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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28968 N Phoebe Place
Queen Creek, AZ 85142
$865,000
5
Beds
4
Baths
2,882
SqFt
Status
Active
MLS #
6659276
Property Type
Single Family Residence
Price Type
--
PRICE REDUCED 34 K Beautiful new custom home is now complete. This home has so many extras, 400 Amp power panel ready for a casita RV Garage 2'' X 6'' walls with spray foam insulation including the garage. Upgraded 42'' cabinets to the ceilings, 60'' fridge and freezer, oven combo with air fryer. Quartz counter tops with farm house sink to compliment this amazing kitchen and breakfast room. 5 Bedrooms with private entrance to Mother-in-law bedroom with en suite handicap accessable shower. Enjoy all of the advantages of this beautiful Custom home with no HOA with plenty of room for your horses, a casita and all of your recreational toys. This amazing dream home is finally completed ready for you and your family, (Floor Plan and Elevation of the home is available under the document
22300 E Quintero Road
Queen Creek, AZ 85142
$865,000
4
Beds
3.5
Baths
3,194
SqFt
Status
Active Under Contract
MLS #
6702706
Property Type
Single Family Residence
Price Type
--
Motivated seller! Welcome to Queen Creek! This magnificent home has it all with soaring ceilings, custom stone work and a floorplan of your dreams. Enjoy your private gated court yard as you enter the well-appointed home, inside you will find a huge great room, a chef kitchen with a massive island, quartz countertops, a gorgeous primary suite with a beautiful bathroom and a dream custom closet. Step out to your private oasis HEATED pool and lush grassy yard. This split floor plan offers 3 additional large sized bedrooms with a flex room. The third rear bedroom has its own ensuite. You can enjoy the extended Laundry room with additional storage and extra closets throughout the home. Enjoy a 3 car garage and RV gate for extra parking and more!
38500 N School House Road Unit 43
Cave Creek, AZ 85331
$865,000
3
Beds
2
Baths
2,292
SqFt
Status
Active
MLS #
6711538
Property Type
Single Family Residence
Price Type
--
THIS IMMACULATE HOME IS PRICED TO MOVE! Come take a look at this 2022 newly built home that is highly upgraded with over $190,000 in upgrades and landscaping! The Chef's Kitchen feature's GE Monogram Appliances, huge Waterfall Granite center island, extended cabinets with interior lighting and under cabinet lighting in multiple areas. Home has 3 bedrooms, 2 bathrooms and a den/office. Custom flooring throughout finishes off this fantastic home. Garage has new Epoxy floors. There is a community pool, spa, firepit, and pickleball court. Minutes to downtown Cave Creek featuring, Harolds, Buffalo Chip and tons of shopping. Only 30 min to Sky Harbor International Airport. It doesn't get much better than this! Come see this beautiful home before it is gone!
1553 N 69th Place
Scottsdale, AZ 85257
$865,000
4
Beds
2.5
Baths
2,628
SqFt
Status
Active
MLS #
6724433
Property Type
Single Family Residence
Price Type
--
Discover luxury living in this 4+ bedroom, 2.5-bathroom gem located on a corner lot in a desirable Scottsdale gated community. Featuring an open floor plan with ample natural light and a gourmet kitchen boasting a large island with breakfast bar and stainless appliances. Enjoy spacious living and dining areas with custom in-ceiling speakers as well as a bonus entertaining or den space. All bedrooms and a bonus room are located on the second floor along with a walk-out terrace. The large master suite offers a walk-in closet and a luxurious en-suite bathroom. The tranquil backyard features a covered patio and easy to maintain turf. The garage boasts an EV charger and epoxy floors. Enjoy the community's resort-like amenities including a serene pool, spa, gym and BBQ grilling area. This property is located near Papago Park and the Phoenix Zoo and is a short drive to downtown. Don't miss your chance to make this home your own!
