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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4114 E Desert Cove Avenue
Phoenix, AZ 85028
$1,035,000
4
Beds
2
Baths
2,231
SqFt
Status
Active
MLS #
6654336
Property Type
Single Family Residence
Price Type
--
New floors, new life! Take advantage of the seller offered $15,000 flooring concession and make this home yours. Get ready to fall in love! This 4 bed/2 bath home has been modernized for happier, healthier living inside and out, from major utility and eco-conscious upgrades to new kitchen/baths/ceilings and a stunning NEW resort-style pool and travertine patio. And NO HOA fees or ugly powerlines! Embrace sustainability with a Level 2 car charger, solar-ready flat ''cool roof'' freshly sealed with a reflective coating for heat protection, a smart irrigation system, a new stucco façade for added insulation, and new energy-efficient windows and doors throughout. And rest more easily with the basics that matter most, including a new electric panel and all new outlets and fixtures, plus a new tankless water heater, water softener, and all new plumbing fixtures. Also, breathe easier with a new air purification system and professionally cleaned air ducts. Here, you can entertain guests in your backyard showstopper: a BRAND NEW pool crafted by award-winning California Pools & Landscape. Imagine lounging in your private cabana, listening to the tranquil waterfalls, and basking in the Arizona sun on the travertine terraces surrounded by palm trees and hibiscus. This pool paradise features a sun shelf, Sea Glass Pebble interior, lighting system, UV/Ozone sanitization, and a heat/cool pump ensuring year-round enjoyment. Don't miss the chance to make this your dream home! Conveniently located a short stroll from Cholla Cove Park, a quick drive from new shopping/dining at PV, and just 15 minutes from Phoenix Sky Harbor Airport. Move-in can be as easy as picking up the key.
6309 E Nisbet Road
Scottsdale, AZ 85254
$1,035,000
4
Beds
2
Baths
2,409
SqFt
Status
Active
MLS #
6762981
Property Type
Single Family Residence
Price Type
--
REMODELED and ready for its new owners! Welcome to 85254, AKA the ''Magic Zip Code'' thanks to its trifecta of perks—a Scottsdale address, lower-priced Phoenix utilities/taxes, and Paradise Valley's world-class school district! No HOA! Please note: No Short-Term Rentals less than 60 days are aloud in the subdivision. BRAND NEW 5 Ton Trane AC Unit (Sept 2024) Both bathrooms FULLY REMODELED (2024). BRAND NEW Luxury Vinyl Plank flooring throughout (Sept 2024) NO CARPET! WATER HEATER (2023) NEW Interior Paint throughout. Heated Pool and artificial turf in the backyard oasis. YOU WON'T WANT TO MISS THIS!!!
4129 E Burnside Trail
Cave Creek, AZ 85331
$1,035,000
4
Beds
4
Baths
3,660
SqFt
Status
Active
MLS #
6747266
Property Type
Single Family Residence
Price Type
--
Experience the pinnacle of luxury living in this stunning one-story residence located in the prestigious Ashler Hills Estates Gated Community. This meticulously designed home boasts a rare fully finished basement complete with a theater room, perfect for movie nights and entertaining guests.The expansive Primary suite serves as a private oasis, featuring a soaking tub, walk-in shower, dual vanities, and a spacious custom-built closet. Step outside to the inviting outdoor fireplace, an ideal setting for cozy gatherings beneath the stars. With 4 bedrooms, 3.75 baths, a 3-car garage, fresh exterior paint, and owned solar panels, this home is a true treasure. It beautifully blends elegance, comfort, and modern amenities, all within one of Cave Creek's most sought-after communities.
