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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862 N Butte Avenue Chandler, AZ 85226

$1,000,000

4 Beds

3.5 Baths

3,419 SqFt

Status Active Under Contract

MLS # 6738757

Property Type Single Family Residence

Price Type --

Welcome to the epitome of luxury living in this centrally located Chandler neighborhood. A one-of-a-kind contemporary modern interior features 4 bedrooms, 3 full baths, and 1 half bath with a plethora of upgrades and features that will leave you in awe. Meticulously maintained by the original owner, this property exudes sophistication and artistic style. The open floor plan is perfect for family living or entertaining, with the primary suite on the first floor. The home also boasts a custom 114-bottle, temperature-controlled wine cellar, high-end kitchen appliances, custom lighting, elegant limestone flooring, and luxurious Gravity Glas pieces throughout. The oversized primary ensuite features a volcanic limestone bathtub and steam shower. Upstairs, you'll find all secondary bedrooms and a large loft or theater room. The 3-car garage with a third bay that is fully enclosed, insulated, with central air adds even more value. Outside, you'll find over a 1/3 of an acre of your very own private park setting. A resort-style pool with a waterfall, built-in BBQ, fireplace, and a sports court with a basketball rim. Surrounded by mature trees and ample space for all your family's favorite activities. Whether you're hosting a summer BBQ or enjoying a game of basketball, this backyard has everything you need. Brand new energy-efficient windows, custom shutters, new AC units, a Kinetico water softener system, updated water heater. This home provides easy access to the 101, 202, and I10 Freeways, as well as being just a 15-minute drive from Sky Harbor Airport. It is close to major employers like Honeywell, Intel, and Microchip. Also within walking distance of schools, in close proximity to Desert Breeze Train Park, tons of shopping, and dining options.

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3753 E Ellis Street Mesa, AZ 85205

Open House

$1,000,000

5 Beds

3.5 Baths

3,589 SqFt

Status Active

MLS # 6781085

Property Type Single Family Residence

Price Type --

**$10,000 buyer bonus to use however you may choose** You wont find a better deal under 1.1 Million dollars in all of the highly desired TROVITA ESTATES community. This massive single story home sits on a prime corner lot! This home has more upgrades than can be noted here. To name a few a large great room, a chef's kitchen, granite countertops, Upgraded kitchen cabinets with pull outs throughout, stainless steel appliances, and a huge kitchen island, Custom wood shutters. The sunroom, complete with its own AC, or enjoy the backyard oasis with a built-in BBQ, putting range, and a charming gazebo with 5 Citrus trees creating ultimate privacy. The oversized 3-car garage has built-in cabinets. Dont forget to drive the gated community and see all the greenbelts and parks. This is a Rare find!

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18119 W Acacia Drive Goodyear, AZ 85338

Open House

$1,000,000

4 Beds

4 Baths

3,500 SqFt

Status Active

MLS # 6782154

Property Type Single Family Residence

Price Type --

A true oasis awaits you, nestled in the gated Golf Canyon community of Estrella Mountain Ranch. This exceptional single-level residence spans 3,500 square feet of luxury living with high-quality upgrades throughout. Within walking distance to the golf course, it sits on a premium lot with a true 3 car garage. Magazine-recognized backyard retreat, with heated waterfall pool & spa, a splash pad for the kids, a putting green, and gas fire pit. Oversized designer outdoor kitchen and pergola, complete with travertine and stonewalling, creating an immaculate blend of indoor and outdoor living. New roof (March), owned solar panels (July), water softener system, and meticulous craftsmanship throughout. A rare gem that combines elegance, comfort, and sustainability in one extraordinary package.

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2130 E Turney Avenue Unit 4 Phoenix, AZ 85016

Open House

New

$1,000,000

4 Beds

4.5 Baths

2,530 SqFt

Status Active

MLS # 6782688

Property Type Townhouse

Price Type --

Experience cosmopolitan living in the prestigious Biltmore area of Phoenix! This new construction, modern home is sure to captivate from the moment you step inside. The first level offers an open concept living room that flows into the state-of-the-art kitchen, sliding glass doors that lead to a lovely patio, and a powder room completes this space. The second level offers a beautiful primary suite with fantastic walk-in closet, two more spacious bedrooms with en-suite bathrooms, a laundry room and storage space. The third level offers a unique opportunity to create what works best for you. The loft, bedroom and bathroom can be transformed into an office, gym, yoga studio or media center. The sliding glass doors open to a private rooftop deck with built-in grill, perfect for entertaining and taking in the views of Camelback Mountain and downtown Phoenix. Don't miss your chance to own this exceptional new home, where style, luxury, and location come together seamlessly!

