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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140 E Rio Salado Parkway Unit 106
Tempe, AZ 85281
$964,000
2
Beds
2
Baths
1,952
SqFt
Status
Active
MLS #
6763839
Property Type
Apartment
Price Type
--
Experience luxury lakeside living in Bridgeview, an ideally situated Condominium on the banks of Tempe town lake. This first-floor home is perfect for outdoor enthusiasts who enjoy boating, rowing, biking, and running. Inside, a Chef's Kitchen with Granite Counters, a Gas stove top, & polished travertine flooring throughout. Two generously sized bedrooms with walk-in closets. Step out of the Great Room onto your private patio to savour uninterrupted lake views, an idyllic spot to relax or entertain. Bridgeview amenities include a heated pool, hot tub, sauna, steam room, pool room, private movie theatre, 24/7 concierge security, and secure underground parking. Steps away from Tempe Streetcar, Tempe Beach Park, Sun Devil Stadium & the culture, dining, & entertainment Downtown Tempe offers.
2 County Road N 2277 Lot 9 --
Nutrioso, AZ 85932
$960,000
4
Beds
2.5
Baths
3,000
SqFt
Status
Active
MLS #
6711882
Property Type
Single Family Residence
Price Type
--
MOUNTAIN TOP BEAUTY! PANORAMIC VISTAS GALORE IN THIS GORGEOUS CUSTOM CABIN SET ABOVE THE REST! FOREVER VIEWS OF THE NUTRIOSO VALLEY BELOW W/ MANY CUSTOM UPGRADES: STAY COZY & SECURE W/ CENTRAL HEAT (W/ HUMIDFIER), HEATILATOR HUGE ROCKED FIREPLACES ON 2 LEVELS. KOHLER BACK UP GENERATOR, 500 GAL PROPANE TANK OWNED & 50 AMP RV HOOKUP! ENJOY THE LUXURY IN THE GORGEOUS CHEF'S KITCHEN W/ ITALIAN TILE, GRANITE COUNTERS, DOUBLE OVEN, SS APPLIANCES, PRETTY KNOTTY ALDER CABINETS, & ALL FURNISHINGS IN THE CABIN STAY! ENTERTAIN IN THE GAME ROOM DOWNSTAIRS W/ WET BAR, MASSIVE FIREPLACE W/ MANTLE FOR HOLIDAY DECOR & EASY TO LINGER ON THE DECK. UPSTAIRS- 3 DECKS FOR BIG GAME VIEWS & BIRDING YEAR 'ROUND. MAINTAINED ROAD TO GET AWAY FROM IT ALL. BRING YOUR BINOCULARS & RELAX IN OUR COOL SUMMERS!
8631 E Jackrabbit Road
Scottsdale, AZ 85250
$960,000
4
Beds
2
Baths
1,810
SqFt
Status
Active
MLS #
6742323
Property Type
Single Family Residence
Price Type
--
Feast your eyes on this jaw-droppingly modern remodel! Step into an open floor plan flaunting sleek, brand-new flooring throughout. The kitchen is a showstopper with its dazzling quartz countertops and top-of-the-line stainless steel appliances—ideal for hosting epic gatherings or whipping up gourmet meals. Relax or entertain in style with a low-maintenance backyard, complete with a sparkling pool that's perfect for cooling off on hot days. Located just minutes from Fashion Square, Old Town, and the Salt River Fields, this spot offers unbeatable convenience and vibrant living!