300 E White Mountain Boulevard
Pinetop, AZ 85935
$1,030,000
4
Beds
2
Baths
2,806
SqFt
Status
Active
MLS #
6640190
Property Type
Single Family Residence
Price Type
--
Includes a singe family home and 4 condos. Home is 2806 Sq ft with 2 car garage built in 1956 with a large back deck overlooking Billy Creek. The 2 story condo with 4 units built in 1993 with a rustic design, each unit has 2 bedrooms and 2 bath and a deck. Condos have gas heat, house has gas heat in one bedroom and gas heat hot water pipes runnng in concreate floors. Conos MLS #6640184
3159 E Coconino Drive
Gilbert, AZ 85298
$1,030,000
5
Beds
4.5
Baths
4,770
SqFt
Status
Active
MLS #
6742009
Property Type
Single Family Residence
Price Type
--
Introducing this exquisite residence, cherished by its original owners and nestled on a sprawling half-acre lot. This stunning home offers ample space and luxury for all, featuring a formal living and dining room, a cozy family room, and an expansive 500-square-foot loft. The gourmet kitchen is a chef's dream, boasting abundant cabinetry, a walk-in pantry, a butler's pantry with a dedicated sink, and a large center island perfect for culinary creativity. Equipped with a double wall oven and a nearly new Frigidaire Gallery 36-inch 5-burner cooktop, this kitchen is designed for those who love to cook. Cleanup is effortless with the recently installed Frigidaire Gallery dishwasher. The main floor is home to a luxurious master suite with private access to the back patio. The master bathroom features a separate tub and shower, dual vanities, and two spacious walk-in closets. An additional en suite bedroom is also conveniently located on the main level. The laundry room is expansive, lined with cabinets and equipped with a utility sink. Upstairs, you'll find three more bedrooms (originally four, with two combined), two bathrooms each with double sinks, a dedicated office area, and a loft with a wet bar. Parking is never an issue with two 2-car garages and a driveway that accommodates up to 10 vehicles. The backyard is a true paradise, centered around a 26,000-gallon heated pool and spa, complete with a 10-foot waterfall and slide. The extended patio, adorned with LED color-changing bistro lights, sets the perfect ambiance for any occasion. A second patio features a sandy beach-like area with a fire pit, and there's plenty of turf for kids, pets, or anyone looking to enjoy the outdoors. For those who crave even more recreation, the 272-acre Gilbert Regional Park is just next door, offering tennis and pickleball courts, playgrounds, ramadas, a lake, and a performance pavilion for concerts. This home truly offers the best of luxury living and outdoor adventure.
6743 N 9th Drive
Phoenix, AZ 85013
$1,029,715
3
Beds
2.5
Baths
2,695
SqFt
Status
Active
MLS #
6707226
Property Type
Single Family Residence
Price Type
--
Welcome to Ocotillo Lane! Step into this contemporary two-story home featuring thoughtfully designed exterior architecture. Once inside you will be impressed by the 10ft ceilings and 16-foot sliding glass door in the great room, creating a perfect space for entertaining loved ones. Enjoy the gourmet kitchen equipped with gas appliances including a luxurious 42'' built-in refrigerator, quartz countertops, upgraded stacked cabinetry for extra storage, and a stylish tiled backsplash. Luxury touches include engineered wood and tiled floors, plus tiled showers in all bathrooms. Energy efficiency is top-notch with spray foam insulation and a tankless gas water heater, achieving an impressive HERS score of 53. Visit this beautiful home today!