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10717 N 140th Place Scottsdale, AZ 85259

Open House

$1,000,000

4 Beds

2.5 Baths

2,677 SqFt

Status Active

MLS # 6760524

Property Type Single Family Residence

Price Type --

LOCATION! LOCATION! LOCATION! This perfectly situated, freshly painted interior and exterior 4b 2.5 property with a 3 car garage has a bonus very private huge resort-like entertaining space in the backyard; including a sparkling multidepth pool, spa, built-in cooking area, multiple seating areas, and mountain views to boot! Fantastic schools, low HOA. One of the bedrooms could easily be converted to a separate living area with it's own entrance already in place. Ready to make your own before the holidays arrive!

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915 W Catalina Drive Phoenix, AZ 85013

Open House

$1,000,000

3 Beds

2 Baths

1,918 SqFt

Status Active

MLS # 6778345

Property Type Single Family Residence

Price Type --

Welcome to your Phoenix oasis! This charming home features a light-filled open layout with designer finishes and a chef's kitchen equipped with sleek countertops and modern appliances. The spacious primary suite includes a spa-like private bath, and two additional bedrooms offer flexible space for guests or a home office. A separate, fully provisioned studio/poolhouse adds even more versatility and is perfect for a creative workspace, extra living area, or play space. The backyard is picture perfect and features a chef's cooking setup with multiple TVs, with plenty of seating, a sparkling pool, yard space, and a private hot tub. Purposefully remodeled to accommodate entertaining and relaxing and located in one of the most convenient neighborhoods in midtown, this home truly has it all!

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Flagstaff AZ 86005

$999,999

4 Beds

4 Baths

3,307 SqFt

Status Active Under Contract

MLS # 6730014

Property Type Single Family Residence

Price Type --

Welcome to an extraordinary mountain paradise with a beautiful southwest flare nestled in the pines on a quiet, private cul de sac. At 3307 sf, this is the most spacious home in University Highlands. With 4 bedrooms, 4 baths, a formal dining room, den and office, this is an inviting retreat for family and friends. The open greatroom & chef's kitchen with log beams, flagstone-accented wood stove, saltillo tile and windows galore radiate style & charm. Gather in the kitchen with generous counter space, stainless appliances, and a breakfast nook surrounded by windows and trees. The large primary on the main shares a 2-way fireplace with a private room with its own deck- a fabulous office or nursery. The additional den on the main level makes single living easy! Upstairs find a large loft, the main level makes single-level living easy! Upstairs, find a large loft with a wetbar - wonderful as a playroom or a second living area - three bedrooms and a full bath. There is also an additional room that can be a 5th bedroom, yoga room or office. Quiet, private, spacious, & gorgeous views of the pines, this unique home will delight you for mountain living and entertaining. No HOA. Inspection completed! University Highlands is a highly desired Flagstaff neighborhood. Located on the west side of Flagstaff it is close to NAU, many supermarkets, all of our west side amenities, the urban trail system and Lake Mary Road. University Highlands' most outstanding characteristics are its mature ponderosa pines, fenced, treed yards, pride of ownership and family-friendly community. De Miguel Elementary school is also located in University Heights, making this a popular area for families with children.

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17817 E Cindercone Road Rio Verde, AZ 85263

$999,999

2 Beds

2.5 Baths

2,186 SqFt

Status Active

MLS # 6741191

Property Type Single Family Residence

Price Type --

Nestled in the prestigious and highly sought-after community of Trilogy at Verde River, this exquisite residence offers unparalleled privacy and serenity. Positioned with no neighbors behind, this home boasts breathtaking mountain views that promise an ever-changing panorama of natural beauty along with a variety of birds and wildlife. The open and airy layout, with 10' ceilings and elegant high end engineered wood and tile & flooring throughout, flows seamlessly from room to room, bathed in natural light and framed by stunning vistas. The heart of the home is a gourmet kitchen, perfect for the culinary enthusiast, featuring generous counter space, and beautiful cabinetry. It opens to a spacious living area, making it ideal for entertaining or quiet evenings at home. Step outside to your own backyard oasis featuring a large travertine tile patio with remote control sunscreens, lush landscape, serene fountain, gas )firepit, and a secluded desert scape, perfect for outdoor gatherings and enjoying those incredible mountain views, sunrises, and sunsets. The 3-car tandem garage ensures plenty of space for vehicles and storage with a state-of-the-art water softener and RO system. Located in a community known for its active lifestyle and amenities including, resort and fitness pool, indoor and outdoor dining, spa, salon, fitness programs, 18 hole golf course, shops, concerts, and a neighborly atmosphere, this property is more than a home; it's a lifestyle. This is your must-see dream home!