3859 N Whispering Pine Road
Pine, AZ 85544
$960,000
5
Beds
3
Baths
2,237
SqFt
Status
Active
MLS #
6753291
Property Type
Single Family Residence
Price Type
--
MAJESTIC home has ''tranquility plus'' in SECLUDED HOMESITES, indeed, and in this heavenly neighborhood w/tall pines and scenic ELK. 3 bdrm, 2bth in main house and 2bdrm, 1 bth in detached guest house. ENTER the roomy foyer and step into natural lite that enhances the fabulous impressive Great Room! Dining room within, eludes spacious and open ambiance. Kitchen has updated appliances, extra built in storage cabinets, roll out drawers and shelves for china, silver & crystal. Staircase with stair lift, screened in porch for out door dining or sleeping porch. covered dog run and doggie door! Built ins every where for books and art artifacts. Matching deck wraps around home. Peace and euphoria envelope this beautiful forested setting. Furnishings from Italy encompass the rooms an are available thru negotiations or separate bill of sale. Large 2 car has work benches and shelving. Italian giant pots were shipped from Italy are driveway decor, stone fountain in front give importance to this lovely year around home on 1 acre, or ARBO is happening in this area! NO HOA, YES HORSES, hiking trails galore! A beautiful home of gracious past world design and a perfectly beautiful neighborhood!
333 W Jade Court
Chandler, AZ 85248
$960,000
4
Beds
3.5
Baths
2,824
SqFt
Status
Active
MLS #
6775736
Property Type
Single Family Residence
Price Type
--
Luxurious Home on a Premium Lot in Fox Crossing Discover a perfect blend of elegance and comfort in this Chandler gem, nestled on an expansive 0.43-acre lot. Boasting 2 owner's suites 1 on each floor, this home offers ultimate flexibility for modern living. Designed for both relaxation & entertainment, the outdoor space features a luxury pool, 2 putting greens, & even room to practice chipping. Host unforgettable gatherings with an outdoor kitchen & enjoy seamless indoor/outdoor living with a double slider leading to your private oasis. Inside, the chef's kitchen is a dream come true, featuring a top-of-the-line stove, restaurant-style warmers, & space to create gourmet meals. With 4 bedrooms, 3.5 baths, & a versatile upstairs loft, there's plenty of room for family and friends. Don't miss this rare opportunity to own a spacious, fully upgraded home on a premium lot in Chandler!
4203 E Dubois Avenue
Gilbert, AZ 85298
$960,000
5
Beds
3
Baths
3,379
SqFt
Status
Active
MLS #
6779714
Property Type
Single Family Residence
Price Type
--
Discover luxury living in Seville Golf & Country Club. This remodeled two-story home offers an open-concept layout filled with natural light. The gourmet kitchen boasts an oversized island, custom cabinetry, and premium finishes—perfect for entertaining or family gatherings. The main floor master suite is a serene retreat with a spa-like bathroom featuring a soaking tub & walk-in shower. An additional guest bedroom & full bathroom complete the first floor. Upstairs, enjoy a loft & three spacious bedroom. The backyard is an oasis with a sparkling pool, artificial turf, & expansive covered patio. Seville members enjoy access to a championship golf course, resort-style pools, gym, & dining. This home offers the perfect blend of elegance and convenience. Enjoy the good life, Welcome Home!