3574 E Glacier Place
Chandler, AZ 85249
$1,025,800
5
Beds
3.5
Baths
4,846
SqFt
Status
Active
MLS #
6783841
Property Type
Single Family Residence
Price Type
--
LIVE DESERT LUXURY in this 4,846 SqFt Entertainers Dream in South Chandler's Destination Lake Community... Old Stone Ranch. THIS DISTINCTIVELY CRAFTED SHEA HOME PORTRAYS EVERYDAY FUNCTIONALITY & DESIGNER LIVING in all ways... ULTRA CENTRALIZED SE VALLEY Proximity at Gilbert/Ocotillo Rd Corridor with must-have attractions/amenities surrounding your doorstep from all directions, French Villa Retreat Stone Architecture, UPGRADED MOVE-IN READY INTERIOR SHOWCASING CUSTOM UPGRADES FEATURES FINISHES EVERYWHERE, BUILDERS ''Symphony'' LUXURY GREAT ROOM RESIDENCE modeling Professional Chefs Gourmet Kitchen w/Built-in GE Monogram Appliances including 36'' Gas Cooktop, Dual Staircases w/Main Fairytale Overlook, Soaring 25' Ceilings at Grand Front Rooms, Multiple Bonus Rooms include downstairs Den/Flex Space, Downstairs Game Room w/the Ultimate Custom Wet Bar & 8' French Glass Doors for Indoor/Outdoor Festivities, Upstairs Game Room/Media Room (potential for simple 5th bedroom conversion), Secluded Owner's Suite w/Spa-Like Bath Amenities & Private Flex Space within for all your best uses...Workout/Yoga Studio, Nursery, Morning Coffee Conversation Lounge or perhaps a room to grow into a second owner suite Nordstrom's Style Walk-in Closet, Jack & Jill Bath/Bedrooms, additional oversized secondary bedroom, Transition outside and soak up your finished Backyard/Pool Oasis featuring a Cabo Blue Pebble-Tec Swimming Lounge Pool with 7ft Deep End & Boulder Waterfall, Extended Covered Patio w/Speakers, Backyard has significant room to further design all your best OUTDOOR USES & FAVORED Backyard Amenities,10,880 SqFt Interior Home Site modeling ideal North Backyard Exposure, Ample distance between neighboring rooflines and No loud Train lines, busy boulevards or power lines. EXPERIENCE IN PERSON. MAKE THIS LIMITED HOME OFFERING YOUR PRIZED SOUTH CHANDLER SANCTUARY! Old Stone Ranch has become a destination community known for its picturesque scenery and neighborhood charm. It's warm and inviting, full of friendly neighbors, engaging lifestyle and exceptional educational opportunities. Featuring Lakes, Streams, Fountains, Scenic Water Lined Walking Trails, Waterfalls & Bridges, Scenic Elm Canopy Tree Lined Streets, Decorative Stone Pillars & White Picket Fences, Multiple Parks & Children Play Areas, Covered Ramada with Picnic Tables, Ryan Elementary and NEW Arizona College Preparatory High School (ACP) a short walk away within the community. RESIDE AT ONE OF ARIZONA'S MOST DESIRABLE ADDRESSES... WHERE CHANDLER MEETS GILBERT. Nestled between the thriving City of Chandler & Town of Gilbert (both nationally recognized as Best Places to Live in America) residents take advantage of what's Beyond the Front Door. Scenic San Tan Mountains Views, Open Greenbelt Spaces & Playgrounds, Lush Community Landscaping, Excelling School Options EVERYWHERE CLOSE BY, Chandler's Citrus Vista Park (within the community), Veterans Oasis Lake & Nature Preserve for outdoor walking, running & biking adventures, Ocotillo & Gilbert Rd - Mixed-Use/Grocery Corridor, Nationally Acclaimed Gilbert Regional Park, Close San Tan 202 Freeway Access, NEW Lifetime Fitness Gym Selected to become a Platinum Point, greater upscale amenities than average... coming soon just down the street, Crossroads Towne Center includes Target/Harkins Theatre, San Tan Village - Outdoor Upscale Shopping & Dining, New & Established Southeast Valley Business Corridors and Mix-Used Developments, Chandler Municipal Airpark w/Runway for Midsize Private Jets, Vibrant Downtown Chandler & Old Town Gilbert's Heritage District Festivities, Phoenix-Mesa Gateway Airport - Second Growing Hub to Phoenix Sky Harbor... this is just the start!
33220 N 60th Way
Scottsdale, AZ 85266
$1,025,000
5
Beds
2.5
Baths
3,656
SqFt
Status
Active
MLS #
6660614
Property Type
Single Family Residence
Price Type
--
Experience luxury living in this stunning home with new front yard landscaping and a redesigned backyard oasis. Upgraded kitchen and bathroom cabinets, a gas cooktop, and newer GE appliances adorn the spacious kitchen overlooking the oversized family room with an updated fireplace. The backyard features travertine decking, an outdoor kitchen, new turf, landscaping, and pool equipment. Downstairs includes a bedroom with adjacent bath and office. Upstairs boasts an oversized master, three bedrooms, and a large game room opening to a resurfaced deck. 3-car garage with epoxy flooring. Walking distance to A+ schools!
