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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9285 W Juniper Road
Pine, AZ 85544
$1,150,000
4
Beds
4
Baths
3,826
SqFt
Status
Active
MLS #
6750019
Property Type
Single Family Residence
Price Type
--
Welcome to this enchanting French Country farmhouse on 2.23 fenced acres suitable for horses and featuring two separate living quarters. All of this is nestled amidst a beautifully landscaped country garden with mature shade and fruit trees. The main living quarters offers 3 bedrooms, 2 full bathrooms, a spacious open loft with a half bath, a gorgeous kitchen with travertine flooring and granite countertops, a large wood-burning fireplace and access to a serene back patio. The second living quarters includes 1 bedroom, a ¾ bath, an updated kitchen with granite countertops, a cozy gas fireplace and a charming covered balcony overlooking a panoramic view of Strawberry Mountain. The property also boasts a large, attached garage with custom wood doors and a detached 24X48 ft combination PEACEFUL ESTATE COMBINES LUXURY LIVING WITH OUTDOOR CHARM
201 N Fawn Drive
Payson, AZ 85541
$1,150,000
3
Beds
2
Baths
2,310
SqFt
Status
Active
MLS #
6756145
Property Type
Single Family Residence
Price Type
--
Here is your chance to own elegance with character. Pride of ownership exudes in this tutor style three bedroom two bath home on just over an acre. Nestled In the quiet neighborhood of Manzanita Hills, commune with nature and enjoy the views on the back deck, the adjacent acre next-door is also available to purchase for your added privacy. As soon as you walk in the front door, you are greeted by a magnificent great room and stone fireplace. With a rustic atmosphere and Tuscan like kitchen there is room for all. Porcelain flooring and new interior paint has been completely redone as of December 2021, newer roof installed three years ago, solar panels have not been reinstalled. Owners will credit toward reinstallation and remaining lease amount of solar panel.
15025 N Forever View Lane
Prescott, AZ 86305
$1,150,000
2
Beds
3
Baths
2,049
SqFt
Status
Active
MLS #
6755658
Property Type
Single Family Residence
Price Type
--
Rare opportunity to own this stunning 2-bedroom plus den cottage with a large 3-car garage, located near the cart path in Talking Rock. Nestled on a quiet cul-de-sac, this beautifully appointed home offers a spacious outdoor patio with a fire pit, built-in BBQ, and a peek of Granite Mountain. Surrounded by mature, professional landscaping, the open floor plan features vaulted beamed ceilings, hardwood floors, a slider in the dining room and master, and plantation shutters. The charming kitchen boasts granite counters, stainless steel KitchenAid appliances, and a 6-burner gas stove. Move-in ready! Talking Rock is a gated private community for members only. Amenities include: award winning Jay Morrish designed Golf Course, The Ranch House restaurant and bar, Coop's Coffee House. fitness center, bocce, pickle ball courts, tennis court, pool and dog park
7121 E Rancho Vista Drive Unit 3011
Scottsdale, AZ 85251
$1,150,000
2
Beds
2
Baths
1,628
SqFt
Status
Active
MLS #
6775711
Property Type
Apartment
Price Type
--
Discover the pinnacle of luxury with this exquisitely remodeled condo, perfectly situated in the heart of Scottsdale. Thoughtfully redesigned with the discerning buyer in mind, this spacious sanctuary showcases brand-new premium Karndean Select Warm Ash flooring, refined lighting fixtures, and breathtaking quartz kitchen countertop and honed marble bathroom countertops that exude sophistication at every turn. Every detail reflects modern elegance, seamlessly paired with timeless charm for an atmosphere of pure opulence. Located within an exclusive, resort-inspired community, residents enjoy access to world-class amenities that elevate daily living to an art form. This rare gem presents an unparalleled opportunity to experience elevated comfort, style, and exclusivity. Don't let this masterpiece pass you by.
947 Morins Ranch Road
Show Low, AZ 85901
$1,150,000
5
Beds
4
Baths
3,964
SqFt
Status
Active
MLS #
6762236
Property Type
Single Family Residence
Price Type
--
Lush green grass and the beautiful park like landscaping welcome you to the perfect family home. No HOA on 3.08 acres in Show Low is quite the find. This spacious home is the perfect spot for family gatherings and holidays. The chef's kitchen has an indoor vented grill, large island, double ovens and an oversized pantry. A pellet stove keeps this wing of the house cozy in the winter and conserves energy as well. Large double pane windows throughout the house let in plenty of light. The family/great room boasts tongue and groove aspen ceiling and accent wall as well as a wood burning fireplace. French doors open to the fully fenced yard where the natural vegetation and landscape has been preserved. The oversized bedrooms all have plenty of closet space and shelving Newly constructed 2400sf Mueller shop, 16 foot ceilings, 2 - 60x15 covered car ports on either side of the shop. Shop is equipped with water, electric and air lines for air compressors.
