Mortgage Myths: Here’s Why You Don’t Need a Full 20 Percent Down Payment

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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9024 E Blanche Drive Scottsdale, AZ 85260

$999,999
5 Beds
3 Baths
3,157 SqFt
Status Active
MLS # 6754192
Property Type Single Family Residence
Price Type --
A rare, spacious 5 bedroom home with high vaulted ceilings. The kitchen is a chef's dream with granite countertops, new Frigidaire Gallery appliances, walk in pantry, generous counter space including an island. Master suite also has high vaulted ceilings and a spacious walk in closet. The backyard has an inviting pool, grass with new irrigation and drip system, built in BBQ, and extended covered patio. All new landscaping in front and back. There is also an additional livable space with its own separate entrance in the garage that has a custom built enclosure and hitting screen for a golf simulator. The room has plenty of space to also be a workout room, home office, or guest quarters. This home is perfectly located close to Kierland, Scottsdale Quarter, and the 101 freeway.

2378 N 158th Drive Goodyear, AZ 85395

$999,999
4 Beds
3.5 Baths
3,530 SqFt
Status Active
MLS # 6779194
Property Type Single Family Residence
Price Type --
This rare, luxury TW LEWIS listing is now available in gorgeous, gated Portales!!! Enter this incredible home through a private, gated courtyard into an impressive foyer'. Gorgeous lighting shows off the upgraded details such as tray ceilings, plantation shutters, and other thoughtful, architectural design. Enter the chef's kitchen with GE profile stainless appliances, custom, detail edge granite with a sophiticated, classic style. Open concept family room with stacked stone media wall. PAID IN FULL SOLAR! Luxury owner's suite has 2 walk in closets, soaking tub and snail shower; private exit to pool for late night swim; guest suite on opposite end of home has private full bath, other bedrooms are ample sized and share a full bathroom. Outside is an entertainer's paradise! Outdoor kitchen, extended patio with motorized awnings, very private backyard with lush vegetation; pebble tec, heated pool with Baja shelf and no one behind you or next to you! This home sits on 15,547sf; over 1/3 of an acre! Open green belt spaces separate you from the neighbors! Stunning travertine stone all around pool and patio. Enjoy the gas fire pit from your heated spa for those cool evenings. This exclusive, gated community is quiet and private, yet close to a variety of shopping, dining and entertainment options. I-10 and the 303 are easily accessible. The city of Goodyear, an award winning city, is an economic powerhouse and primary driver of development on the west end of the Valley. Spring training baseball and multiple options for reputable health care are in Goodyear with plans for more growth in this vibrant city! Are you ready to enjoy this luxury lifestyle?

2071 W Butte Creek Boulevard Queen Creek, AZ 85144

$999,999
4 Beds
2.5 Baths
2,645 SqFt
Status Active
MLS # 6782111
Property Type Single Family Residence
Price Type --
VIEWS, VIEWS, and MORE VIEWS! Find out why this home has the best views in all San Tan Valley! If country living is what you desire, NO HOA, a private GATED community, and living in a home that is 3 years old with a MODERN, FARMHOUSE LOOK, there is no reason to look further. Imagine mornings and evenings, siting under the expansive back patio enjoying a beautiful Arizona sunrise or sunset. Take a dive in the beautiful pebbletec pool at night and watch the stars sparkle. Invite friends/family to spend time away from the city lights, spending time mingling in the great room while meals are prepared in your Master Chef inspired kitchen with its quartz counters, stainless steel appliances, white shaker cabinets, and loads of countertop space. Enjoy working from home in the office/den or escape to the comforts of a spacious master bedroom by soaking away your cares in the master bathroom tub. Keep all the toys in the 4-car garage or simply build your own detached garage to store you RV or boat. With this lot being 1.25 Acres, there is plenty of room. Access is available to hiking trails or mountain biking by simply stepping outside. Minutes from all the conveniences such as schools, grocery shopping, entertainment, etc. Live in the country...stay close to the city is what this beautiful home is all about. Make this your forever home today!

1501 N 67th Street Mesa, AZ 85205

$999,999
6 Beds
3 Baths
4,043 SqFt
Status Active
MLS # 6781592
Property Type Single Family Residence
Price Type --
Discover the perfect blend of luxury and convenience in this exceptional property! Nestled on just under an acre with no HOA, this expansive 6-bedroom, 3-bathroom home offers everything you could ever want. The layout includes additional great rooms that provide versatile living spaces. Step outside to find a stunning diving pool complete with a slide, a charming gazebo, and a dedicated grilling area—perfect for outdoor entertaining. Car enthusiasts and adventurers will love the incredible RV and 4-car detached garage, featuring high ceilings and air conditioning for comfort. The property has RV gate, an in-ground trampoline, and lush citrus trees. With all these amazing features, this home won't be on the market for long. Don't miss your chance to own this extraordinary property!

