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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319 E Forest Hills Drive Phoenix, AZ 85022

$849,900

4 Beds

2.5 Baths

2,600 SqFt

Status Active Under Contract

MLS # 6763602

Property Type Single Family Residence

Price Type --

Nestled down the street from Moon Valley Country Club, this home's exclusive location offers prime access to shopping, dining, and entertainment. Own with confidence as the hard work has been done and the home has been beautifully maintained and updated with modern finishes throughout. Extensive upgrading between 2018 and 2022 includes (but is not limited to): new roof; wood tile flooring; full kitchen remodel; master bathroom renovation; new exterior paint; California cabinets in master closet; expanded laundry room; new Tuff shed; and complete pool renovation with resurfaced decking, new pebbletec and new equipment! Last but not least, the nearly 15,000 sq ft lot provides ample space for outdoor living and features a garage, 26 foot RV pad/gate and privacy for your own desert sanctuary!

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14429 N 75th Drive Peoria, AZ 85381

$849,900

4 Beds

3 Baths

2,650 SqFt

Status Active

MLS # 6512351

Property Type Single Family Residence

Price Type --

** QUICK MOVE-IN HOME*** Beautiful Modern Cottage on an 8,352 sq/ft lot, with approximately 2650 sq/ft on a single level, with 10' ceilings and 8' doors. A spacious 3 car tandem garage with upgraded electrical package including car charger outlet that should serve all your garage needs! The beautiful home includes designer decorator selections with white and charcoal 42'' shaker cabinets, popular Calacatta quartz countertops and waterfall edges in the kitchen and island, LG appliances including wall ovens in the gourmet kitchen. Extended atrium slider doors in the great room leading into the backyard. Beautiful custom designed backyard and front yard landscaping with paver driveway.

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10006 S 37th Avenue Laveen, AZ 85339

$849,796

4 Beds

3.5 Baths

3,444 SqFt

Status Active

MLS # 6708986

Property Type Single Family Residence

Price Type --

Ideally located near South Mountain, this charming new home offers designer selections, desert and mountain views, a spacious floor plan with 4-bedrooms, and so much more! Some features in the kitchen include Quartz countertops, a waterfall island, and an Executive kitchen package with double ovens and a 36'' gas cooktop and hood. Dayton Birtch Burlap stacked cabinets in the kitchen and dining area. The great room boasts a 12' ceiling and a corner slider door with a post that leads to the outdoor living area. Other highlights include an extended dining area with lower and upper cabinets, upgraded carpet and pad in the bedrooms, 6'' x 36'' plank tile flooring everywhere but the bedrooms, and a freestanding tub in the Primary bathroom. Gated access and biking and walking paths.

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41007 N Harbour Town Way Anthem, AZ 85086

$849,500

3 Beds

3.5 Baths

2,632 SqFt

Status Active

MLS # 6709744

Property Type Single Family Residence

Price Type --

Luxurious Living in Anthem Country Club! Welcome to your new sanctuary nestled within the private gates of Anthem Country Club. This exquisite home, set on a coveted east-facing golf course lot within close proximity to the main gate, offers a perfect blend of elegance and comfort. Wake up to the gentle morning sunshine and enjoy the serene golf action at the tee box of Hole #5 on the Ironwood course, all from the comfort of your shaded, covered patio. Step inside to discover a space designed for both entertaining and relaxation. The home boasts stunning hardwood floors, a gourmet kitchen with granite countertops, crown molding, and plantation shutters. The luxurious master suite and open-concept living areas create an inviting atmosphere. A stand out feature is the spacious casita, perfect for guests who will delight in the soothing sounds of the large water fountain in the private courtyard. The main house includes two bedrooms, an office, and a versatile bonus room with French doors, currently used as a music room. There's ample space for hosting family and friends. Outside, your backyard oasis awaits. Watch golfers tee off, take in the breathtaking views, and cool off in the sparkling pool while enjoying the soothing sounds of the pool waterfall. The east-facing orientation ensures your outdoor space remains comfortably shaded throughout the day, perfect for enjoying the patio fireplace in the evening. Living in Anthem Country Club offers an unparalleled lifestyle. The secure gated community features two championship golf courses, two stunning clubhouses with restaurants and bars, multiple pools, spas, fitness facilities, tennis and pickleball courts, bocce ball, and a vibrant calendar of events. This is more than a home; it's a haven of luxury and leisure. Embrace the best of Anthem Country Club living - a truly amazing experience awaits.