15014 S 24th Place
Phoenix, AZ 85048
$960,000
5
Beds
3
Baths
3,042
SqFt
Status
Active
MLS #
6783944
Property Type
Single Family Residence
Price Type
--
SPECTACULAR PANORAMIC VIEWS OF SOUTH MOUNTAIN PRESERVE. Located on an extremely unique and rare premium over-sized South Mountain lot, in Mountain Park Ranch community of Ahwatukee. This gorgeous, ''move-in ready'' two-story, 3,042 sf. / 5 beds / 3 baths / 3-car garage home makes quite the first impression with jaw-dropping desert mountain views from a resort style backyard. Off the foyer is the elegant formal dining room with plantation wood shutters and Travertine tile flooring and custom tiled mosaic. Vaulted ceilings and a single step down separate the living and dining areas beautifully blending wood flooring and Travertine tile. The living room has a wood burning fireplace, with mantle. The kitchen and family room flow together nicely, with lots of natural light from windows. The spacious entertainer's Kitchen offers: Gorgeous rich shaker style wood cabinets, textured backsplash and Quartz slab countertops with an island and raised breakfast bar counter, stainless appliances, including under island microware and modern smart lighting. The walk-in pantry with plenty of extra storage. The large vaulted ceiling master-bedroom suite offers room for a private seating area and has a slider to the balcony overlooking the backyard patios/pool/mountain views. Open the Plantation blinds to show the beauty of the South Mountain desert and allows for much natural light. The remodeled ensuite master bathroom with dual sink shaker style cabinets, Quartz slab counters, brass style fixtures, walk-in shower with dual shower heads and two spacious walk-in closets with cedar wood ceiling. Four spacious bedrooms with wood flooring, served by two fully-remodeled brass style fixture baths: 1) With dual sink, remodeled tub/shower, 2) Bath off kitchen has walk-in shower. Larger upstairs bedroom could serve as media room. The backyard is an entertainer's dream! It offers: A beautiful oversized sparkling pebble-tec pool, with a relaxing waterfall and spa with waterfall; Ramada with gas fireplace with seating bench; Built-in Gas BBQ with high-top bar, refrigerator; Paver patios and huge natural grass area. All embrace the amazing serenity of the South Mountain desert!!! The 3-car garage with Smart Garage door on double bay and electric vehicle power. Side garage door grants access to RV side yard with RV 50-amp power. Addl. Features include: Smart lighting/thermostats, front video doorbell & lock, Central Vacuum System, Reverse Osmosis water system and Owned Security System. Wired for DirectTV and Gigabit Fiber Internet available. The Mountain Park Ranch Subdivision, offering three community recreation areas with pools, sport courts and playgrounds. Near academically acclaimed schools, grocery/drugstore, restaurants, shopping, hardware store, hiking/biking/walking trails, YMCA and the Desert Foothills Park. Easy access to USPS and the Loop-202/South Mountain freeway. Visit the document section for the home upgrade list.
10086 W El Cortez Place
Peoria, AZ 85383
$960,000
6
Beds
5.5
Baths
4,699
SqFt
Status
Active
MLS #
6776753
Property Type
Single Family Residence
Price Type
--
Prepare to be amazed! This fantastic 6 bed, 4.5 bath residence is now on the market! Nestled on a premium corner lot and featuring a beautiful facade w/stone accents, a manicured low-care landscape, 3 garage spaces w/built-in cabinets, and a paver driveway. Discover a spacious semi-open floor plan w/crown moulding, recessed lighting, and crisp palette throughout. The formal dining room, w/its coffered ceilings, plantation shutters, and dazzling light fixtures, is ideal for hosting a dinner party! The gourmet kitchen is equipped w/everything the aspiring chef needs, staggered cabinetry w/quartz counters, stylish backsplash, stainless steel appliances such as dual wall ovens, a walk-in pantry, pendant lighting, and an island complete w/a breakfast bar. The grand primary suite showcases elegant wood-look flooring, a private sitting area, walk-in closet, and a lavish bath w/dual vanities & a garden tub. Upstairs you will also find a huge loft boasting an office area w/built-in desks! Don't forget about the lovely inner courtyard or the backyard covered patio, where you can spend relaxing summer afternoons w/friends & loved ones! This is the opportunity of a lifetime, don't let it get away!
