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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4414 E Vermont Avenue
Phoenix, AZ 85018
$4,839,999
4
Beds
4.5
Baths
4,299
SqFt
Status
Active
MLS #
6745148
Property Type
Single Family Residence
Price Type
--
Discover Modern Desert living in this luxurious home located in the heart of Phoenix's Camelback Corridor. Built in 2021. This contemporary home has 4 bedrooms 4.5 baths, and 2 dedicated offices within its split floor plan. The great room and hallways feature impressive 13.5'-0'' ceilings, creating an expansive and open atmosphere. The chef's Kitchen is perfect for entertaining with top-of-the-line appliances and ample counter space. Car enthusiasts will appreciate the convenience of the four-car garage, while great room and rooftop deck offers breathtaking views of Camelback Mountain. The exposed block work adds architectural charm to the design blending seamlessly with the natural desert landscape. This home offers quick and easy access to explore all that the vibrant city of Phoenix.
10023 E Filaree Lane
Scottsdale, AZ 85262
$4,800,000
5
Beds
5.5
Baths
5,411
SqFt
Status
Active
MLS #
6785079
Property Type
Single Family Residence
Price Type
--
Golf Membership Available- We are thrilled to announce the commencement of construction on this extraordinary custom home. Receive your full golf membership immediately and enjoy the opportunity to make your selections on finishes —move-in ready in just nine months. Crafted by esteemed builders, Black Stone Development, in collaboration with Graffin Design, this residence promises to be a contemporary masterpiece within the prestigious Desert Mountain community. Highlighted features of the main home include a spacious great room seamlessly connected to a formal dining area, an opulent chef's kitchen, 4 bedrooms, and 4 ½ baths. Ascending to the second level, you'll find a versatile study/lounge, a flex exercise room (with closet space, doubling as a potential 5th bedroom), and an expansive roof deck off. Additionally, a separate casita with a full bath ensures privacy for both homeowners and guests alike. Step into the ultimate outdoor retreat, complete with a magnificent pool and spa, multiple fire pits, serene water features, an outdoor kitchen, and charming patios that perfectly encapsulate the quintessential Arizona lifestyle. Car enthusiasts will appreciate the four-car garage, supplemented with ample storage space. Every detail of this home has been meticulously planned to enhance your living experience. Early buyers will have the unique opportunity to provide input on customization and select interior finishes to tailor the home to their preferences. Don't miss out on this exceptional opportunity to own a piece of Desert Mountain luxury living. Golf membership available at increased price.
9504 N Desert Wash Trail
Fountain Hills, AZ 85268
$4,800,000
4
Beds
4.5
Baths
5,607
SqFt
Status
Active
MLS #
6774104
Property Type
Single Family Residence
Price Type
--
Gurczak Luxury Development is proud to present this New Construction Formal Mediterranean Spec Home in the Exclusive Guard Gated Community of Firerock Country Club. This 5,607 Sq. Ft. Home Features 4 Bedrooms w/ ensuite bathrooms, a separate powder room which includes an infrared sauna + a separate Den/Game Room. Each room contains a custom ceiling design - Coffered Ceilings, Floating Ceilings & Ceiling Bands. Oversized 4 Car Garage has ample space for all your toys and includes a bonus storage & workshop area. Estimated completion of January/February 2025.
4796 E Charles Drive
Paradise Valley, AZ 85253
$4,800,000
4
Beds
4.5
Baths
4,904
SqFt
Status
Active
MLS #
6622192
Property Type
Single Family Residence
Price Type
--
Designed by award-winning FAIA architect Eddie Jones of Jones Studio and fabricated by premier builder The Construction Zone, the artful fusion of modern materials, integrated into the pristine Sonoran desert is an inspired vision brought to life. Unwind with expanded mountain views and city lights to rejuvenate your soul every day throughout the years! The unmistakable inspiration of Frank Lloyd Wright and the Modernism of Jones Studio are perfectly expressed in this fine residence positioned hillside above Tatum Blvd. Facing sweeping vistas on the eastern horizon, floor to ceiling glass captures superlative views of the McDowell Mountains! The many details of the home are reminiscent of the fit and finish of a luxury yacht and yearn to be experienced for full appreciation. Surrounded by views, the home is set on 1.76 acres for privacy and has been substantially upgraded since 2019. Superbly crafted with a unique blend of masonry, steel, wood and glass: the quality of the build is evident throughout. Your epicurean kitchen is equipped with a full array of the finest Miele appliances and caters to the foodie and connoisseur alike. Top-of-the-line major systems of the home include: recently upgraded and customizable Crestron security system for complete convenience, automated window shades, variable-speed HVAC, highly upgraded EV charging over-sized 3 car air-conditioned garage, recently installed premium whole house water system, recirculating tank-less gas fired water heaters, added floor level heated vents in primary bath, lighted vanity mirrors, organizational electric plug drawers, luxurious towel warmer, elegant control systems, built in shower trays for flow and continuity. LED lighting through-out, pre-wired for sound, recent new pool system equipment installed, conversation area warming fire and so much more. A list of designer furniture will be sold with the home. The primary bedroom has been transformed with deluxe closet cabinetry, dressers, side tables, designer pulls and low-profile ambience lighting and a customized complete king bed system beyond compare. Luxury extras you expect in a fine property have also been added to the primary bath. There is a music/reading room also on the main floor. Completely redesigned, the laundry/pantry area is now an upscale, highly-functional favorite workspace. The lower level has 3 en-suite bedrooms with beautiful views, a fitness/yoga room and a media lounge space with patio access. The largest en-suite bedroom also has a separate patio entrance and could be a second primary. Panoramic mountain vistas with hanging clouds, picturesque skies and the most gorgeous sunrises, this is truly an inspirational property to be experienced.