29860 N 119th Avenue
Peoria, AZ 85383
$865,000
5
Beds
4
Baths
4,043
SqFt
Status
Active
MLS #
6727127
Property Type
Single Family Residence
Price Type
--
Come experience the lifestyle in the gated community Chaparral Canyon at Vistancia. Beautiful premium view lot backing to open space in the back.Energy efficient Solar Powered (owned) home with breaker box fitted to handle an EV charging system. Loaded with upgrades and charming appeal. Chef's Kitchen w/ Butler's Pantry offering a pass through to the Formal Dining Room. Open concept floor plan w/ spacious Great Room and Multi-Slide Door leading to backyard. Private main level Guest Room, Den AND Pocket Office. Generously sized Loft living space. Owner Ensuite w/ Spa like Bath complete w/ dual vanities, walk in tile surround shower and separate soaking tub. All Bedrooms have walk in closets and the primary is very large. Seamless engineered real wood flooring on first floor and stair case. 8' interior doors. Spray Foam Insulation, ENERGY STAR appliances and programmable thermostat, water-efficient plumbing fixtures, and more! OVER 100K IN UPGRADES!! See floor plan, elevation, dimensions and plans by clicking on Documents. Vistancia is a highly sought after master planned community with pools, walking trails, recreational and play areas, golf, tennis and basketball. Prime Peoria Arizona location just a few miles from the loop 303, Lake Pleasant, shopping and restaurants PLUS the future FIVE NORTH at VISTANCIA - envisioned to be a dynamic and vibrant lifestyle destination that offers a walkable and open connection to cool experiences, including 'best in class' and 'first to market' lifestyle and living options in Peoria. The initial phase of development is planned to include a main street restaurant/retail corridor.
19422 N 67th Lane
Glendale, AZ 85308
$865,000
5
Beds
3.5
Baths
3,988
SqFt
Status
Active
MLS #
6738109
Property Type
Single Family Residence
Price Type
--
Stunning Arrowhead Ranch home w/ huge pool & lush landscaping! Nestled at the top of cul-de-sac, this impressive 3,988 sq ft home sits on over a 1/3 acre w/ 2x6 construction. Fresh white interior paint! It features five spacious bedrooms and 3.5 updated bathrooms. The primary bathroom shower has multiple body sprayers & free standing tub. The expansive game room offers surround sound, wet bar, a custom wormy oak ceiling, space for a pool table & views and access to the pool. The kitchen cabinets are Sapele wood & have sturdy pullouts in all lowers, granite countertops, Kitchenaid & Bosch appl. The beautifully refinished pebble tec diving pool has a new variable speed pump. Backyard has a small orchard w/ citrus & pomegranate trees, a cactus garden & plant covered gazebo! Low HOA fees The family room has a stone wood burning fireplace, new carpet and surround sound. Large windows with views of the pool and lush green yard. First floor has oak wood flooring in kitchen and traffic areas. All bedrooms are upstairs and there is a desk study area in the hall. The desk and cabinets are mahogany wood. There are 2 staircases in the home which if needed could divide the home into 2 living areas. There are 3 a/c units and 2 water heaters. This is a MUST SEE home to appreciate. All bathrooms have been fully updated. Laundry room is located upstairs with the bedrooms. Both stairways have custom wood railing and spindles. Garage has separate space for storage or for a dedicated workshop. The cactus garden includes valuable mature organ pipe cactus and a large saguaro along with a well-located cozy private seating area. In addition to very low traffic in the cul-de-sac itself, its smaller street front footage creates additional highly usable space in the back yard leaving a comfortable grass area and a brick patio off the dinning room. Swimming pool has a 10' deep diving well. The pool includes a large shallow shelf ideal for small children or for a space for adults to hang out. Pool also has a Bahia shelf and ample bench space. Pool is 46' long down the center, which allows its use to swim laps. The location is so convenient to the 101, Costco, fine and casual dining, Arrowhead Hospital and the New Phoenix Children's Hospital. Arrowhead is a golf community with Arrowhead Country Club just down the street. Residents can join for a fee, which includes tennis, pool & a gym. Original owners have kept this home beautiful! Note: Artwork in the primary bathroom does not convey.
7354 E Sandia Circle
Mesa, AZ 85207
$865,000
4
Beds
2.5
Baths
2,757
SqFt
Status
Active
MLS #
6742022
Property Type
Single Family Residence
Price Type
--
Welcome to your newly remodeled home, offering the perfect blend of comfort and style. Featuring 16-ft ceilings, 5-inch baseboards, and brand new LVP flooring, paint, and fixtures. The remodeled kitchen boasts white cabinets, quartz countertops, a gas stove, stainless appliances, and plenty of storage. The spacious master suite features private pool access and a huge walk-in closet. Enjoy our beautiful Arizona sunsets pool side with new pool, travertine patio, and BBQ in a large backyard backed by a greenbelt. With 0.31 acres, mature landscaping, and a cul-de-sac location, this home is a true gem! Don't miss out!
9450 N 83rd Place
Scottsdale, AZ 85258
$865,000
3
Beds
2
Baths
1,865
SqFt
Status
Active
MLS #
6753959
Property Type
Single Family Residence
Price Type
--
Welcome to Scottsdale's premier McCormick Ranch community! This exceptional home is situated on a large corner lot with a deep pool and picturesque mountain views. You will be greeted by the home's vaulted ceilings, creating a bright and open atmosphere. Plantation shutters are thoughtfully installed in every room, adding timeless elegance while offering privacy and light control. With Mountain View Park across the street you have quick access to walking, biking, trails, and golf courses.