7617 E Presidio Street
Mesa, AZ 85207
$1,150,000
5
Beds
3
Baths
2,983
SqFt
Status
Active
MLS #
6763833
Property Type
Single Family Residence
Price Type
--
Experience peaceful AZ living in this updated custom home situated on an acre+ lot in the gated community of Sossaman Heights. The stunning open plan offers a beautiful kitchen & dining area that flow into the great room ideally designed for daily living & entertaining. The primary suite boasts refined finishes & a spa-inspired bath with a zero-grade entry shower & large closet. The beautifully designed backyard offers a private park with walking paths, entertaining ramada, expansive patios, built-in BBQ, firepit & hot tub. Additional features include an extended length 3-car garage, RV gate, stunning view deck & tons of storage throughout. With ample space to add an RV garage, casita, and/or pool the possibilities are endless!
3205 W Silver Sage Lane
Phoenix, AZ 85083
$1,150,000
7
Beds
4.5
Baths
4,126
SqFt
Status
Active
MLS #
6766510
Property Type
Single Family Residence
Price Type
--
Welcome to your dream property, perfectly blending function and elegance! Situated on a spacious double lot, this extraordinary home offers added privacy with no rear neighbors, making it an ideal retreat for families and entertainers alike. As you step inside, you'll be greeted by a light and bright, thoughtfully designed layout. To your right, you'll find a cleverly concealed laundry room and an office, both featuring doors that seamlessly blend into the white wall for a clean, modern aesthetic. The heart of the home boasts a fully remodeled kitchen, perfect for culinary enthusiasts which is open to your dining and living areas letting you stay engaged with family and guests. The main level includes a large primary suite, with its own ensuite and walk-in closet, offering easy access and comfort. The upstairs has a separate living/playroom, laundry room, six additional bedrooms, with two large enough to serve as secondary suites, and two bathrooms, providing flexibility for guests or family. The home is equipped with two newer Trane 5-ton, 17 SEER air conditioning units and a modern water heater, ensuring year-round comfort and energy efficiency. Outdoor Entertaining: Step outside to discover your own outdoor oasis! The property features two expansive patios, perfect for entertaining or simply relaxing in the sun. Custom metal structures at both ends of the patios are adorned with blooming jasmine, creating a serene atmosphere. An RV gate, Ramada, and a fully equipped outdoor BBQ/kitchen make this space perfect for hosting gatherings. The Aero Professional misting systems on the patios provide comfort during those warm summer days. Hate putting up and taking down Christmas lights each year? No problem, they have been permanently installed on this home! Expansive Shop: For those with hobbies or business needs, a standout feature of this property is the impressive 40x40 shop. Complete with two oversized 2-car garage doors, this space is deep enough to accommodate a boat or large truck. Inside, you'll find a full bath and a separate room that could easily be converted into a casita, providing additional living space or a private home office. The shop is temperature controlled with two newer mini-split units, and a tankless hot water heater adds convenience. Fully permitted, this space has extra power to meet all your needs, and the roof is only about six years old, ensuring durability. This unique property truly has it all, spacious living, functional workspaces, and an incredible outdoor environment. Don't miss the opportunity to make this exceptional home your own!
39012 N 11th Avenue
Phoenix, AZ 85086
$1,150,000
4
Beds
4.5
Baths
3,485
SqFt
Status
Active
MLS #
6771611
Property Type
Single Family Residence
Price Type
--
Escape to your own private retreat with this stunning custom home, set on a serene 1.3-acre lot surrounded by breathtaking Arizona mountain and city views. This 4-bedroom, 4.5-bathroom sanctuary offers unparalleled privacy and luxury. Step out onto your private balcony, just steps from the master suite, and take in the panoramic sights. The master suite is a true oasis, featuring a luxurious soaking tub, walk-in shower, and an expansive walk-in closet. The heart of the home is the beautifully designed kitchen, complete with top-of-the-line appliances and ample space for entertainment, perfect for hosting any party. Enjoy the flexibility of a separate sitting or game room, while each of the additional spacious bedrooms boasts its own walk-in closet and en-suite bathroom, offering comfort and privacy for all. The property also includes a separate guest quarter with its own entrance, ideal for visitors or extended stays. Descend the spiral staircase from the balcony and find yourself by a sparkling lap pool, surrounded by lush turf. The space is gas-plumbed, ready for you to create an outdoor BBQ kitchen area. The meticulously landscaped grounds feature custom-painted desert accents and are framed by the natural beauty of the surrounding desert, along with your own mature fruit trees. Don't miss the opportunity to own this unique desert charm of home yours!
