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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6271 E Horseshoe Road Paradise Valley, AZ 85253

$4,990,000

4 Beds

5 Baths

5,134 SqFt

Status Active

MLS # 6756810

Property Type Single Family Residence

Price Type --

Fully furnished golf course modern with soaring ceilings and Mummy Mountain views! Newly remodeled kitchen, flooring, bedrooms, and bathrooms. Entertainers dream with new heated pool/spa and outdoor BBQ area. Located on Camelback Country Clubs Ambiante Golf course, beautiful flowers surround sidewalks and jogging/ biking paths. In the A+ rated CCC school district and moments from central Scottsdale's shops, restaurants and grocery stores. Split floorplan of primary suite with his and hers bathrooms and closets and generous bedroom on one side, office/den and two additional ensuites on the other. Large formal living and second entertaining space off of the kitchen. No interior steps and immaculacy furnished in Restoration Hardware.

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24892 N 107th Street Scottsdale, AZ 85255

Open House

$4,987,000

4 Beds

4.5 Baths

4,502 SqFt

Status Active

MLS # 6745561

Property Type Single Family Residence

Price Type --

Luxury Custom New Construction, Move-in-Ready! Welcome to the Artesano Custom Estate, an exquisite masterpiece of architectural design and luxurious living. This home sets the standard for elegance and sophistication. Nestled in the prestigious neighborhood of Artesano at Troon Canyon, this property offers unparalleled craftsmanship and attention to detail, creating an extraordinary living experience for the most discerning homeowner. Featured in Architectural Digest, Landmark Luxury Group, a distinguished Chicago & Scottsdale-based build, architectural, and design firm, bring experience, design range, and excellence for the things both seen and unseen in new construction. This luxury home also boasts state-of-the-art smart home technology, Sub-Zero and Wolf appliances

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9626 E Aw Tillinghast Road Scottsdale, AZ 85262

$4,980,000

6 Beds

8 Baths

6,130 SqFt

Status Active

MLS # 6780388

Property Type Single Family Residence

Price Type --

This one-of-a-kind custom estate, perched high in the Desert Mountain, boasts breathtaking 360-degree panoramic views. Designed Ron Brissette and spanning 4.5 acres, this luxurious 6,130 sq. ft. home offers six bedrooms, six full bathrooms, and two half-baths, providing an abundance of space for ultimate comfort. Step through the glass front door into a grand great room with floor-to-ceiling windows and doors, showcasing a stunning copper-accented fireplace, a wet bar, and an elegant dining area. Every detail has been carefully upgraded, including a gourmet kitchen equipped with top-tier stainless steel appliances, custom cabinetry, a large island, and multiple fireplaces throughout. The expansive living spaces are designed for both entertainment and relaxation, while the retreat-style primary suite features a spacious walk-in closet with built-ins and a private office. The oversized three-car garage includes ample storage and epoxy floors, rounding out the home's luxury features. The split bedroom floor plan provides privacy for guests, with five additional en-suite guest rooms, each offering walk-in closets. Outdoors, the resort-style backyard is a true oasis, complete with a negative-edge pool, a large spa, a fire pit, multiple seating areas, a built-in BBQ, a pizza oven, and endless mountain views. Other notable upgrades include two recently replaced HVAC units, a new tankless water heater, a redone roof, electric shades in the great room, primary suite, and guest rooms, Duravit commodes, central vacuum system, custom concrete floors, and more. This estate redefines luxury mountain living.

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10162 E Sundance Trl 227 --, Scottsdale

$4,975,000

5 Beds

5.5 Baths

5,830 SqFt

Status Active

MLS # 6653002

Property Type Single Family Residence

Price Type --

This Brand New Home Exudes Elevated Elegance & Craftmanship in the Village of Sunrise on the 3rd hole of the Renegade course, offering panoramic mountain views, sunset views, city lights and golf course views. Quiet interior location on 1 acre. Cart path for this hole is located on the other side of the fairway offering additional privacy. A perfect mixture of traditional architecture with contemporary finishes. 4 car garages, large covered view deck, large entry courtyard, custom ceiling treatments t\o, spacious primary bedroom, w/luxurious bath & expansive primary closet. High end gourmet kitchen made for entertaining, wine room. Golf Membership is not included with purchase of home.

