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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8000 E Mariposa Grande Drive Scottsdale, AZ 85255

$4,500,000
5 Beds
8 Baths
7,005 SqFt
Status Active
MLS # 6773466
Property Type Single Family Residence
Price Type --
Welcome to this exquisite Arizona estate, set on an expansive 2 plus acre lot with unmatched luxury and privacy. Enter through a private gate and arrive at the motor court, where you can choose from one of 14 garage spaces. Inside, you'll be greeted by rare 30-inch Beaumaniere French limestone floors and three elegant interior fireplaces as well as one wood burning exterior fireplace. The second level features hand-scraped, pegged oak plank floors, adding warmth and character. The gourmet kitchen boasts cherry, alder, and black poplar cabinetry, highlighted by stunning book-matched Italian Verde Bologna granite countertops. Top-tier appliances include Sub-Zero, Wolf, and Asko, complemented by Franke professional sinks. The main home is over 6000sf of opulent space. The kitchen and great room are adorned with stately hacienda beams, while 8-foot knotty alder solid wood doors enhance the the home's craftsmanship throughout. For outdoor living, enjoy two distinctive outdoor showers, brick patios, and a fully tiled, heated pool and spa. The massive 4648 sf detached garage offers A/C, a full bath, laundry facilities, and even a gun range. A spacious casita with over 1000sf, mature desert trees, and lush landscaping complete the property's appeal all with no HOA restrictions. This estate truly represents the finest in Arizona living.

4704 N 40th Place Phoenix, AZ 85018

$4,500,000 - 5Br/6Ba -  for Sale in Hacienda Granada 2, Phoenix
New
$4,500,000
5 Beds
5.5 Baths
5,007 SqFt
Status Active
MLS # 6777137
Property Type Single Family Residence
Price Type --
Your dream home in the desirable Arcadia area of Phoenix is coming Spring 2025! Take advantage of pre-completion pricing! This stunning residence will offer unparalleled luxury & comfort across its expansive layout. This home is designed for the ultimate in spacious living. Upon entering, you are led seamlessly into the grand living spaces filled with natural light & high ceiling. The gourmet kitchen is a chef's delight, featuring Wolf/Subzero appliances, custom cabinetry, a nicely appointed back kitchen, a large island perfect for both cooking & entertaining while overlooking the backyard oasis. Adjacent is the formal dining room, ideal for hosting dinner parties & gatherings. The primary suite is a true retreat, complete w/a soaking tub, dual vanities, & a large walk-in shower for 2. Each additional bedroom includes its own ensuite. The outdoor area is an oasis unto itself, with a sparkling pool & soothing spa where you can relax & unwind. The expansive patio & landscaped grounds provide ample space for outdoor dining, lounging, & enjoying the Arizona sunshine year round. Additional features of this exceptional home include: High ceilings & an abundant of natural light throughout. A spacious family room perfect for casual gatherings. State of the art technology & smart home capabilities. Three car garage with ample storage space. Located in the Arcadia area, this home is in Hopi Elementary boundaries and a 3 minute drive to Phoenix Country Day School. offers easy access to upscale shopping, dining, & entertainment. Enjoy the nearby hiking trails of Camelback Mountain or some of the finest golf courses.

5518 N Quail Place Paradise Valley, AZ 85253

$4,500,000
8 Beds
8.5 Baths
9,442 SqFt
Status Active
MLS # 6470008
Property Type Single Family Residence
Price Type --
Welcome to this stunning Mediterranean estate in a prime Paradise Valley, Arizona location. This expansive 2-story estate sprawls out over 1.1 acres. The 8Bd/8.5Ba estate features a library, den/office, sunroom, gym, theater, and your very own elevator. Gated motor court accented by towering palm trees and mature easy to maintain foliage. As you enter the threshold and step into the grand entry hall you will be awed by pillared accents, custom flooring throughout, magnificent living room featuring a jewel of a fireplace, oversized windows, and beautiful crystal chandeliers throughout. Elegant formal dining room, spectacular kitchen with rich hardwood cabinetry, sparkling jet-black granite, cabinet-faced cold-storage units, and a gas range. The family room features a gas fireplace, wet bar perfect for entertaining guests and whisper-quiet sliding doors that lead out into the courtyard. Soak in the relaxing views from the atrium-style sitting room or unwind in your own lush home theater with stadium style seating. Dramatic staircase ascends to the loft-library and balconied bedrooms. Primary suite features a two-way fireplace, posh private bath, and a cocktail veranda overlooking beautiful Camelback Mountain views. This estate also provides a fitness room/dance studio with mirrored wall as well as a very private in-law suite with a full kitchen. Sizable backyard with a lush lawn, putting green and stone pathways to a gazebo complete with a barbecue. Plenty of space for a resort style custom designed sparkling pool and and additional personalized amenities you desire. 4-Car Garage with plenty of storage. Come in today and discover what this truly special move-in ready estate has to offer.