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3305 N 162nd Drive Goodyear, AZ 85395

$849,500

3 Beds

3 Baths

2,405 SqFt

Status Active

MLS # 6769757

Property Type Single Family Residence

Price Type --

Incomparable Views! Overlooking Two Fairways, Lake and Mountains, Magnificent Sunsets. This Single Owner Home with Casita and Owned Solar is Located on 1st Fairway of East Course and Just Steps to the Tuscany Falls' World-Class Amenities. Enter through the Gated Private Courtyard to Home and Casita. Main Entry Opens to Great Room with Living, Dining, Kitchen and Flex Area. Double Glass Slider and Expansive Windows Frame Unblocked Views. Step Out to Extensive Brick Paver Patio with Built-in Grill Area and Easy Care Landscaping Perfect for Outdoor Entertaining. Center Patio Column has been Removed, Creating Dramatic Vista for Stunning Arizona Sunsets. Elegant Hardwood Floors lead into Large Primary Suite with Panoramic Views & Full Bath. Spacious Casita includes Bar Area and Full Bath Incomparable Views! Overlooking Two Fairways, Lake and Mountains, Magnificent Sunsets. This Single Owner Home with Casita and Owned Solar is Located on 1st Fairway of East Course and Just Steps to the Tuscany Falls' World-Class Amenities. Enter through the Gated Private Courtyard to Home and Casita. Main Entry Opens to Great Room with Living, Dining, Kitchen and Flex Area. Double Glass Slider and Expansive Windows Frame Unblocked Views. Step Out to Extensive Brick Paver Patio with Built-in Grill Area and Easy Care Landscaping Perfect for Outdoor Entertaining. Center Patio Column has been Removed, Creating Dramatic Vista for Stunning Arizona Sunsets. Elegant Hardwood Floors lead into Large Primary Suite with Panoramic Views & Full Bath. Spacious Casita includes.... Bar Area and Full Bath -- Perfect for Hosting Guests or Use as a Home Office. Fully Owned Solar Provides Lower Utility Costs. Garage has Custom Flooring to Protect and Showcase Cars and Toys Plus Storage Cabinets and Sink. Enjoy Arizona Lifestyle at its Best with Outstanding PebbleCreek Amenities, including 3 Golf Courses, Pro Shops, Putting Greens and Driving ranges, Pools, Fitness Center, Theatre, Arts & Crafts Center, and Restaurant. Don't Miss this Rare Opportunity to Own a Piece of Paradise!

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3353 E Blue Ridge Way Gilbert, AZ 85298

$849,500

5 Beds

4 Baths

4,120 SqFt

Status Active

MLS # 6768347

Property Type Single Family Residence

Price Type --

This stunning 5 bedroom, 4 bath home combines modern elegance with family friendly functionality. The exterior features a charming facade with well-manicured landscaping, spacious driveway and front patio off kitchen. The bright, open floorplan seamlessly connects the living room and dining room, perfect for entertaining. The newly remodeled kitchen boasts stainless steel appliances, sleek cabinetry and island - making it a chef's dream! An inviting bonus room provides versatility, ideal for a home office, home theater, playroom or teen room. The newly remodeled primary suite exudes a serene, spa-like ambiance. Soft, neutral tones dominate the space, with decorative porcelain tiles. A freestanding soaking tub, elegantly positioned beneath glass block window invites relaxation when surrounded by candles. The spacious walk-in shower features sleek glass doors, built-in shelves for toiletries. Custom double vanities with quartz countertops and modern sinks with illuminating lighting. Unique double walk-in closets. Family room w/built-in media center, wood floor, pre-wired for surround sound & French door. Formal Dining room w/wood floors. Formal Living room w/wood shutters. Downstairs bedroom w/walk-in closet w/full bathroom is currently used as laundry room. Outside, the private backyard is a true oasis, highlighted by the sparkling pool surrounded by cool decking and lush grass yard. Solar panels enhance energy efficiency, ensuring comfort and sustainability. This home is perfect for the family seeking a blend of luxury and practicality!

