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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16002 E El Lago Boulevard Fountain Hills, AZ 85268

$849,000
4 Beds
3 Baths
2,383 SqFt
Status Active
MLS # 6704288
Property Type Single Family Residence
Price Type --
If views are what you are looking for, then you don't want to miss this private home in Fountain Hills! With 2383 square feet of generous living space, the thoughtful floor plan of this home encompasses 4 spacious bedrooms and 3 baths, of which 1 bedroom and bath is in the attached casita. Enter the front door through a quaint front courtyard and be welcomed with a lovely living room with vaulted ceilings that fills the space with light and air. Appreciate a dining room that flows into the kitchen that will delight any chef, showcasing granite countertops and lots of stunning cabinetry. Relax on the private, extended patio with a marvelous fireplace and delight in panoramic mountain views that include views of Four Peaks. The primary suite affords a private sanctuary with walk-in... of Four Peaks. The primary suite affords a private sanctuary with walk-in closet, ensuite bath, shower and dual sink vanity. An abundance of bedrooms affords lots of room for work, play and rest for everyone! An RV gate with parking and a 2-car garage make this one you don't want to miss. Don't miss your opportunity to make this gem your own!

8219 E Sells Drive Scottsdale, AZ 85251

$849,000
3 Beds
2 Baths
2,213 SqFt
Status Active
MLS # 6744515
Property Type Single Family Residence
Price Type --
Experience the perfect blend of modern luxury and homey comfort in this beautifully remodeled residence, free from HOA restrictions. This home has been thoroughly updated, featuring new plumbing, electrical systems, roof, and an upgraded sewer line. Inside, you'll find 3 spacious bedrooms and 2 stylish bathrooms. The oversized master suite includes a generous walk-in closet, a luxurious soaking tub, and a separate shower. The heart of the home is the stunning kitchen, featuring a large island, stainless steel appliances, pristine quartz countertops, and sleek shaker cabinets. The family room is enhanced by a cozy gas fireplace, adding warmth and charm. Additional highlights include an epoxy-finished garage floor for easy maintenance and durability. Ideally situated within walking distance of Old Town, Chaparral Park, and a variety of shopping destinations. Enjoy modern elegance in a prime location with this exceptional property.

29317 N Horton Creek Trail Rio Verde, AZ 85263

$849,000
2 Beds
2 Baths
1,542 SqFt
Status Active
MLS # 6751491
Property Type Townhouse
Price Type --
Welcome to your dream retreat in the heart of the exclusive gated golf course community of Trilogy at Verde River! This stunning single-story home boasts a private split 2 bedrooms, 2 bathrooms floor plan which includes a versatile office space with built-in cabinets at your disposal. Perfectly positioned on a premium golf course lot, this home offers 180 degree exquisite mountain and golf course views day or night with an expansive covered patio perfectly positioned to take it all in while relaxing by the gas firepit. Step inside to discover a thoughtfully designed layout that blends comfort and elegance. Bathed in ample natural light and offering sleek tile flooring throughout, the spacious living areas flow seamlessly connecting the living and dining areas, truly making this kitchen... Welcome to your dream retreat in the heart of the exclusive gated golf course community of Trilogy at Verde River! This stunning single-story home boasts a private split 2 bedrooms, 2 bathrooms floor plan which includes a versatile office space with built-in cabinets at your disposal. Perfectly positioned on a premium golf course lot, this home offers 180 degree exquisite mountain and golf course views day or night with an expansive covered patio perfectly positioned to take it all in while relaxing by the gas firepit. Step inside to discover a thoughtfully designed layout that blends comfort and elegance. Bathed in ample natural light and offering sleek tile flooring throughout, the spacious living areas flow seamlessly connecting the living and dining areas, truly making this kitchen the heart of the home! The kitchen is the epitome of modern style meets functionality featuring quartz countertops and a large island, perfect for meal prep, casual dining, and entertaining guests. Complete with soft-close shaker cabinets adorned with designer finishes providing both style and convenience offering a perfect blend of form and function for everyday living and hosting. The primary suite is the perfect sanctuary offering breathtaking views as well as luxurious amenities including a spa-like primary bath featuring a large shower, double sinks and walk-in closet! Even your car will get pampered in the two car garage featuring epoxy flooring! Outside, immerse yourself in the vibrant community life, where you'll find endless opportunities for recreation and leisure. Enjoy the resort-style amenities where you can enjoy the clubhouse and its many community events, relax poolside with eats and treats at the poolside restaurant, Eddy's Poolside, stay fit in the lap pool or relax in the outdoor whirlpool. After you work on perfecting your serve on the tennis or pickleball courts or engage in a friendly competition of bocce ball or cornhole you can enjoy a savory dinner at communities exclusive restaurant Needle Rock Kitchen and Tap. Need some down time and pampering, relax at the amazing Alvea Spa where the menu of services will not disappoint! This community also offers a Social Club with enriching social experiences and exclusive access to a culinary studio, art studio, fitness center, and member-only social areas. With a packed calendar of events, there's always something exciting to enjoy. Experience the perfect blend of luxury, leisure, and lifestyle in this exceptional home. Don't miss your chance to live in this coveted community, where every day feels like a vacation!