40160 N 105th Place Scottsdale, AZ 85262

$4,500,000
5 Beds
5.5 Baths
5,334 SqFt
Status Active
MLS # 6766192
Property Type Single Family Residence
Price Type --
Very private yet open space feel with fantastic city light, sunset and mountain views. Step inside this outstanding all ONE LEVEL contemporary home and experience Arizona living at its finest. The warmth of the courtyard with linear fireplace sets the stage for the ultimate indoor/outdoor living experience. Once inside, a captivating see-through wine structure and main living areas continue through glass telescoping wall to the outdoors combining the inside and outside into one entertaining experience. The two inviting gathering areas with full size bar are open to the gourmet kitchen featuring Wolf and Sub Zero appliances, a large island and hidden walk-in pantry. The dining / morning room is sure to please with its opening up to the front courtyard. Outdoors features negative edge pool, spa, barbecue, conversation area with fireplace, lounging and dining patios areas to relax and enjoy with family and friends. Conveniently located mid-mountain and within walking distance to the Sonoran Fitness Club. Primary suite includes French oak plank floors, a floor-to-ceiling linear fireplace. The primary bath vanity with plenty of storage, a freestanding tub, extra-large walk-in shower and two expansive designer closets. Three en-suite guest bedrooms with private patios. A separate casita opens to the courtyard and provides ample room for family and guests. Shell of home was built in 2007, 2019 all new interiors, finishes, mechanical and more. Listing includes vacant lot rear of pool preserving views.

11952 E Casitas Del Rio Drive Scottsdale, AZ 85255

$4,500,000
4 Beds
5 Baths
5,000 SqFt
Status Active
MLS # 6714760
Property Type Single Family Residence
Price Type --
Just completed in 2024, this contemporary masterpiece is located within the gated community of Troon Highlands Estates within Troon Village. The private corner lot backs to 18 acre HOA owned preserve featuring extensive views of the McDowell Mountains, Tom's Thumb, and natural rock formations. Modern, yet timeless architecture and meticulous custom construction resulted in a stunning home complete with masonry walls, steel accents, extensive white oak millwork, floor-to-ceiling windows, and sliding glass walls. German-crafted Eggersmann kitchen featuring Miele and SubZero refrigeration and Wolf cooking appliances. The open-concept kitchen features two waterfall islands, dual sink stations, a patio pass-through, vast organization including an integrated pantry system, and a roll-up.. appliance garage. Fifteen illuminated crystal orbs are suspended over a 10-person dining area located between the kitchen and the great room. A glass walk-in wine storage incorporates independent temperature control. The private master suite features a wellness spa-inspired wet room, dual floating vanities, and large his and her's custom-finished wardrobes. A full guest suite offers mountain views from a private patio and a separate entrance. The large flex room is complete with SubZero and Fisher Paykel drawers, bar seating, and a sliding glass wall is perfect for entertaining. Two additional bedrooms with ensuite bathrooms, a large office, pool bath, and a powder room complete the guest wing. Exterior features include a large lap pool with Baja shelf, negative edge spa, natural limestone pavers, glass railings, double-sided fireplace, putting green, several cactus gardens, and a large BBQ area. A temperature controlled showroom garage sits across from an oversized 3 car garage allowing for a total of 4 full-sized vehicles to be parked inside. Integrated technology includes advance lighting and shade automation from Lutron HomeWorks, convenient whole-house audio via Sonos, and prewired for an advanced surveillance system. The project was built-to-suite for a discerning client who intended on living in the residence. With that said, no expense was spared and the home features best-in-class upgrades comparable to finishes seen in much more expensive homes.

6302 E Hillcrest Boulevard Scottsdale, AZ 85251

$4,500,000
4 Beds
5 Baths
5,376 SqFt
Status Active
MLS # 6745655
Property Type Single Family Residence
Price Type --
At the base of Camelback Mountain and on the Phoenician golf course sits this premier 4 bedroom, 5 bathroom coastal modren estate. With vaulted, exposed beam ceilings, skylights, wood paneled walls, large glass sliders, and hardwood flooring throughout this open concept living, dining, and kitchen. Chef's kitchen includes windows that open to the backyard, dual islands, Sub-Zero & Wolf appliances, multiple ovens, pantry and separate wet bar with built-in wine fridge. Multiple exterior areas perfect for entertaining; custom heated pool and spa with expanded pool deck, covered patio with built-in BBQ, sink, TV, putting green with artificial turf with large desert palms. Primary suite includes dual sink vanities, oversized shower, freestanding bathtub & outdoor private shower. Additional features include 3 en suite bedrooms and 3 car garage with electric charging station. Located only minutes away from Fashion Square, Old Town Scottsdale, and the best resorts, golf, dining, and shopping in Scottsdale and Arcadia.