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6841 N 58th Place Paradise Valley, AZ 85253

$4,975,000

4 Beds

3 Baths

4,786 SqFt

Status Active

MLS # 6758290

Property Type Single Family Residence

Price Type --

This breathtaking 1.26-acre, NON-HILLSIDE LOT in Paradise Valley is located on the south slope of Mummy Mountain, offering panoramic views of Camelback Mountain, Mummy Mountain, downtown Phoenix, and the East Valley including Four Peaks. The existing 4,759 sq. ft. contemporary home features 4 bedrooms and 3 bathrooms, with potential for expansion to include a car collector's garage or guest quarters.

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5000 N Camelback Ridge Road Unit 109 Scottsdale, AZ 85251

$4,950,000

3 Beds

3.5 Baths

3,867 SqFt

Status Active

MLS # 6659586

Property Type Apartment

Price Type --

You do not need to wait two years! This is a rare opportunity to own a first floor (walk out patio) home in Ascent at the Phoenician and BE IN BY FALL OF 2024! Unit 109 offers a generous 3867 square foot open concept floor plan with numerous upgrades, including Bulthaup Kitchen and Smart Home technology. Three bedrooms, four bathrooms and corner, very private location.

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10308 E Filaree Lane Scottsdale, AZ 85262

$4,950,000

4 Beds

4.5 Baths

5,235 SqFt

Status Active

MLS # 6723851

Property Type Single Family Residence

Price Type --

FULL Golf Membership available. Nestled on a serene private cul-de-sac, this brand new Black Stone / Graffin Design home epitomizes modern luxury and timeless elegance. Spanning 4,735 square feet, this residence features 4 bedrooms + office and 4 ½ bathrooms, meticulously crafted with attention to detail. The design offers a seamless blend of architectural sophistication and contemporary comfort. The open floor plan showcases a gourmet kitchen equipped with top-of-the-line appliances, quartz countertops, a scullery room and custom cabinetry, making it a dream for culinary enthusiasts and perfect for entertaining. Expansive living spaces boast high ceilings, abundant natural light, and a cozy fireplace, creating an inviting and warm atmosphere. The primary suite serves as a tranquil retreat, complete with a spa-like ensuite bathroom, while additional bedrooms provide comfort and privacy for family and guests. Outside, the landscaped grounds offer a private oasis featuring a covered patio, ideal for outdoor dining and enjoying incredible sunset views. Available with this property also includes a FULL golf membership upon membership approval with DMMA. An exclusive opportunity awaits the new buyer to enjoy the comfort of a newly remodeled 3-bedroom home situated just one mile away. During the construction of their new home, they will have the privilege of residing in this home rent-free. Additionally, the property is available without the golf membership, offering flexibility to suit your lifestyle preferences.

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6045 E Cholla Lane Paradise Valley, AZ 85253

$4,950,000

5 Beds

3 Baths

3,402 SqFt

Status Active

MLS # 6759835

Property Type Single Family Residence

Price Type --

This Mid-Century Modern is truly a one of kind work of art situated on Camelback Mountain. Escape into the peace and tranquility of a home built to be a part of the Mountain with your own personal botanical garden and views from Camelback to Four Peaks. Awake each morning to spectacular sunrises and watch the desert come alive every day. In the evening retreat into your private backyard looking up at Camelback Mountain. This jewel box was built to optimize the views from every room and create a true retreat in the heart of Paradise Valley. Walk to world class resorts, restaurants, hike on the Cholla Trail, or relax into your spa and take in the views. This understated luxury home embodies what it is to live on the Iconic Camelback in the Arizona desert

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11432 E Apache Vistas Drive Scottsdale, AZ 85262