9339 W Cashman Drive Peoria, AZ 85383

$999,999
4 Beds
2.5 Baths
3,318 SqFt
Status Active Under Contract
MLS # 6764497
Property Type Single Family Residence
Price Type --
This exquisite home has all the upgrades as no detail was overlooked. Features the latest design elements with gorgeous finishes thru-out, offering unparalleled luxury living open floor plan. Rarely is elegance so tastefully married to comfort & the modern lifestyle we all want to live. The grand entrance leads to sophisticated living space overflowing with custom accents. Prepare gourmet meals in the chef's kitchen, w/ double oven, plenty of cabinet space, a spacious walk-in pantry, and quartz waterfall oversized island with breakfast bar overlooking great room. Master suite is fabulous, with a completely custom closet. Seller has also added new mini split in the garage for an amazing man cave or workout room. Do not let this house get away, you have to see it to believe it!

220 S Silk Tassel Road Show Low, AZ 85901

$999,999
3 Beds
3.5 Baths
3,036 SqFt
Status Active
MLS # 6722080
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the serene forest of Show Low. This exquisite custom home offers a perfect blend of luxury and tranquility. Boasting a spacious layout, this home features two primary suites, making it ideal for multi-generational living and a Guest Quarters for accommodating guests in style. As you enter, you'll be greeted by a grand three-car garage, providing ample space for your vehicles and storage needs. The garage door and windows are thoughtfully designed to enhance the aesthetic appeal of the home while ensuring natural light flows seamlessly throughout. The luxurious primary bedrooms are conveniently located on the main floor, and offer a peaceful retreat with their own en-suite bathroom and stunning views of the surrounding forest. There's a generous sized Flex Room/Loft upstairs with Skylights to ensure natural illumination. Great Room for a secondary Den or easy to convert to another Bedroom. Imagine cozying up by the fireplace with a gas log starter in the living room, creating the perfect ambiance for chilly mountain evenings. The kitchen is a chef's delight, equipped with a large island, built-in dishwasher, disposal, gas range, microwave, and refrigerator. Whether you're hosting intimate dinners or large gatherings, this kitchen is sure to impress. Located in the prestigious golf community of Torreon, this home offers access to world-class amenities, including golf courses, clubhouse, fitness center, and more. Embrace the resort-style living while enjoying the breathtaking views of the forest. Don't miss the opportunity to make this exceptional custom home your own. Come see it today and experience the luxury and serenity that awaits you in Show Low's coveted forest community of Rendezvous Torreon.

1987 S 141st Place Gilbert, AZ 85295

$999,999
4 Beds
3 Baths
2,590 SqFt
Status Active
MLS # 6746393
Property Type Single Family Residence
Price Type --
Welcome to a unique and rare opportunity to own an acre horse property in the heart of Gilbert. Situated at the end of the neighborhood on a desirable corner lot, this expansive property offers endless potential for those looking to create their dream ranch or equestrian estate. The lot features ample space for horse facilities, gardens, or any outdoor pursuits you envision. The existing home, though in need of work, provides a solid foundation for renovation and customization to suit your tastes. With a little TLC, this house can be transformed into a charming country retreat. Opportunities like this are hard to come by in Gilbert. Don't miss your chance to own a piece of prime real estate with the potential to become a stunning horse property. Whether you're an equestrian enthusiast or someone looking for space and tranquility, this property is a true gem. Contact us today to schedule a viewing and explore the possibilities that await at 1987 S 141st Pl!

6639 E Sharon Drive Scottsdale, AZ 85254

$999,999
4 Beds
2 Baths
2,302 SqFt
Status Active
MLS # 6735419
Property Type Single Family Residence
Price Type --
Fantastic sense of pride in this neighborhood! This charming single level home boasts 4 bedrooms, 2 full baths, walk in wine room or cigar humidor, great room concept floor plan with an open kitchen and formal dining. Full size RV gate with room for RV parking. Split floorplan with 3 bedrooms on one side and a huge master bedroom retreat with a fabulous master bath, extra large walk in closet and lots of light. Enjoy the extended patio overlooking the pebble tech pool and the BBQ area with outdoor fire place, plenty of room for dining and still room for a grassy play area! Over $100k in upgrades including a full kitchen remodel. Easy access to everything makes this a home you will not want to miss!