5345 E Mclellan Road Unit 98
Mesa, AZ 85205
$1,025,000
5
Beds
3
Baths
3,005
SqFt
Status
Active
MLS #
6729572
Property Type
Single Family Residence
Price Type
--
Stunning remodel in a serene and quiet neighborhood, and the Seller is offering Financing with an accepted offer. Gorgeous High-End Remodel that underwent an extensive renovation in Fall 2023, resulting in a timeless and inviting home that is perfect for entertaining. Spacious Great Room has soaring ceilings with tons of natural light that showcase the inviting backyard, with updated pool and spa. The open floorplan provides abundant natural lighting and opens to a fully appointed kitchen. Luxe Primary Suite has dual sinks, huge walk in shower, gorgeous soaking tub and makeup station. Embracing functionality and charm with a contemporary twist, this home offers an array of amenities that provides privacy, luxury and comfort. Contact Listing Broker for Seller Financing option
22789 S 220th Street
Queen Creek, AZ 85142
$1,025,000
4
Beds
3.5
Baths
3,396
SqFt
Status
Active
MLS #
6766706
Property Type
Single Family Residence
Price Type
--
Introducing a remarkable residence nestled in the serene community of Ash Creek Estates. This one-story home, spanning 3,396 square feet on a generous 15,682 sq ft corner lot, is an epitome of meticulous maintenance and elegant design. Upon arrival, you are greeted by a welcoming courtyard that sets the tone for the rest of this luxurious property. Step inside to discover an open floor plan seamlessly connecting all living areas. Five spacious bedrooms offer ample space for rest and rejuvenation while three-and-a-half bathrooms ensure convenience at every turn. An additional flex space to be used as a den or formal dining room, offers even more flexibility. At the heart of this home lies a modern gourmet kitchen equipped with stainless appliances and a gas stove, ready to inspire culinary creativity. Beautiful upgrades throughout the house paired with high ceilings that enhance the sense of space and luxury. Outside, indulge in your private pool or enjoy the bounty from mature fruit trees adorning the property. This outdoor oasis offers endless opportunities for leisure and enjoyment under Arizona's sunny skies. Queen Creek presents a balanced lifestyle with its rich array of amenities. Outdoor enthusiasts will appreciate easy access to hiking trails, parks, and golf courses. Shopping centers, restaurants, cafes, and entertainment venues abound for those who love local conveniences. Come experience this impressive property in a highly sought after community in vibrant Queen Creek!
8431 E Monterey Way
Scottsdale, AZ 85251
$1,025,000
5
Beds
2
Baths
2,178
SqFt
Status
Active
MLS #
6770090
Property Type
Single Family Residence
Price Type
--
Welcome to your modern Scottsdale oasis! Located just minutes from Old Town, this fully remodeled 5-bedroom, 2-bathroom home is a luxury retreat designed for relaxation and entertainment. The spacious living area is ideal for gatherings, and the open dining room flows seamlessly into the backyard, perfect for indoor-outdoor living. The modern kitchen is equipped with modern appliances for a contemporary feel. Each of the five bedrooms provides comfort and privacy. The backyard features a heated pool, fire pit, and ample lounging space. Located in a quiet neighborhood, you're just minutes from Old Town's dining, shopping, and nightlife. This property offers the ultimate Scottsdale lifestyle, whether for family living or a TURNKEY STR.
6439 E Voltaire Avenue
Scottsdale, AZ 85254
$1,025,000
4
Beds
2.5
Baths
1,772
SqFt
Status
Active
MLS #
6770087
Property Type
Single Family Residence
Price Type
--
Prepare to be amazed by this stunning, fully remodeled Scottsdale home! The sleek design, jaw-dropping murals, and open-concept living space bathed in natural light make it a must-see. Perfect as a TURNKEY STR or with a little paint, the ideal family home. This property offers endless entertainment options, including a private heated pool, sauna, and fire pit for cozy evenings. 4 spacious bedrooms, 2.5 bathrooms, and a modern kitchen outfitted with stainless steel appliances, this home is a blend of luxury and comfort. The large, fully fenced backyard is a private oasis where you can relax by the pool or gather around the fire pit under the stars. Located in the highly sought after Raskin Estates just minutes from Scottsdale's top attractions. Come experience the best of Scottsdale!