10721 E La Junta Road Scottsdale, AZ 85255

$4,500,000 - 5Br/6Ba -  for Sale in Artesano At Troon Canyon, Scottsdale
Open House
$4,500,000
5 Beds
5.5 Baths
7,208 SqFt
Status Active
MLS # 6754692
Property Type Single Family Residence
Price Type --
Indulge in the epitome of luxury at Artesano Grande, a sprawling estate meticulously maintained and upgraded with remarkable elegance. A connoisseur's dream awaits in the gourmet kitchen, featuring Viking appliances, a butler's pantry, multiple ovens, and two dishwashers. Seamlessly flowing into the great room, this culinary dream kitchen creates an ideal setting for elegant entertaining, including a stunning temperature-controlled wine room. The Multiple living areas offer versatile spaces for relaxation and rejuvenation, complemented by a dedicated home office, a serene wellness room, and a home gym/yoga studio. Each private bedroom is an oasis of comfort, complete with ensuite bathrooms and ample storage. Step outside to discover an expanded covered patio, perfect for alfresco dining and entertaining. The outdoor kitchen and shade structures create an inviting ambiance, while the new, transformed pool, featuring a spacious Baja shelf and captivating fire and water features, beckons for refreshing relaxation. Immerse yourself in breathtaking city-light and sunset views and the allure of a nearby country club. Enjoy substantial energy savings with a 2014 grandfathered whole-home solar system. Modern conveniences abound with two EV chargers, ensuring effortless charging for electric vehicles. The home is equipped with four HVAC units for optimal climate control, while the central vac system simplifies cleaning and maintenance. Discover the unparalleled lifestyle awaiting you at Artesano Grande.

11988 E Larkspur Drive Scottsdale, AZ 85259

$4,500,000 - 6Br/6Ba -  for Sale in Ancala, Scottsdale
Open House
$4,500,000
6 Beds
6 Baths
8,904 SqFt
Status Active
MLS # 6671869
Property Type Single Family Residence
Price Type --
Step into your exquisite sanctuary nestled within the esteemed gated Ancala Country Club golf community. This exceptional custom home is perched on a sprawling hillside lot, commanding awe-inspiring views of the city lights below. Indulge in the artfully crafted interior, where every detail exudes sophistication and elegance. From the high-end finishes to the opulent amenities, no expense has been spared in creating a space that is as luxurious as it is inviting. With six bedrooms, an office, a theatre, bonus room, and fitness center that can easily be converted to an in-law suite, five full baths, three powder baths, this home is designed to exceed every expectation of comfort, style, and luxury. Retreat to the sumptuous primary suite, a haven of relaxation boasting a spa-like bathroom, spacious his and her walk-in closets, and a private balcony offering a serene escape with breathtaking views. Outside, a resort-style paradise awaits, featuring a glistening pool, a tranquil spa, a cozy firepit and fireplace, gas bbq, perfect for unwinding or entertaining guests against the backdrop of the stunning landscape. Located up the mountain in Ancala Country Club, where you have the option to join the club if you wish, including a social or full golf membership.

4861 E Marston Drive Paradise Valley, AZ 85253

$4,499,999
4 Beds
4 Baths
5,892 SqFt
Status Active
MLS # 6742885
Property Type Single Family Residence
Price Type --
SELLER MAY CARRY! No rental restrictions! Priced under $800/sqft, this elegant home sits on a large lot with stunning views of Camelback Mountain and Camel's Head. It features soaring ceilings, marble floors, and a private courtyard surrounded by lush landscaping. The resort-style backyard offers a sports court, putting green, cactus garden, and pool with new plumbing and digital pumps. Recent upgrades total $150k including paint, concrete finishes, and a new irrigation system. The gold leaf front door and chandeliers appraised & insured for $200k+. 4-car garage with carport make this home a rare find!