28615 N 66th Avenue Phoenix, AZ 85083

$999,999
5 Beds
4 Baths
3,173 SqFt
Status Active
MLS # 6772746
Property Type Single Family Residence
Price Type --
Prepare to be amazed! Check out this fantastic 5 bed, 4 bath property just listed in Pyramid Peak! Nestled on a premium cul-de-sac lot & featuring a beautiful facade w/stone accents, desert landscape w/artificial turf, 3 garage spaces w/built-in cabinets, and paver driveway! A spacious open floor plan w/elegant wood-look tile flooring and neutral palette throughout. The gourmet kitchen is worthy of a chef, comprised of white cabinetry w/crown Moulding,, gleaming quartz counters, pendant lighting, stainless steel appliances, and a large prep island. The primary bedroom boasts soft carpet, private outdoor access, 2 walk-in closets, and a pristine ensuite w/dual vanities. Casita Guest quarters has a separate entry and living area w/a fully equipped kitchen! Heated Saltwater pool and spa too Out back you'll find a cozy covered patio, extended seating area, a charming ramada, firepit, fire water bowls, and a sparkling blue pebble tec salt water heated pool & spa combo! Homes this incredible never last long, hurry and act now!

1441 W Key Largo Court Gilbert, AZ 85233

$999,999
4 Beds
3 Baths
2,718 SqFt
Status Active Under Contract
MLS # 6691975
Property Type Single Family Residence
Price Type --
A PERFECT BLEND OF ELEGANCE AND COMFORT, THIS WATERFRONT OASIS OFFERS MANY FINE UPGRADES, DUAL PANE WINDOWS, GRANITE COUNTERS, UPGRADED BATHS AND NEW WOOD FLOORING, CARPET, FRESHLY PAINTED INTERIOR, NEW CABINETS, EXTRA LARGE GARAGE, SPARKLING POOL W/ WATERFALL, EXTENDED COVERED PATIO OVER LOOS THE LAKE AND FABULOUS SUNSETS, N/S FACING...ACTIVELY TAKING BACK UP OFFERS...

626 E Galvin Street Phoenix, AZ 85086

$999,999
4 Beds
2.5 Baths
2,501 SqFt
Status Active Under Contract
MLS # 6671362
Property Type Single Family Residence
Price Type --
FINAL PRICE DROP BEFORE THE SELLER STAYS! THIS IS THE LAST CHANCE! *Stunning Next-Gen Single-Story Home in North Phoenix* Discover the perfect blend of luxury, space, and convenience in this remarkable Next Gen home nestled in the heart of North Phoenix. Occupying a generous 1.227-acre lot, this property promises the ultimate in privacy and flexibility, tailored to meet the needs of the modern homeowner. Key Features: Expansive Open Floor Plan: Step into a world of elegance with high ceilings that enhance the sense of space and abundance of natural light. The thoughtful layout seamlessly connects the living, dining, and kitchen areas, making it an entertainer's dream. - Four Spacious Bedrooms & 2.5 Bathrooms: This home boasts 4 well appointed bedrooms, offering ample space for family, guests, or a home office. The master suite is a true retreat, complete with a luxurious en-suite bathroom. -RV & Boat Parking: A nice find in Phoenix, this property includes a 22 ft. garage door height, perfect for RV or boat enthusiasts. Additionally, the two-stall over-height garage door ensures all your vehicles are covered. -Unlimited Potential:The blank front yard awaits your personal touch - envision your dream landscape to welcome you home. Similarly, the expansive backyard offers a blank canvas for a workshop, pool, or even another house as its already been wired to the back shed. The possibilities are endless. -Ideal for Business Owners: With a built-in gate off 7th St., this property is perfectly suited for business owners looking for easy access without compromising on privacy or security. Location Benefits: Situated in the serene and sought-after North Phoenix area, this home combines the tranquility of suburban living with the convenience of city amenities. Enjoy easy access to shopping, dining, entertainment, and major highways, ensuring that everything you need is just a short drive away. Opportunity Awaits: Whether you're looking for a family home with unmatched potential for customization, a space to start your next business venture, or simply a sanctuary with ample room for your hobbies and toys, this Next Gen home in North Phoenix represents a unique opportunity. Don't miss your chance to own a piece of paradise, where luxury meets versatility. Engineering and plans completed for culvert at the larger 20' gate on 7th Street.

23008 E Via Las Brisas -- Queen Creek, AZ 85142

$999,999 - 4Br/4Ba -  for Sale in Church Farm Parcel H, Queen Creek
Open House
$999,999
4 Beds
3.5 Baths
3,625 SqFt
Status Active
MLS # 6686974
Property Type Single Family Residence
Price Type --
Welcome to the most sought after Meridian Community! Enjoy your community pool, parks and more! Live in luxury with this fully upgraded newly built home. This home with no interior or exterior steps features 4 bedrooms, each with their own walk-in closet, 3.5 baths & an elegant formal dining and sitting room, providing ample space for entertaining. The gourmet kitchen is a chef's dream with an oversized island, quartz countertops, custom backsplash, wall oven & microwave, gas cooktop with a butler's pantry. The great room features a custom fireplace and an additional dining space. Enjoy your backyard retreat with over $180k in upgrades. Custom built pool, spa and grill along with beautiful limestone walkways. Come see!

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