9695 N Fiorella Street
Prescott Valley, AZ 86315
$865,000
4
Beds
2
Baths
2,511
SqFt
Status
Active
MLS #
6754054
Property Type
Single Family Residence
Price Type
--
Discover your dream home in Legend Hills! This beautiful single-level home offers 3 bedrooms, 2 baths, plus a den or 4th bedroom, all within an open floorplan. With stunning views of Mingus, Granite, and Bradshaw Mountains, you'll love the spacious kitchen with granite countertops, stainless appliances, and alder cabinetry. Enjoy cozy nights by the gas fireplace in the great room, and relax in the luxurious primary suite with a walk-in shower and ample closet space. Outside, you'll find pipe rail perimeter fencing, 2 automatic gates, RV parking, a large storage shed roll up doors, and an oversized 3-car garage, new Generac generator for backup power. All this, set on 2.4 acres with city light views and privacy, makes this home a must-see!
6917 S 219th Drive
Buckeye, AZ 85326
$865,000
4
Beds
2.5
Baths
2,679
SqFt
Status
Active
MLS #
6755029
Property Type
Single Family Residence
Price Type
--
BEAUTIFUL HOME with DETACHED RV GARAGE and ACREAGE PROPERTY, with a one-person OWNED WELL, OFFERS a PEACEFUL LOCATION that is AWAY from THE BUSINESS OF DAYILY LIFE but close enough for CONVENIENCES*The SINGLE OWNER home has been BEAUTIFULLY MAINTAINED and METICULOUSLY CARED FOR*You have an OVERSIZED GREATROOM and EAT-IN NOOK that LOOKS out at the SPRAWLING GRASS, RAMADA and MOUNTAINS in the distance*the LARGE KITCHEN has GAS STOVE (propane), AMPLE UPGRADED CABINETS, and two pantries*You will love the POCKET OFFICE/HOBBY ROOM*OWNER BEDROOM has SITTING AREA, walk in closet, GRANITE COUNTERS and TILE WORK at the WALK IN SHOWER*Behind your rolling RV GATE is a TWO-BAY DETACHED GARAGE with a 50-AMP RV hook up and clean-up area*COME BY and SEE WHY you will WANT to CALL THIS PLACE YOUR ''HOME''
10331 E Wavelength Avenue
Mesa, AZ 85212
$865,000
4
Beds
3
Baths
2,750
SqFt
Status
Active
MLS #
6769794
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning home in the highly sought-after Eastmark community, boasting fantastic curb appeal with artificial turf, a paved driveway, and a location next to a serene common area walking path. Inside, you'll find neutral two-tone paint, elegant white wood shutters, and soaring 10-foot ceilings. The gourmet kitchen is a chef's dream, featuring quartz countertops, white cabinets with pot and pan drawers, ample counter space, a single basin sink, and modern pendant lighting. The front bedroom offers an ensuite with a beautifully tiled walk-in shower, while the other bedrooms are perfectly sized for comfort. The primary suite is a sunlit oasis with dual sinks, extra cabinet space, upgraded quartz countertops, a separate tub, and a tiled-to-ceiling shower with a rainfall showerhead. Additional thoughtful features include a convenient drop zone near the garage with built-in cubbies and hooks, a laundry room equipped with cabinetry, a water softener, and exterior sun shades. Step into your backyard retreat, complete with an extended pergola over the covered patio, a gas fire pit, built-in gas BBQ, heated pool with a large baja step, artificial turf, and custom planters. This home is part of a community that offers a world-class resort experience with luxurious pools, splash pads, numerous parks, Steadfast Farm, and the state-of-the-art clubhouse, The Mark, which hosts events year-round.
119 W Courtney Lane
Tempe, AZ 85284
$865,000
4
Beds
2.5
Baths
2,681
SqFt
Status
Active Under Contract
MLS #
6772462
Property Type
Single Family Residence
Price Type
--
Welcome to this gorgeous 4-bedroom, 2.5 bath home, located in the highly sought-after, Warner Ranch Estates, one of Tempe's finest Master Planned community. Upon entering you will see an open concept with vaulted ceilings and modern tile floors. The kitchen has been updated with beautiful cabinets, center island and granite countertop. There is an eat-in kitchen along with a formal dining room. The large primary bedroom offers an ensuite with a gorgeous custom shower, duel custom wardrobe, a linen closet and a private exit to the back yard. The other 3 bedrooms have plantation shutters and custom closets. Step into the lush backyard with mature citrus and fig trees. Walking distance to schools, stores and restaurants.Warner Ranch offers walking trails, parks and a community pool.