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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6525 E Cave Creek Road Unit 15 Cave Creek, AZ 85331

Open House

New

$1,125,000

2 Beds

2.5 Baths

2,078 SqFt

Status Active

MLS # 6783182

Property Type Single Family Residence

Price Type --

Where Contemporary meets South West, these rustic design homes fit right in with Cave Creeks charm. This home is constructed with an innovated method utilizing insulated concrete (GFRC) providing high R values not found in stick-built homes. Stay cool, and quiet and enjoy low utility bills. Luxurious Great Room and Kitchen with 14' to 17' ceilings, two master bedrooms and baths, large Den/Office and powder room. All commercial grade windows and doors with a 10' fiberglass door at the entry and 10' glass doors to the back patio. Enjoy all seasons on the sun and shade patio with built in BBQ island, gas firepit, and grassy sitting area under the trees. Surrounded by hiking and biking trails all within minutes of the home. Walk to some of the best restaurants in Cave Creek. Exterior walls and ceilings are constructed from high density foam and coated inside and out with GFRC for strength and rigidity. This method provides R values not found in stick-built homes. The walls are R-40 and the ceilings are R-60. This combined with Low E commercial glass windows and doors provides a very high energy efficient dwelling.

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3902 E Alameda Lane Gilbert, AZ 85298

Open House

$1,125,000

4 Beds

3.5 Baths

2,897 SqFt

Status Active

MLS # 6777951

Property Type Single Family Residence

Price Type --

Discover the perfect blend of modern luxury and comfort in this stunning residence. As you step through the inviting entrance, you're welcomed into a spacious open-concept living area that exudes warmth and style, highlighted by expansive windows and plantation shutters for privacy. The gourmet kitchen is a chef's dream, featuring top-of-the-line stainless steel appliances, a grand island with a breakfast bar, and custom cabinetry. Whether hosting dinner parties or enjoying casual meals, the adjacent breakfast nook and formal dining area cater to every occasion. Retreat to the primary suite, a serene haven filled with natural light, high ceilings, and large windows. The spa-like en-suite bathroom boasts a glass-enclosed shower and dual vanities, while the expansive walk-in closet provides ample storage. The great room offers seamless indoor-outdoor living with double slider doors that open to an extended covered patio, perfect for entertaining or quiet evenings. In addition to the luxurious primary suite, you'll find generously sized secondary bedrooms, each with large closets and access to beautifully appointed bathrooms. The low-maintenance backyard oasis features artificial turf and no rear neighbors, creating a private setting for relaxation. This home includes a spacious three-car garage with custom epoxy flooring. Situated in the coveted Seville Golf & Country Club community, enjoy access to world-class amenities, including a golf course, clubhouse, fitness center, and resort-style pools. With shopping, dining, and top-rated schools just minutes away, this property is a true gem in the heart of Gilbert

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8335 E Montecito Avenue Scottsdale, AZ 85251

Open House

$1,125,000

3 Beds

3 Baths

2,558 SqFt

Status Active

MLS # 6777531

Property Type Single Family Residence

Price Type --

Completely remodeled home in a quiet neighborhood yet so close to all that Old Town Scottsdale has to offer! Need a guest suite, adult children or aging parents moving in with you? This home has a perfect attached casita that can function as a separate casita or be part of your living area if you prefer! It has a kitchenette, living space and then bedroom w/ bath. Currently, owners use as guest room, office and game area. Open concept floorplan w/ gourmet kitchen boasting a 6 FT Brazilian Quartz wrapped Island/breakfast bar w/ designer cabinets and separate beverage center, SS appliances & range hood, Escape to oversized primary retreat w/ dream walk in closet and spa like bath w/ walk in tiled shower, dbl vanity. 2 sliders off the dining area leads to low maintenance backyard. 2 c ar garage w/ epoxy floor and extra parking space in driveway, too. Water softner and RO included as well as washer/dryer. Home shows like a model home, definitely move in ready!!!

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16510 N 92nd Street Unit 1003 Scottsdale, AZ 85260

$1,124,900

3 Beds

5 Baths

3,100 SqFt

Status Active

MLS # 6752776

Property Type Townhouse

Price Type --

This stunning 3 bed, 5 bath home in Soho Scottsdale is the perfect blend of luxury and convenience with a private elevator. Inside, enjoy wood-look flooring, upgraded fans, and a crisp, modern palette. The eat-in kitchen features quartz counters, tile backsplash, stainless appliances, and an island with a breakfast bar. A bonus room offers a cozy lounge or entertainment space. The primary bedroom boasts a walk-in closet and ensuite with dual sinks and designer touches. Relax on the balcony or the jacuzzi-ready rooftop deck with mountain views. ADA compliant and allows residential/commercial use!