44030 N Cottonwood Canyon Road
Cave Creek, AZ 85331
$4,800,000
5
Beds
6
Baths
5,079
SqFt
Status
Active
MLS #
6656613
Property Type
Single Family Residence
Price Type
--
FANTASTIC NEW PRICE 9/24 NEW MOUNTAINSIDE LUXURY HOME IN THE HILLS OF CAVE CREEK - 10+ ACRES - MESMERIZING CITY LIGHT VIEWS - PRISTINE AND UNOBSTRUCTED DESERT / SAGUARO CACTI / CANYON / MOUNTAIN VIEWS! Nestled near Elephant Mountain and minutes to the incredible Spur Cross Recreation / Conservation Area, this newly constructed 5,079 sq ft luxury custom home has some of the best views in the Valley of the Sun. Rare to find almost 11 acres of pristine natural desert so close to the city! Situated behind both community and private custom driveway gates, this home features 5 ensuite bedrooms, a 5 car garage and is the privacy and quiet that you have been searching for. Careful attention was given to home placement for the jaw-dropping views, sunsets and sun / light exposure. (Continued. . . ) Entering the home through a beautiful 10 ft. iron and glass door, you are immediately hit with views of the hundreds of saguaro cacti, the surrounding desert mountains and downtown Phoenix in the distance. Continue past the enclosed outdoor courtyard to find yourself in the 28 foot tall cathedral ceiling of the barn style great room with giant wood beams and an oversized 60 fireplace with a 100 year old barn wood floor accent wall, creating a gorgeous everyday living and entertaining area. The chef's entertaining kitchen boasts two oversized islands with custom cabinets, beautiful quartz waterfall countertops, Wolf 60 professional double oven range with custom designed hood, SubZero side by side 72 refrigerator / freezer, SubZero wine refrigerator, 2 Cove dishwashers, a Wolf built-in microwave, and oversized farmhouse sink. An impressive butler's pantry with custom shelving, sink, additional refrigerator and Scotsman ice maker, a separate walk-in storage pantry make this kitchen and great room space perfect for gatherings of any size. Open the expansive 35+ feet of sliding glass pocket doors in the great room and kitchen area creating an amazing indoor / outdoor living and entertaining space like no other. The 2,000 sq ft of covered patio wraps around the back and eastern side of the home, giving you endless views and seating areas. From the built-in barbeque that feels like an extension of the kitchen to the two sided, resort style fireplace, pizza oven, and built-in bar area, outdoor entertaining couldn't be easier. The owner's suite is split from the other bedrooms and includes fantastic city light, desert, and mountain views. The suite boasts five large windows, a fireplace with warm floor-to-ceiling wood surround, and an ensuite bathroom with emphasis on a beautiful oversized, glass framed stand alone shower and deep, soaking tub. Passing through to the large, walk-in closet, there is custom built-in cabinetry and a pocket door leading to the laundry room. The laundry room offers plenty of storage and countertop space with two LG front load washers, two LG dryers, built-in collapsible stainless steel drying racks, a dog wash shower, and deep soaking sink. Also in the laundry is an iron Dutch door. Located near the front door and courtyard is an office with a custom, wall length, built-in bookcase. Across the foyer from the office are the four additional bedrooms. They are situated surrounding a common game / bonus room, also featuring an iron Dutch door with access to the back covered patio. Each of the four oversized bedrooms offer beautiful desert, saguaro cacti or mountain views. Walk-in closets with custom shelving, and en suite bathrooms with custom tiled showers with glass enclosures make each bedroom a private suite. The garage can easily accommodate 5 vehicles and currently offers three high speed Tesla charging stations, a water purification system, two tankless smart gas water heaters, a salt system, built-in storage cabinets, and workshop area. The garage floor has custom epoxy coating throughout. The home features a new, private well with a 2,500 gallon underground storage tank and brand new septic system. The well equipment is protected from the elements in its own well house, designed to blend in with the surrounding desert. There is a large, professionally graded lower pad that is perfect for anything you can dream of - a horse barn and arena / turn out, a future casita or in-law suite, sports courts, a resort style pool, extended playground, or car collector and RV garage. Pre-wried for all of the surround sound and smart home features you could want. And not to be missed is the attention to detail in this beautiful home - from the chandeliers and copper lighting fixtures, to the custom barn doors throughout the home and to the highest quality fixtures. It will be hard for you to not get lost in the beauty and tranquility that this home has to offer.
