and a spa-like ensuite with a double vanity. Each bedroom boasts custom-designed closets with built-in drawers, ensuring ample storage. Step outside to your private oasis—an entertainer's dream backyard with a new (2023) pool as the centerpiece. The oversized baja shelf is perfect for lounging, while the built-in fire pit table and BBQ area provide ideal spots for gatherings. The property also includes an RV gate with access from the back cul-de-sac, offering plenty of space and convenience. Completely redesigned in 2022, this home features new windows, doors, a sliding glass door, roof, water heater, electric panel, updated plumbing, flooring, and state-of-the-art appliances.Every detail has been thoughtfully curated for a modern lifestyle. Don't miss this extraordinary Scottsdale gem!
34010 S State Route 89 Highway
Wickenburg, AZ 85390
$1,150,000
4
Beds
4
Baths
2,836
SqFt
Status
Active
MLS #
6749793
Property Type
Single Family Residence
Price Type
--
TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.
34146 S State Route 89 Highway
Wickenburg, AZ 85390
$1,150,000
4
Beds
4
Baths
2,836
SqFt
Status
Active
MLS #
6749794
Property Type
Single Family Residence
Price Type
--
TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.
5548 E Seven Palms Drive
Cave Creek, AZ 85331
$1,150,000
3
Beds
2.5
Baths
2,501
SqFt
Status
Active
MLS #
6667040
Property Type
Single Family Residence
Price Type
--
Another NEXTGEN Builders luxury home: 3 BD, 2.5 BA, plus office/den w/closet for 4th, high quality built home with many upgrades, 2-Gar with 8' tall overhead door and 49' RV Gar with 12x14 RV door. No HOA. Dbl door entry, paver front sidewalk and 23' driveway apron, large kitchen island, upgraded appliances, convection oven/microwave built-in combo, Gas cooktop, quartz counter tops throughout. All bedrooms have walk-in closets. Master bath has large entry shower with standalone tub and double sinks. 8' doors throughout, nicely finished. Energy efficient Spray foam insulation, 2x6 frame exterior, fully sheathed exterior, post tension foundation, Black Mtn. views, Buyer to verify all facts and spec. Block fence to be installed, back yard pad to be extended and room for pool. Move-in ready!
509 E Adamanda Court
Phoenix, AZ 85086
$1,150,000
3
Beds
2.5
Baths
2,191
SqFt
Status
Active
MLS #
6703349
Property Type
Single Family Residence
Price Type
--
WOW! This charming home in the serene Desert Hills Estates sits on a spacious cul-de-sac lot, welcoming you with a circular driveway and a massive concrete extension, a massive five-car garage AND a 2400 sq ft detached garage that can be used for a RV garage. With a built-in wood shop inside this is truly the craftsman dream space. Interior features include an attractive solid red oak flooring, recessed lighting, and a spacious living room with wall niches, pre-wired surround sound, and a cozy fireplace. Family room offers a perfect space to unwind, while the well-appointed kitchen boasts ample cabinets, quartz counters, a tile backsplash and SS appliances including a wine cooler. Expansive main bedroom includes abundant cabinetry and a private bathroom with dual sinks. Outside, the tranquil backyard offers a covered patio, paver patio, built-in BBQ, and breathtaking mountain views. This exceptional horse property is a must-see!
5250 E Deer Valley Drive Unit 403
Phoenix, AZ 85054
$1,150,000
2
Beds
3
Baths
1,781
SqFt
Status
Active
MLS #
6737255
Property Type
Apartment
Price Type
--
Penthouse Level Condo-where luxury and convenience come together to create an extraordinary resort lifestyle in an incredible location! Enjoy 2 BRs/den-flex room/2-1/2 baths, open floorplan, 11' ceilings, 2 walk-in closets in primary BR, laundry room, upgraded appliances/lighting/quartz, expansive patio/built-in barbecue, 2 parking spaces + 7' x 13' storage room in gated underground parking garage. Soft water, sewer, garbage, gas, internet included. Lush grounds, outdoor entertainment areas, fire pits, 12,000+ sf upscale clubhouse, 4000+ sf state-of-the-art gym, yoga room, conference room & working lounge, wine tasting room, Olympic-size pool + walk across the street to everything you could want with over 160+ restaurants/bars/shopping. Seller concessions for buyer closing costs! Unit 403 is perfectly positioned with no unit above, and no unit directly facing you! This like-new condo with its clean color pallet is ready for your personal touches and creativity. This incredible location in the master-planned community of Desert Ridge is just a few miles from Scottsdale, the hosting city for national events annually! You'll also have access to additional amenities at the adjacent sister development Toscana for your pleasure and enjoyment! THE LUXE is the place to live for the most discerning buyers providing a superior level of living at the greatest value among competitors. Not only do you have unbelievable entertainment and shopping across the street in the Desert Ridge Marketplace and High Street, but now underway is the newest 100+ acre mixed-use development City North that will provide more entertainment and value. Don't wait, this ready-to-move-in unit is far below the new-build prices, so make an offer the seller cannot refuse! (See the docs tab for an expanded list of condo upgrades, LUXE amenities & info about the surrounding area.) *Five minutes to Interstate 51 and Interstate 101 & 20/30 minutes to the airport. *Mayo Clinic - 2 miles; Abrazo Hospital Campus & HonorHealth Scottsdale Thompson Peak Medical Center - within 5 miles. *The Luxe/Toscana/Desert Ridge is perfectly positioned less than a few miles west of Scottsdale Road where national events are hosted annually such as the Waste Management Golf Open, Barrett-Jackson Car Show, and Arabian Horse Show to name a few. *The new City North development across the street is now under development!!! Planned with over 2 million square feet of office, 3,416+ multifamily units, 1,000+ hotel rooms, and retail and dining options. *Invest in The Luxe of Desert Ridge where you won't pay the higher North Scottsdale real estate prices for this kind of luxury and convenience. *Pickleball at the JW Marriott Desert Ridge right behind Toscana, Paradise Valley Community Center, Thompson Peak Park. *Golf - Numerous golf courses within a short distance from Desert Ridge.