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11178 E Mark Lane Scottsdale, AZ 85262

$1,124,900

5 Beds

4 Baths

3,691 SqFt

Status Active

MLS # 6607731

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! Home must close before years-end, and we are WELL under comps! One of the lowest prices per foot in the whole Troon area (and almost 3,700sf!). Home sold AS-IS (needs exterior paint & stucco repair). This stunning home in Troon North boasts LOTS of upgrades, including En-suite Casita (with separate entry!), travertine floors throughout, and bright granite counters. A true Entertainer's home w modern backyard including new putting green and a view deck with mountain/sunset/city views. The huge master suite is privately located upstairs with an adjoining sitting room and has its own balcony incl separate office. The home is perfectly situated on a cul-de-sac within walking distance to restaurants & boutique shops and is only minutes to Four Seasons Resort and Troon North. Please note: Troon does not allow street parking or driveway parking overnight and this home has a 2-car garage.

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8621 W Via Montoya Drive Peoria, AZ 85383

$1,120,000

4 Beds

3 Baths

4,028 SqFt

Status Active

MLS # 6589036

Property Type Single Family Residence

Price Type --

Welcome to this exquisite property that offers the perfect blend of luxury and functionality. This stunning main house was rebuilt in 2016 after a fire. It boasts 3,108 square feet with 4 bedrooms and 3 bathrooms. Alongside the main house, there is a 920 square foot guest house with an additional bedroom and bathroom; which wasn't rebuilt in 2016. It also has its own family room, dining area, fully functioning kitchen and washer/dryer hook ups. Throughout most of the main home you will find beautiful Turkish travertine flooring. The heart of this home is the entertainer's kitchen, featuring floor to ceiling custom cabinetry, a large granite island with ample storage, a custom glass cooktop and double ovens. Living room has a two-way fireplace that is shared with the master bedroom The fireplace is adorned with natural stone and a custom designed mantle, adding warmth and charm to the space. Master suite has double sinks, his/hers closest and an oversized walk in shower. Laundry room is thoughtful designed with custom cabinetry from floor to ceiling and plumbing for two washers and a dryer. Step outside and indulge in the paradise of your dreams with a sparkling pool complete with a relaxing cabana area, pool storage and shed. The property offers plenty of space for RV parking and a 50 amp breaker, ensuring convenience for your adventures. Beyond the aesthetics, practicality is not forgotten. The home comes equipped with a RO system and water softener. Situated on almost half an acre of land with no HOA restrictions, this property provides you with the freedom to enjoy your space and tailor it to your preferences. Don't miss this opportunity to call this place home.

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3806 E Taurus Place Chandler, AZ 85249

$1,120,000

6 Beds

4 Baths

3,863 SqFt

Status Active

MLS # 6746508

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Chandler, AZ! This stunning two-story residence offers an abundance of space and luxurious features, perfect for families and entertainers alike. With 6 spacious bedrooms and 4 well-appointed bathrooms, there's room for everyone to enjoy their own sanctuary. Step inside to discover a beautifully designed layout that includes a dedicated theater room, perfect for movie nights or entertaining guests. The fully finished basement adds extra versatility, making it an ideal space for a game room, gym, or extra storage. Outside, retreat to your private oasis featuring a sparkling pool, perfect for those hot Arizona days. With energy-efficient solar panels and two new HVAC units, you'll enjoy comfort and savings all year round.

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297 W Chase Street San Tan Valley, AZ 85143

$1,119,000

5 Beds

4 Baths

2,791 SqFt

Status Active

MLS # 6777896

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Indulge in luxury with this exceptional 5-bed, 4-bath estate on over an acre in a gated community. Nestled on a prime cul-de-sac lot, this home offers lush landscaping, a three-car garage and a private putting green. Inside, enjoy soaring vaulted ceilings, rich wood-look tile, a cozy fireplace, upgraded fans and light fixtures, and a sophisticated color palette. The chef's kitchen boasts quartz countertops, crown-molded cabinetry, a spacious pantry, stainless steel appliances, and a waterfall central island. The resort-style backyard is designed for relaxation and entertaining, featuring an upgraded self-cleaning pool with heating and chiller options. Lounge under the sleek cantilevered pergola with misters, sip from the built-in kegerator, and take in breathtaking views and beautiful sunsets framed by a view fence to your own unobstructed mountain view. Act now to make this dream home yours!

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8631 N 84th Street Scottsdale, AZ 85258