5518 E Sanna Street
Paradise Valley, AZ 85253
$4,800,000
4
Beds
4.5
Baths
5,559
SqFt
Status
Active
MLS #
6762015
Property Type
Single Family Residence
Price Type
--
Come check out this GORGEOUS home that is located on the golf course in the coveted Camelback Country Estates! This exquisite 5559 square ft home offers so much! From the gourmet kitchen with 2 Wolf ovens, Wolf cooktop, 2 Asko dishwashers, Subzero Frig/Freezer, custom cabinetry and quartz countertops to the abundance of amenities in this phenomenal home. The highest level of craftsmanship and detail can be found in every inch of this home. Entering the oasis like backyard through the new 16ft sliding glass doors, you're going to feel like you're at a resort. The picturesque surroundings include a stunning new pergola (which has built-in heaters for those chilly Az nights), a sprawling patio, a beautiful pool, a built in fireplace and incredible views. Your buyers won't want to leave!
4949 E Lincoln Drive Unit 34
Paradise Valley, AZ 85253
$4,800,000
3
Beds
3.5
Baths
4,540
SqFt
Status
Active
MLS #
6770188
Property Type
Single Family Residence
Price Type
--
Step into MONTELUCIA RESORT VILLA 34, a breathtaking masterpiece designed by the visionary TADDEY KARLIN OF BEVERLY HILLS, where every detail has been meticulously curated to deliver a living experience like no other. Nestled on the LARGEST ULTRA- PREMIUM LOT in the exclusive Montelucia Resort, this villa is a one-of-a-kind sanctuary that blends TIMELESS ELEGANCE with CONTEMPORARY LUXURY. From the moment you walk through the doors, you are greeted by UNRIVALED VIEWS of the majestic Camelback Mountain. The villa's design harmonizes beauty and functionality, with a focus on delivering both EXTREME PRIVACY and IMMERSIVE COMFORT. The CUSTOM CURATED FURNISHINGS can offer a truly TURNKEY EXPERIENCE where luxury and sophistication come together effortlessly. Indulge in world-class amenities from GOURMET ROOM SERVICE to THREE EXQUISITE POOLS, and the RENOWNED REJUVINATING SPA, all at your fingertips. Whether entertaining or unwinding, this villa elevates every moment, making it more than just a home it's a retreat where your lifestyle reaches new heights. Perfect for discerning buyers who seek a harmonious blend of resort-style living and privacy, Montelucia Resort Villa 34 is the ultimate expression of REFINED LIVING in the heart of PARADISE VALLEY.
9030 N 48th Place
Paradise Valley, AZ 85253
$4,799,000
6
Beds
6.5
Baths
8,420
SqFt
Status
Active
MLS #
6722994
Property Type
Single Family Residence
Price Type
--
Set in a quiet cul de sac in the coveted 3C's school district, this impressively remodeled PV estate boasts 6 generously sized en suite bedrooms & 6.5 baths, including attached casita with full kitchen and sep entrance + attached LL guest suite with lounge and fitness room, ideal for multi-generational living! Upon entering, guests are greeted by soaring 20 ft ceilings, a formal living room, a central kitchen bathed in natural light, an office, multiple dens for relaxing movie watching, and an immense great room for large scale entertaining! Mountain Views abound in the stunning backyard w/pool, spa, outdoor kitchen, firepit and many gracious conversation patios. Car enthusiasts will love the massive 5-car garage space (2 w/hvac) . One of the LOWEST priced remodeled homes per sq ft in Paradise Valley, priced well below appraised value! This home offers the perfect blend of expansive, upscale, yet comfortable living!