2329 W Speer Trail
Phoenix, AZ 85086
$1,150,000
3
Beds
3
Baths
3,137
SqFt
Status
Active
MLS #
6726118
Property Type
Single Family Residence
Price Type
--
Welcome to your desert oasis in Arizona! This stunning property offers luxury living on a one-acre lot, providing ample space and privacy. The house features 3 spacious bedrooms and 3 bathrooms, perfect for accommodating family and guests. With a generous 3,137 square feet of living space, there is plenty of room for relaxation and entertainment. The home also includes a convenient car garage for working on your next car rebuild plus ample storage! There is over 7,200 roof covered space! Enjoy the tranquility and breathtaking views of the desert landscape from your own backyard. Whether you're watching sunsets or stargazing at night, this property offers a peaceful retreat away from the hustle and bustle of city life. Priced at $1,150,000.
2534 N 52nd Street
Phoenix, AZ 85008
$1,150,000
5
Beds
4
Baths
3,174
SqFt
Status
Active
MLS #
6737826
Property Type
Single Family Residence
Price Type
--
Welcome to this unique investment opportunity! This property features a spacious, fully renovated charming house at the front and a duplex at the rear, offering a total of three units on one expansive lot. Ideal for investors or multi-generational living, each unit presents distinct living spaces and successful rental income. The property is located in Arcadia lite, near the best shopping and conveniently situated near freeways for an easy drive to downtown. Just 10 minutes from ASU, Tempe, and old town Scottsdale, and close to amenities and major thoroughfares, this property is a must-see for those seeking versatility and value. House is 1636 sqft plus garage and 2 back units at 769 sqft each, each with its own carport. Don't miss out !
33317 N 71st Street
Scottsdale, AZ 85266
$1,150,000
3
Beds
2
Baths
2,303
SqFt
Status
Active
MLS #
6734451
Property Type
Single Family Residence
Price Type
--
Enjoy the Terravita Lifestyle in this gorgeous three Bedroom Caelum Model. The Great Room shows a Stone Fireplace and Wood Plank Tile Flooring. Master Bath and Junior Bath are remodeled as well as the Kitchen with high Quality Cabinets, Granite Countertops and built-in Wine Bar. The spacious Office has Alderwood built-in Bookcase and Desk. Watch the Sun and the Moor rise in your Resort Like Back Yard with View of Winfield Mountain, heated Pool, Putting Green, built-in Barbeque and Fireplace.
1236 E Mclellan Boulevard
Phoenix, AZ 85014
$1,150,000
3
Beds
3
Baths
2,803
SqFt
Status
Active
MLS #
6738763
Property Type
Single Family Residence
Price Type
--
BEAUTIFULLY REMODELED! Nestled on one of the biggest lots on the street, this gorgeous residence tastefully blends classic charm and modern amenities. Attention to detail is evident with recent upgrades, including NEW elegant light fixtures, wood-look tile flooring, recessed lighting, fresh neutral paint, & ceiling fans. Featuring a spacious great room and a large family room w/ custom French doors to the back, The renewed gourmet kitchen offers high-end appliances w/wine fridge, two-tone shaker cabinetry, quartz counters, designer tile backsplash, and a huge waterfall island w/breakfast bar. Plus a spacious casita in the backyard! Every aspect of this property has been fully upgraded, truly one of a kind. For added convenience, this gem comes with an attached 1-car garage and RV gate & parking. If entertaining is on your mind, the backyard awaits! With multiple seating areas & a private pool, this space promises year-round enjoyment. Excellent location close to schools, shopping, dining options, and freeways. Don't miss this opportunity!
420 W Adamanda Drive
Phoenix, AZ 85086
$1,150,000
4
Beds
3.5
Baths
2,359
SqFt
Status
Active
MLS #
6756967
Property Type
Single Family Residence
Price Type
--
MOTIVATED SELLERS ALL OFFERS CONSIDERED!! Santa Fe-style horse property, sprawling over an acre w/ no HOA—your opportunity to truly personalize your space. This custom-built, single-level home has been newly updated w/ nearly $200k in upgrades, enhancing its natural light-filled interior, cozy fireplace, & impressive kitchen. It features two primary bedrooms, two generous guest rooms, & tranquil backyard views. Step outside to a private oasis complete w/ a pool, spa, new gazebo, & a detached casita w/ a kitchenette & bath. W/ two RV gates, hookups, and zoning for an additional septic system, this property is perfect for all of your needs. Experience peaceful country living just minutes from shopping, Lake Pleasant, North Scottsdale, & world-class golf.