6902 N Highlands Drive Paradise Valley, AZ 85253

$4,499,999
4 Beds
5.5 Baths
5,509 SqFt
Status Active
MLS # 6753805
Property Type Single Family Residence
Price Type --
THE BEST KNOCKOUT VIEWS AT A STEAL OF A PRICE! Where else can you get ALL THIS: One-of-a-kind hillside with UNOBSTRUCTED panoramic views of Camelback, Phoenix Skyline, Mummy Mountain, and PV fireworks. Your family and guests will be amazed by 5 view decks and the heated infinity pool & spa that let you feel like you're swimming into a limitless Arizona horizon. Perfectly positioned for privacy: no neighbor directly on top of you. Quiet dead-end street. And the desert hillside is a fortress that naturally shades & cools the house in the afternoons. All bedrooms are en suite with balcony/patio access including TWO Primary Suites! Floor-to-ceiling windows, two-story waterfall, 3 fireplaces, 2 wet bars, and temp-controlled pantry/wine room. WATCH THE VIDEO and SEND YOUR OFFERS! *** 8 AVMs (Automatic Valuation Models) value this home at an average of $5.05 MILLION! (Accessed 9/1/24: ATTOM, Movoto, Chase, Home Valuation, Realtordotcom, Public Data, Pennymac, and Wells Fargo). Don't miss this incredible opportunity to own a premium trophy location in Arizona's most prestigious ZIP code at a HUGE discount.

8760 E Hackamore Drive Scottsdale, AZ 85255

$4,499,500
4 Beds
5.5 Baths
6,240 SqFt
Status Active
MLS # 6726473
Property Type Single Family Residence
Price Type --
Welcome to this luxurious 4-bedroom, 5.5-bathroom home with a separate guest house, located in a stunning Scottsdale location. This exquisite property boasts sprawling wood floors and offers breathtaking city light and mountain views. The main property sits at 5,371 square feet w/ a gorgeous guest house that is 869 sqft The interior is adorned with numerous upgrades, including elegant wainscoting and a huge kitchen featuring a massive island with granite counters, custom fixtures, and top-of-the-line Sub-Zero appliances. Step outside to your resort-style oasis, complete with a stunning pool, travertine patio decking, and a built-in patio area, perfect for entertaining and relaxing. Don't miss the opportunity to own this exceptional home in one of Scottsdale's most desirable areas

10040 E Happy Valley Road Unit 1010 Scottsdale, AZ 85255

$4,499,000
4 Beds
4.5 Baths
5,047 SqFt
Status Active
MLS # 6752037
Property Type Single Family Residence
Price Type --
Nestled on the 17th Tee box on the world-renowned Jack Nicklaus Golf Course, & with Pinnacle Peak Mountain practically in the backyard, this exquisite Desert Highlands residence embodies the pinnacle of luxury living in North Scottsdale. Built in 2003 by Casa Del Oso & completely reimagined in 2022. Spanning a generous layout with 4 ensuite bedrooms, 4.5 bathrooms, & a 3 car garage, this property, offers an unparalleled lifestyle with full golf & tennis membership. Every inch of this estate has been meticulously redesigned for luxury, comfort, & entertainment. From the culinary dream kitchen featuring a 48-inch six-burner Wolf range with a griddle, custom cabinetry, 2 Subzero refrigerators, coffee bar, appliance pantry, California Faucets, spacious kitchen island with prep sink... leathered granite & quartzite counter tops, & all this with mountain & golf course views. You will be mesmerized by the breathtaking views in the large great room with dining area, gas fireplace, & custom bar inspired by New York's finest restaurant which features a marble countertop, custom cabinetry, custom lighting & beverage fridge. The primary suite is a sanctuary of tranquility with sliders out to the pool & spa, fireplace, standalone tub, stunning shower, dual vanities, make up area, & 2 walk in closets. There is a dedicated office, bonus room with sliders out to the backyard oasis, & modern designed powder room. Ownership includes full membership to Desert Highlands' Golf Club with $150,000 fee, which grants access to the golf course, the state-of-the-art tennis club, putting course, bocce ball, pickle ball, catch & release pond, & dog park. This home is an entertainer's dream with the outdoor spaces designed for year-round enjoyment, blending seamlessly with the stunning views & landscape. There are multiple patios, courtyards, and balconies including an outdoor kitchen with views, 2 outdoor fireplaces, a fire pit, putting green, pool & spa. The mountain views are second to none with views of Pinnacle Peak, Troon Mountain, & the McDowell Mountains with the property positioned to maximize the sweeping mountain vistas & city light views. Enjoy privacy, security, & the convenience of being minutes away from fine dining, shopping, and the natural beauty of the Arizona desert. Enjoy playing the world class course which was named as one of the top desert courses in the Nation. Home has an abundance of storage and a whole house water filtration system. Embrace a life where luxury meets the pinnacle of outdoor living. This Desert Highlands gem is more than a homeit's a masterpiece designed for those who demand excellence and exclusivity.

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