3810 E Herrera Drive
Phoenix, AZ 85050
$1,150,000
5
Beds
3.5
Baths
3,677
SqFt
Status
Active
MLS #
6773142
Property Type
Single Family Residence
Price Type
--
Welcome to the stunning Toll Brother's home of 3810 E Herrera Drive located in Aviano at Desert Ridge. Spanning 3,677 square feet and boasting 5-beds, 3.5-baths, the home exerts luxury and comfort living. Inside, the tall ceilings, freshly painted interior, are enhanced by stylish new light fixtures that create a sophisticated ambiance. The home's dual 2021 HVAC systems ensure year-round comfort, making relaxation effortless. The sought-after floor plan invites you to move through the dining room and living room and opens to a courtyard, which allows natural light to flood the home. The home's newly painted exterior allows you to enjoy a resort-like backyard equipped with a gas fireplace, natural grass, and mature landscaping, plumbed and wired for a pool, all perfect for relaxation. Conveniently located just minutes from The Club, you'll have access to a heated pool, spa, gym, media center, and both tennis and basketball courts. The community boasts 19 parks and scenic walking paths for outdoor exploration. With prime access to shopping, fine dining, and the vibrant Scottsdale Quarter and Kierland, this residence offers an unparalleled lifestyle of comfort, style, and exceptional amenities.
3518 E Desert Cove Avenue
Phoenix, AZ 85028
$1,150,000
3
Beds
2
Baths
2,568
SqFt
Status
Active
MLS #
6773595
Property Type
Single Family Residence
Price Type
--
Seize this rare opportunity to own a meticulously maintained single level gem sitting on over 1 acre in the highly sought-after Desert Paradise community! This 2,568 sq. ft. home includes an inviting front living room addition, updated flooring, sparkling blue pool, oversized 3 car garage, massive front & backyard, RV Gate & renovated master bath. Possible lot split opportunity!!! Did we mention this home was sitting on 1 acre! Updated Landscaping, New Soft Water System, New Carpet, New Irrigation Drip System, New Electrical Panel, New Heat Pump, New Pool Pump, New Fridge & Dishwasher, New Tankless Water Heater & More!!! Centrally located just minutes from Paradise Valley, top-rated schools, shopping, dining, entertainment & freeway access. This home is a must see!!!
7117 E Rancho Vista Drive Unit 2005
Scottsdale, AZ 85251
$1,150,000
2
Beds
2
Baths
1,635
SqFt
Status
Active
MLS #
6773268
Property Type
Apartment
Price Type
--
This stunningly, fully remodeled 2-bed, 2-bath condo epitomizes modern urban luxury and is among the larger two-bedroom units in the entire complex. The open-concept design combines sleek, contemporary finishes with functional style - showcasing new flooring, elegant quartz countertops, and a striking electric fireplace. Every detail has been carefully considered to breathe fresh life into this space. The gourmet kitchen is a true showstopper, featuring a new stainless steel gas cooktop, waterfall quartz countertops, and a matching backsplash. To create a sophisticated focal point in the kitchen, the island features bold white marble quartz outfitted with a large single basin sink. The living areas are bright and spacious, illuminated by floor-to-ceiling windows that fill the condo with natural light. These expansive windows are equipped with roller shades for added privacy when needed. For cozy winter nights, the new electric fireplace in the living room adds a warm and inviting ambiance. In addition, this unit offers a large bonus room perfect for a formal dining room, office or pool table. Step outside to the remodeled patio featuring new Italian porcelain tile, new landscape and a glimpse of the iconic Camelback Mountain. The master bedroom serves as a serene retreat, perfect for unwinding after a long day. Its en-suite bathroom evokes a spa-like experience with new flooring, updated shower tiles, and sleek modern lights & faucets. A generous walk-in closet provides ample space for clothing and accessories. To top it all off, Optima Camelview Village offers a luxurious array of amenities to complement your high-rise living experience, making this condo the perfect urban sanctuary. This fully renovated condo is priced competitively at one of the lowest prices per square feet being offered!
4222 E Brown Road Unit 31
Mesa, AZ 85205
$1,150,000
3
Beds
2.5
Baths
2,973
SqFt
Status
Active
MLS #
6775557
Property Type
Single Family Residence
Price Type
--
Discover this stunning custom-built home, crafted in 1990, located in the quiet, gated community of Villa Sendero. Spanning 2,973 sq ft home on a sprawling 36,974 sq ft lot, this unique property boasts 3 bedrooms, 2.5 bathrooms, a bonus room, office, formal dining room, and a 3-car split garage.The heart of the home is the amazing kitchen, featuring granite countertops, gas stove, and original travertine tile, perfect for both everyday living and entertaining. The expansive main suite is a true retreat offering a large walk-in closet, jetted tub, and a spacious walk-in shower in the luxurious master bathroom. Outside, the backyard is an oasis in the making, featuring a sparkling pool, garden beds, and mature citrus trees, including orange, grapefruit, and lemon. While the space offers incredible potential, it will require some landscaping work to bring it back to its full glory. For buyers with a vision, it's the perfect opportunity to create a personalized outdoor paradise. With a durable concrete tile roof and nearby amenities such as Alta Mesa Golf Club, Desert Trails Bike Park, and Las Sendas Golf Club just minutes away, this home perfectly blends comfort and convenience. For those looking to add their own personal touch, this property presents a fantastic opportunity to remodel and truly make it their own. Don't miss the chance to transform this one-of-a-kind desert gem in a prime gated community!