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44423 N 16th Street New River, AZ 85087

$999,999

4 Beds

3 Baths

3,048 SqFt

Status Active

MLS # 6719302

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this remarkable horse-friendly property nestled on over 1 acre of land WITH OWNED SOLAR in New River! Your APS bill is only $39.00 a month! Discover a bright, spacious interior showcasing bountiful natural light, neutral tile flooring, striking vaulted ceilings, LED lighting, Levolor blinds, upgraded ceiling fans, (2015) Cardinal LoE3 340 solar-glass windows & a designer color palette throughout. You'll also find a charming fireplace in the family room, perfect for cozy evenings at home! The fabulous chef's kitchen is a cook's delight offering hickory cabinetry adorned with crown moulding, built-in GE Profile appliances, a double wall oven, sleek granite counters, a pantry, & a large island equipped with a breakfast bar. The primary bedroom boasts soft carpet in all the right places. A private primary bathroom with his and hers walk-in closets, soaking bathtub, a separate rain glass shower, & dual sink. Other Features and updates of the home are; PAID FOR SOLAR SYSTEM (2017) that produces credits toward your energy consumption, a new water heater (2022), an LG Pedestal washer and Dryer, a new Moen garbage disposal ( 2024), 2 Gig wireless alarm system by Linear, professionally sealed air ducts (2017), Titan Pest Control transferrable termite warranty, & the AC was serviced 10/2023 The desert design front landscape welcomes visitors with a drip watering system for your plants to maintain the beautiful greenery. The watering system extends to the vast backyard Citrus Trees that include mature (1) Valencia Orange (1) Oro Blanco Grapefruit (2) Mexican Lime (1) cocktail tree of Ruby Red Grapefruit and AZ Sweet Orange (1) Tangelo & (1) Meyers Lemon with the rest a blank canvas waiting for your personal touch!! Don't let this rare gem pass you by!

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17346 W Wildwood Street Surprise, AZ 85388

$999,999

3 Beds

3.5 Baths

2,489 SqFt

Status Active

MLS # 6703955

Property Type Single Family Residence

Price Type --

''Matthews'' model on hole #10 at the Sterling Grove Golf & Country Club. Extra large backyard. Direct view of the White Tank Mountains & SUNSETS. No neighbor on one side. No neighbor directly across the fairway. Pool + gas fire pit. Primo location, near the amenities. Located at the quiet end of a cul-de-sac. Split floor plan. Office/BONUS ROOM. Two-car + one-car garage. 55+ section.

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18266 N 68th Drive Glendale, AZ 85308

$999,999

5 Beds

4.5 Baths

3,443 SqFt

Status Active

MLS # 6735779

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION, LOCATION. Close to Loop 101, The New PCH Hospital & Arrowhead Hospital. Arrowhead Mall & Peoria Sports/Center as well as nearby local bus stops. Property is setup for Families and or the person who Loves to Entertain and the person with Lots of Toys and RV's. In 2020 3 new A/C units were installed. Solar was purchased in 2017 and is Pre-Paid (Paid in Full) 20-Year Lease. There is 13 years left of approx. 40,000Kwh of free electricity a year. Property is located on a Corner with 2-RV gates. The RV yard has an RV set up with 50amp Electric and Dump location. The RV Garage Approx. size is 40LX40WX20H and it has a half bath inside. This home has a quest house attached with interior access and its own private entrance, along with a full kitchen, dining/living room.

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1358 Mineral Drive Forest Lakes, AZ 85931

$999,999

2 Beds

1 Bath

1,850 SqFt

Status Active

MLS # 6748992

Property Type Single Family Residence

Price Type --

THIS IS IT! If you are looking for a cabin in Forest Lakes, You Found IT! One of the Best looking places here! The home has EXCELLENT curb appeal. Huge circulardriveway leading to the home with a detached 2 CAR GARAGE w/plenty of storage! Home is elevated & features a LARGE Covered DECK, wrapping the front & side of the home! Kids play set, lots of trees,tons of grass with a great setting to put your feet up and relax. Inside features Soaring Knotty Pine Vaulted Ceilings, Plantation Shutters, & Wood Burning Stove. Total cabin feel. 2 bedrooms plus a loft.1 full bathroom. Inside laundry. Lots of upgrades here. Comes see this wonderful Cabin today!

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