25617 N Abajo Drive
Rio Verde, AZ 85263
$960,000
3
Beds
2.5
Baths
2,489
SqFt
Status
Active
MLS #
6758595
Property Type
Single Family Residence
Price Type
--
Compare - Great Value in Rio Verde ''ON'' Golf Course Lot, NEW Pool, & NEW 3.5 Car Garage, + VIEWS. See EQUAL COMPS. NEW... Water Heater, Roof & Skylights, Drip Syst, FLooring. This enjoyable home backs up to White Wing Golf Course w/ Beautiful Course & Mtn Views! 2,489 SqFt, 2.5Ba, and 3Br on easy-living floorplan w/ Lrg Living Room, Cozy Fireplace, Vaulted Ceilings, lots of natural light. Opens up to formal dining and outdoor living areas. Kitchen has quartz counters, SS Appliances, gorgeous cabinetry, a center island, and casual dining. Spacious master suite / bath w/ walk-in closet, double sinks, and tiled walk-in shower. New POOL w/waterfall & 3 distinct patios for
9645 E Theia Drive
Mesa, AZ 85212
$960,000
5
Beds
5
Baths
4,591
SqFt
Status
Active
MLS #
6783739
Property Type
Single Family Residence
Price Type
--
Welcome to luxury living in the gated section of the highly sought-after Eastmark community! This gorgeous home boasts curb appeal with stone accents and a paved driveway. Inside, the cozy living room welcomes you with a soothing color palette and sleek tile flooring. Step into the spacious great room, featuring a wood-accented wall, pre-wired surround sound, and large sliding doors that seamlessly merge indoor and outdoor living. The chef's kitchen is a delight, showcasing white shaker cabinets with crown molding, stylish pendant lighting, stainless steel appliances, including wall ovens, a charming brick-accented wall, and a large island with a breakfast bar—ideal for gatherings. The expansive primary bedroom offers a cozy sitting area, a luxurious en-suite bathroom with dual vanities, a soaking tub, and a large walk-in closet. Upstairs, a sizable loft serves as a perfect media space, complemented by a den that functions well as a home office. Practical touches continue in the laundry room, with built-in cabinets for added convenience. A highlight is the attached casita, complete with a full bath, a dry bar, and upgraded wood-look luxury vinyl flooringideal for guests or multi-generational living. The backyard is a true oasis, showcasing a stunning PebbleTec pool with a large baja step, perfect for lounging or splashing, surrounded by a private, covered, tiled patio. Additional features include a separate turf area and outdoor surround sound for entertaining or relaxing in style. Eastmark offers a resort-style lifestyle with luxurious pools, splash pads, numerous parks, Steadfast Farm, and the state-of-the-art clubhouse, The Mark, hosting year-round events and activities. Don't miss this chance to make this exceptional home yours!
13637 E Eclipse Drive
Scottsdale, AZ 85262
$959,999
4
Beds
3
Baths
3,025
SqFt
Status
Active
MLS #
6778187
Property Type
Single Family Residence
Price Type
--
Come see this incredible 2023 custom new build crafted by Diamante Homes on a massive 1.89 acre lot adjacent to Granite Mountain! This custom home with NO HOA includes a custom metal front door, a massive open Kitchen & living room with high-end Cabinets, White Quartz Countertops, Built-in Stainless Steel Microwave and double ovens, a custom brick covered fireplace, custom accent wall in the primary bedroom, & upgraded flooring throughout. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, upgraded full tile Shower, Beautiful Double Vanities, an oversized four car garage, & last but not least an upgraded full 12' patio to watch the sunset on Granite Mountain from. The property layout provides ample room for a future pool, RV Garage, or Casita.
6502 E Blanche Drive
Scottsdale, AZ 85254
$959,900
3
Beds
2
Baths
1,994
SqFt
Status
Active
MLS #
6768706
Property Type
Single Family Residence
Price Type
--
Finally!! A turn key home in high demand Scottsdale Kierland area. Executive home that's very light, bright and open floor plan with high ceilings and privacy galore. No neighbors behind and an interior lot on a low traffic street. Your family and friends will love the chefs island kitchen with breakfast bar. This is adjacent to the oversized family room which flows out to the refreshing pool and low maintenance yard. The split floor plan allows for nice separation for secondary bedrooms or private office. Master suite has oversized shower and tub along with large walk in closet. This would be the perfect year around home or winter, lock and leave. Location is a 10+ down the street from Westin Kierland golf resort, Kierland Commons, the Quarter, fine dining,Parks, airport and more. wow!!!