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6719 N 15th Avenue Phoenix, AZ 85015

$849,400

4 Beds

2 Baths

2,494 SqFt

Status Active

MLS # 6729425

Property Type Single Family Residence

Price Type --

Prepare to be dazzled! This meticulously home sits on a 1/4 acre lot, offering a private oasis perfect for indoor and outdoor living. High ceilings and a spacious living and dining area, adorned with wood floors. The gourmet kitchen features granite counter-tops, a back-splash, breakfast bar, a gas cook-top, and ample cabinetry. Open floor plan flows into the family room. Relax by the fireplace, a perfect focal point for cozy gatherings. The master bedroom provides a sanctuary for relaxation. Private access to the backyard oasis and a luxurious walk-in closet boasting custom built-in shelves. The bathroom suite features double sinks, granite counter-tops, a deep soaking tub, and a walk-in shower. The additional bedrooms provide comfortable living space for family or guests. The outside is Prepare to be dazzled! This meticulously home sits on a 1/4 acre lot, offering a private oasis perfect for indoor and outdoor living. High ceilings and a spacious living and dining area, adorned with wood floors. The gourmet kitchen features granite counter-tops, a back-splash, breakfast bar, a gas cook-top, and ample cabinetry. Open floor plan flows into the family room. Relax by the fireplace, a perfect focal point for cozy gatherings. The master bedroom provides a sanctuary for relaxation. Private access to the backyard oasis and a luxurious walk-in closet boasting custom built-in shelves. The bathroom suite features double sinks, granite counter-tops, a deep soaking tub, and a walk-in shower. The additional bedrooms provide comfortable living space for family or guests. The outside is a private paradise with a sparkling pool with cascading water features. Custom pavers create a stylish patio area, and meticulously maintained shrubs ensure complete privacy. Expansive play area with synthetic turf - perfect for all-weather enjoyment. This exceptional property offers the ultimate blend of luxury, functionality, and outdoor living - all in a highly desirable location. Don't miss this opportunity to create lasting memories in your dream home!

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5100 S Hudson Place Chandler, AZ 85249

$849,104

3 Beds

2.5 Baths

2,427 SqFt

Status Active

MLS # 6743675

Property Type Single Family Residence

Price Type --

Lovely new single-story, designer accented home in the gated Treeland community. Currently under construction, this home is due to complete by the end of October 2024. The home offers a spacious floor plan featuring 3 bedrooms, 2.5 bathrooms, a den, and attached 3-car garage. The kitchen features stainless steel built-in appliances including a 30'' gas cooktop and quartz countertops with a waterfall edge island. Other highlights include a 12' multi-slider at the dining room, Bryant maple buckskin cabinets, glass French doors at the den, upgraded 8'' x 36'' tile plank flooring, and a separate tub and shower at the primary bath. The laundry room is pre plumbed for a sink and there are pavers at the driveway and front porch.

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16033 E Ponderosa Drive Fountain Hills, AZ 85268

$849,000

2 Beds

3.5 Baths

2,720 SqFt

Status Active Under Contract

MLS # 6747344

Property Type Single Family Residence

Price Type --

Awesome Fountain Hills Home For Sale or Trade! *Have a Home to Sell? Buy This Home, We'll Buy Yours!* Ask for more information. This home comes with a free home warranty and a Buyer's Satisfaction Guarantee. RARE Single Level and Meticulously Maintained Entertainer's Home on elevated, oversized lot. READY FOR A POOL with an outdoor bathroom already done! Room for a Pool House or Casita. NO HOA! Large kitchen with full dining space and a BUTLER's KITCHEN! This is a must see! *custom drapes do not convey.

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1501 N Miller Road Unit 1002 Scottsdale, AZ 85257

Open House

$849,000

3 Beds

2.5 Baths

2,080 SqFt

Status Active

MLS # 6780955

Property Type Townhouse

Price Type --

NEW HOMES FINISHING NOW! The Magic of Vistas of Scottsdale. A boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale - Location is Everything. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

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1501 N Miller Road Unit 1009 Scottsdale, AZ 85257

Open House

$849,000

3 Beds

2.5 Baths

2,080 SqFt

Status Active

MLS # 6749430

Property Type Townhouse

Price Type --

NEW HOMES DELIVERING NOW. Primely located END UNIT with incredible roof deck views. Vistas is a boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

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312 E Windsor Avenue Unit 1 Phoenix, AZ 85004

$849,000

3 Beds

3 Baths

2,400 SqFt

Status Active

MLS # 6672428

Property Type Townhouse

Price Type --

Our eyes are made to see forms in light: light and shade reveal these forms. Rising like the sun over Midtown Phoenix is Soleil. Inspired by Original Modernism; built for connoisseurs of live, work, play. There's a renaissance going on in PHX and you can be close to it all. Uber or light rail yourself to 3 rd Street Promenade and into secluded hidey holes! And when you need to unwind? You're 15 minutes away from exciting, desert hiking trails. It's here you'll witness sun-setting colors pour and splash themselves all over the Sonoran Desert.

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