Open House

$1,119,000

3 Beds

2 Baths

1,816 SqFt

Status Active

MLS # 6774169

Property Type Townhouse

Price Type --

Experience luxury living in this tastefully remodeled townhome, nestled within the Las Palomas community of McCormick Ranch. This single-level residence offers an inviting blend of character, style and elegance. Upon entering, you'll be captivated modern charm, featuring dramatic wood-beamed vaulted ceilings and a cozy two-way, wood-burning fireplace. Every room has a private exit to patios and lush gardens, enhancing the harmonious indoor-outdoor flow. The chef's kitchen is a culinary dream featuring wood cabinetry, granite counters, LED lighting and stainless-steel Thermador appliances. The primary bedroom retreat boasts upgraded cabinetry, dual sinks and a custom walk-in closet. The guest bedroom features an en-suite bathroom that closes off to dual as a powder bathroom for your guests The laundry room is complete with a washer/dryer combo and ample storage. The two car garage is equipped with built-in cabinetry for additional storage and an outdoor sink. Living in Las Palomas means enjoying a wealth of amenities. Take full advantage of living in a guard-gated community with private lake access and features such as pickle-ball and tennis courts, two swimming pools, a spa, outdoor chess and shuffleboard, tranquil water features and sitting areas, and dog park. All designed for a carefree, resort-like lifestyle. The location of this community is unmatched. Situated on the greenbelt of McCormick Ranch, you are in an oasis of parks, lakes, paths, and golf courses traversing 11 miles through the heart of Scottsdale. This community is within walking distance of over 15 restaurants and multiple coffee shops, ensuring unparalleled luxury, leisure, and convenience. Please see the list of recent upgrades in the documents tab. Furniture available on separate bill of sale. This home is a gem and won't last long. Do not miss your chance to make it your own!

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6073 E Brilliant Sky Drive Scottsdale, AZ 85266

$1,115,000

2 Beds

2 Baths

2,096 SqFt

Status Active

MLS # 6724323

Property Type Single Family Residence

Price Type --

6073 EAST BRILLIANT SKY DRIVE - TERRAVITA CAELUM 2 BEDROOM/2 BATH WITH 2 CAR GARAGE. SOUTH BACKYARD ON GOLF LOT. ARIZONA SUN THROUGH MULTIPLE WINDOWS! LARGE LOT HAS EXPANSION OPTIONS FOR CASITA OR THIRD GARAGE. Lovely entrance to a tiled open area. Great room, living room with entertainment wall and wall of niches and fireplace. Windows to open area/golf course. Double doors to patio. Breakfast nook and kitchen open to entire area. Breakfast nook is surrounded by windows for spectacular views. Kitchen has SS appliances, gas stove, microwave, granite counter and side area with additional cabinetry and counter. Primary bedroom again with lots of windows and double doors to patio. Plantation shutters. Bathroom has double vanities, walk-in shower, soaking tub. Floor Plan att Click Second bedroom is spacious with plantation shutters. Bath has single vanity and tub/shower combo. Additional closet and cabinetry in hallway. Laundry has cabinetry and counter space area. Backyard paradise: golf course lot and open for privacy; pool; paved, rock and grass with grass partially in yard and down side; covered patio; grill area. Perfect Arizona home for entertaining and luxury living.

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10707 E Tesla Avenue Mesa, AZ 85212

$1,115,000

6 Beds

4.5 Baths

5,045 SqFt

Status Active

MLS # 6781706

Property Type Single Family Residence

Price Type --

FINALLY... AFFORDABLE LUXURY AT ITS FINEST!! BELOW APPRAISED VALUE! (Home was just appraised several weeks ago) Welcome to this stunning 6-bedroom, 4.5-bath home, offering over 5,000 sq.ft. of luxurious living space. Located in the highly sought-after Eastmark community, this home features nearly $200K in upgrades, creating the perfect blend of style, comfort, and functionality. As you approach, the desert landscaping enhances the home's curb appeal. Inside, you'll find tile flooring throughout the main level and a spacious open-concept design. The enormous kitchen is a chef's dream with a massive island, gas cooktop, dual in-wall ovens, and ample cabinets, plus a walk-in pantry and breakfast bar. A formal dining room and large family room provide plenty of space for entertaining. Upstairs, the bedrooms have highly upgraded carpets for comfort, and the oversized primary suite offers a spa-like en-suite bath and walk-in closet. A convenient downstairs ensuite bedroom is perfect for guests. Additional features include an oversized 3 car garage, a loft area, and walk-in closets in all secondary bedrooms. The resort-style backyard is an entertainer's paradise with a private pool, luxury spa, built-in BBQ, firepit, and two pergolas, all set amidst low-maintenance turf and gravel landscaping. Living in Eastmark offers access to parks, walking trails, amenities that are seconds to none, amazing schools, and a phenomenal connected community feel. Ask us about our luxury listing video we did for this house and community. This home offers luxury living at its finest - don't miss out!

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29429 N 64th Street Cave Creek, AZ 85331

$1,115,000

2 Beds

1.5 Baths

1,728 SqFt

Status Active

MLS # 6677040

Property Type Single Family Residence

Price Type --

Welcome to your own private desert oasis in the heart of Cave Creek, Arizona. This stunning property boasts 2.5 acres within a gated equestrian community ready for you to build on. The highlight of this estate is the impressive barn, perfect for housing horses or could be a car barn! The charming 2 bedroom 1 bath apartment located on top of the barn will not disapoint. HVAC in the garage! Live in your barndominium while you build your dream home. Enjoy breathtaking views of the surrounding mountains and sunsets from your own private balcony, or relax in front of the fire pit after a long day on the trails. Don't miss out on this rare opportunity to own a piece of paradise in one of Arizona's most sought-after locations. Giddy Up!

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