$4,950,000

4 Beds

4.5 Baths

4,559 SqFt

Status Active Under Contract

MLS # 6781180

Property Type Single Family Residence

Price Type --

This Platinum built masterpiece on perhaps the best golf course lot in Desert Mountain offers mountain, sunset, city light & golf course water views with a full golf membership. The modern transitional design combines luxury & craftsmanship showcasing every detail which has been thoughtfully customized to evoke a sense of warmth and style. The well-appointed kitchen features Wolf & Subzero appliances including 4 ovens and a convection steam oven. The butler's pantry leads to the generous walk-in pantry and formal dining room. The great room boasts soaring ceilings & spectacular vistas that beckon you to the expansive patios & outdoor living spaces with a heated negative edge pool, spa, multiple fire features and an outdoor kitchen complementing the 15th green and pond on the Apache Course

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9940 E Aleka Way Scottsdale, AZ 85262

New

$4,950,000

4 Beds

4.5 Baths

4,802 SqFt

Status Active

MLS # 6786804

Property Type Single Family Residence

Price Type --

Discover refined luxury in this newly completed, never-occupied 4,802 sq. ft., modern estate in the exclusive Mirabel golf community. Built by MDF Development and architect Matt Thomas, this distinct single-level home offers 4 bedrooms, 4.5 bathrooms, and a den or office. Expansive glass doors blend indoor and outdoor living, with stunning desert and expansive mountain views. The gourmet kitchen features top-tier appliances and a spacious island. Enjoy a private heated pool, spa, and covered patio with outdoor kitchen. Located on a quiet cul-de-sac with other similar, newly constructed homes and the convenience of an immediate coveted golf club membership available. Experience the vibrant North Scottsdale lifestyle, with fine dining, shopping, and outdoor recreation just moments away.

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6215 E Turquoise Avenue Paradise Valley, AZ 85253

$4,950,000

7 Beds

10 Baths

9,092 SqFt

Status Active

MLS # 6709896

Property Type Single Family Residence

Price Type --

Nestled within the prestigious enclave of Paradise Valley, this multigeneration home is luxury living at its finest. Grand courtyard entrance w/outdoor gas fireplace. Gourmet kitchen outfitted with Wolff gas stove, Miele Espresso machine, Sub-Zero Refrigerator, granite countertops with built in beverage ice tubs, pantry. Office w/private entrance, & ensuite. Private primary retreat featuring jet tub, double entrance steam shower, his and hers walk-in closets. Basement (1,745 sqft) equipped w/media room, climate-controlled 900 bottle wine cellar, billiard room with bar, bathroom and bedroom. Outdoor living w/putting green, sports court, grotto slide pool, spa, gazebo w/kitchen. Detached casita w/fitness room, infrared sauna, hair salon, 2 baths,1 bdrm, kitchen. Also, for lease $21,750. Main House - 5,872 sq.ft., Attached Guest Suite - 669 sq.ft., Detached Casita - 805 sq.ft., Basement 1,746 sq.ft. See Floor plan with measurements in Documents Tab.

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18826 N 101st Place Unit 10 Scottsdale, AZ 85255

$4,900,000

3 Beds

3.5 Baths

3,693 SqFt

Status Active

MLS # 6699585

Property Type Single Family Residence

Price Type --

Discover refined elegance in this single-level residence ideally situated in Horseshoe Canyon near the prestigious Silverleaf Club. The charming front courtyard features a soothing water fountain and sitting area, setting the tone for the luxury within. Inside, the great room boasts a gorgeous tongue and groove wood ceiling and grand pocketing doors leading to the stunning outdoor living area. The gourmet kitchen is equipped with granite counters, Viking appliances, and an expansive butler's pantry with additional ovens and refrigerator drawers for seamless entertaining. The principal suite offers tranquility with a spacious bedroom, small refrigerator, dual sinks, separate shower, jetted tub, and large walk-in closet. Two additional en suite bedrooms provide comfort, while a ... sizable office with courtyard access ensures working from home is a breeze. Outside, the resort-style living area is an entertainer's dream, featuring a pool and spa, firepit, and BBQ center under a picturesque gazebo. The covered patio offers elegant dining options, complemented by roller shades and an outdoor fireplace for year-round enjoyment. A pristine synthetic turf lawn adds a touch of green luxury. The home also features travertine and hardwood floors throughout, a subzero wine chiller, a well appointed laundry room with sink, and powder bath. Experience sophisticated living in this exceptional luxury residence.

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