3713 E Kimball Road Gilbert, AZ 85297

$849,000
5 Beds
3 Baths
3,892 SqFt
Status Active
MLS # 6759973
Property Type Single Family Residence
Price Type --
Gorgeous updated 5 bedroom home with PRIVATE tropical backyard oasis. Pebble tec pool with rock waterfall and putting green, covered gazebo included. Gourmet kitchen with large center island and breakfast bar. Custom stone media center and shelving in family room with gas fireplace. Surround sound in family room and loft area. Granite countertops throughout, updated light fixtures. Master bathroom remodeled with large walk-in shower, newer carpet throughout home. Oversized 3 car garage with separate storage or workbench area. South facing backyard. Great neighborhood on quite street. Walking distance to the Gilbert Regional Park.

266 W Uphill Drive Christopher Creek, AZ 85541

$849,000
2 Beds
2 Baths
2,139 SqFt
Status Active
MLS # 6765041
Property Type Single Family Residence
Price Type --
Spectacular Architectural Showpiece that captures the most Magnificent Mountain / Rim Views and surrounding lush forest beauty in the popular Mountain / River Community of Christopher Creek. This rare, newer- build home towers far above the other older homes in this Enchanting Community. It is nestled on a BIG, nearly ½ acre lot and the design offers unbelievable views from every level. The upper levels have enthralled many visitors who have taken advantage of the consistent Air BnB opportunities that are in HIGH DEMAND! The downstairs living area can be locked and separated from the upper living space to accommodate friends and family without touching the upstairs preparedness for future short-term visitors. The multiple covered and uncovered Trex-type decks provide a feeling of privacy and serenity that transforms the hectic urban lifestyle into a veritable sanctuary of escape and tranquility. The awesome design, orientation, and many large windows seamlessly integrates the outdoor beauty into the living space with a feeling of privacy like few others in Christopher Creek. Other features include a modern upgraded interior including Viking appliances, granite counter tops, vinyl plank flooring, custom metal railings, Central Air, Central Vac, a high vaulted ship-lap wood ceiling that was sourced and cut locally. There is plenty of parking space and a hookup for an electric vehicle. Escape to your Country Dream Home and enjoy the fresh air, cool breezes, nearby mountain streams, hiking trails and six picturesque Rim Lakes. BONUS!! This home is TURN-KEY and comes COMPLETELY FURNISHED!! (except for a few personal items that are locked away) Don't miss this FANTASTIC OPPORTUNITY!

229 E Chelsea Lane Gilbert, AZ 85295

$849,000
5 Beds
3 Baths
3,593 SqFt
Status Active
MLS # 6773304
Property Type Single Family Residence
Price Type --
Amazing Home With Highly Upgraded Wood Flooring And Custom Wood Circular Staircase And Railings. Large Formal Dining Room And Open Living Room With Plenty of Room For Pool Table And Entertaining. Kitchen Features Granite Topped Island And Upgraded Cabinets, Induction Cooktop, Double Stainless Ovens ,Stainless Refrigerator, All Surrounded With Granite And Glass Tile Backsplash. Large Family Room And Office Bedroom And Bathroom Complete The First Level. Upstairs Has A Huge Open Loft, And Four Additional Bedrooms With Two Full Bathrooms Including A Huge Primary Bedroom And Bathroom With Separate Tub And Shower And Walk In Closet. Large Private Yard With Covered Patio Play Pool And Huge Grass Area With Ten Foot RV Gate. Three Car Garage, Community Parks And Play Areas. Great Area And Home.