19946 N 103rd Street
Scottsdale, AZ 85255
$4,795,000
4
Beds
4.5
Baths
6,972
SqFt
Status
Active
MLS #
6758590
Property Type
Single Family Residence
Price Type
--
SILVERLEAF CLUB GOLF MEMBERSHIP AVAILABLE! Nestled next to the tranquil waters of the private lake at Desert Springs Park, this home in Silverleaf embodies the timeless allure of Spanish Colonial architecture, offering a perfect blend of elegance, comfort, and charm for discerning homeowners seeking a sanctuary in the heart of Scottsdale's most exclusive community. As you approach from the private, tree lined street, your first glimpse of the home is nothing short of captivating, exuding curb appeal with its stately presence and lush, meticulously manicured landscaping. Step inside and you are delighted by interior spaces that are designed to be both welcoming and intimate, with cozy alcoves for quiet moments and larger gathering areas perfect for entertaining.
4754 E Valley Vista Lane
Paradise Valley, AZ 85253
$4,795,000
5
Beds
5
Baths
5,129
SqFt
Status
Active
MLS #
6735878
Property Type
Single Family Residence
Price Type
--
Arizona living at its finest. An artistically inspired estate with gated privacy and iconic Camelback Mountain views. Showcasing botanical specimens and a variety of mature trees, the resort backyard, lush setting and huggable mountain views, make for an unparalleled Paradise Valley experience. Two master suites, two guest rooms, an office and separate enclaves make for relaxed living throughout the home. The artistic attention to detail is unsurpassed. Antique hand carved doors in both the interior and exterior, exemplary painted touches throughout and a flowing floor plan make this a truly signature home. The private approach & secondary entrance highlight the cobble stone circular driveway and water features. This unique home and its stellar setting form an entertainer's delight. Photography to be updated to reflect current changes in home.
12297 E Troon Vista Drive
Scottsdale, AZ 85255
$4,789,995
5
Beds
5.5
Baths
4,958
SqFt
Status
Active
MLS #
6647257
Property Type
Single Family Residence
Price Type
--
Turn Key Home will be completed fall of 2024. Starting with an entertainers dream kitchen, including SS Wolf 48'' dual fuel Smart Range, Pro Hood, 30'' Wolf Microwave and Single Wall oven, Cove Dishwasher and a 60'' Subzero Fridge/Freezer as well as a 36'' Sub Zero Glass door fridge in the prep kitchen. Two islands and a prep kitchen complete this entertaining space. two 20' pocket doors from the kitchen/great room area lead to a large covered patio with a detached casita with a living room/bedroom. Back in the main house enjoy time in your oversized primary suite with bath and spacious WIC as well as three en-suite bedrooms with WIC closets. Flex space and a den flank the foyer when you enter this show stopping home. Full Landscaping and pool included.
39254 N 104th Place
Scottsdale, AZ 85262
$4,760,450
4
Beds
3.5
Baths
5,011
SqFt
Status
Active
MLS #
6714712
Property Type
Single Family Residence
Price Type
--
Nestled within the prestigious Desert Mountain community, renowned for its world class golf and stunning desert landscapes, this exquisite custom home offers the epitome of luxury living. FULL GOLF MEMBERSHIP is available through the club upon approval and close of escrow. Crafted in 2018 by the esteemed Red Moon Development, this soft contemporary residence seamlessly blends indoor and outdoor living spaces, providing a serene retreat in the Sonoran Desert. Greeted by an abundance of natural light through large sliders, breathtaking outdoor vistas, covered patios, pool, spa, and views of city lights and rolling mountain vistas to the west serve as a captivating backdrop. Designed for entertaining, the outdoor living spaces are a true oasis with outdoor kitchen, dining, fire pit, all... surrounded by lush, newer, landscaping design including mature cacti and meticulously watered pots. Whether hosting a soiree under the stars or simply enjoying a quiet evening soak, this outdoor setting will be enjoyed year-round. Experience the pinnacle of unparalleled quality and craftsmanship in this home with 2 primary suites, 3rd bedroom, and office, or 4th bedroom to suit a family or empty nesters. Within the home with no steps, even the most discerning chef will feel right at home with gas stove, walk-in pantry, extended island, and informal dining all the while in view of the stone stacked fireplace. The elegance extends to the modern, faux, hand painted ceilings, stand-alone bar, and back lit 750 bottle wine wall elevate every corner into a work of art. Car enthusiasts will delight in the 5-car garage with built in cabinetry and work bench, and large motor court. Meanwhile, 23 owned solar panels meticulously placed out of view, ensure economical electric bills, control 4 system, 220 electric car charger, water filtration system, all adding to the homes sustainability and efficiency. Lot is conveniently located within walking distance to the state-of-the-art fitness center, tennis courts, 8 pickleball courts, and one of the 10 restaurants within Desert Mountain. Furniture and turn key an option at additional cost.