5540 W Lone Cactus Drive Glendale, AZ 85308

$849,000
4 Beds
3 Baths
2,747 SqFt
Status Active
MLS # 6765788
Property Type Single Family Residence
Price Type --
Amazing 4 bedroom, 3 bathroom spacious lakeside home in Glendale with private pool. You won't be disappointed with this living space with a large open family room, formal dining area with backyard views, and separate living room with built-in fireplace. Beautiful chefs kitchen features granite countertops, tile backsplash, stunning lake views, separate dining area, large island, separate pantry and all appliances. One full bedroom and full bathroom are located on the first floor. The remaining bedrooms, including the primary suite, are located on the second floor. Primary suite has stunning Lake views and private balcony, plantation shutters, vaulted ceilings, huge bathroom with three separate closets, double sink, vanity, garden tub, and step-in shower. The views of the backyard and lake are absolutely stunning from this bedroom. Washing machine and dryer are included. Three car garage includes built-in storage cabinets for plenty of parking and storage. Absolutely stunning backyard will not disappoint. Easy to maintain desert landscaping with a beautiful sparkling pool, lake views and private back deck. It doesn't get any better than this.

22518 W Meade Lane Buckeye, AZ 85326

$849,000
4 Beds
3 Baths
2,832 SqFt
Status Active
MLS # 6772980
Property Type Single Family Residence
Price Type --
Just in time for the Holidays!! Discover the stunning new property coming soon to Rancho Sunora! This 2,832 living sq. ft. home combines modern design with traditional charm, offering 4 spacious bedrooms, 3 luxurious bathrooms, and a versatile den. The serene master suite features elegant double showers. Enjoy 4,422 sq. ft. under roof on a 1-acre lot. With extra-large patios for entertaining, horse privileges, and city water access, your lifestyle is elevated—no HOA! Quality construction includes a tiled roof, full spray foam insulation, luxurious design elements with dual-tone cabinets and stylish dual-tone paint inside and out. Live the lifestyle you deserve in Sunora Ranch, where exclusivity meets community spirit. Don't miss the opportunity to make this dream home your reality.

1667 N Circle Drive Tempe, AZ 85288

$849,000
2 Beds
2.5 Baths
1,845 SqFt
Status Active
MLS # 6776306
Property Type Single Family Residence
Price Type --
This exceptional home has literally been transformed from the ground up and is essentially a brand new home! Completely taken down to the studs, every component has been updated and replaced, including all new plumbing and electrical, wall and attic insulation, roof with new sheathing, windows, doors, and drywall. Even the pool has been fully remodeled, featuring new pebble tec, tile, cool decking, and brand new variable speed equipment. Inside, you'll find beautiful designer finishes and luxurious upgrades throughout, with eye catching bathrooms, porcelain wood-look tile, shaker style cabinets with crown molding, gorgeous quart counters and GE appliances. Additional features include a newly installed paver driveway, spacious 2-car garage, convenient indoor laundry, and fresh landscaping This remodel was meticulously designed by an architect, fully permitted, and completed by licensed contractors. Ideal as a primary residence or a fabulous short-term rental opportunity. This beautiful new home is a must see!

17197 W Thousand Oaks Street Surprise, AZ 85388

$849,000
2 Beds
2.5 Baths
2,444 SqFt
Status Active
MLS # 6784776
Property Type Single Family Residence
Price Type --
This ''Davidson'' model has it all: Oversized covered patio, interior atrium, corner lot, North-South exposure, sunsets, and PEEKABOO mountain views! The open-concept kitchen flows effortlessly into the great room and dining room, making this floor plan ideal for entertaining. The split floor plan offers a second bedroom with privacy and an en suite bathroom. The home is located next to a greenway and getting in and out of the neighborhood is effortless.

4245 E Desert Forest Trail Cave Creek, AZ 85331

$849,000
5 Beds
3 Baths
3,031 SqFt
Status Active Under Contract
MLS # 6725322
Property Type Single Family Residence
Price Type --
Welcome to the highly sought-after Dove Valley Ranch community! This stunning two-story residence boasts 5 spacious bedrooms, offering ample space for your family and guests. The primary bedroom, located on the upper level, features two walk-in closets and a private balcony patio with a picturesque view of the backyard and pool. Step inside to find newly painted interiors in neutral colors, complemented by elegant hardwood floors that create a warm and inviting atmosphere. The upper level includes a cozy living area, ideal for family gatherings or a quiet retreat, and an office nook off one of the bedrooms, perfect for remote work or study. The outdoor space, featuring a covered patio, a large backyard with a refreshing pool, and a golf putting turf for your enjoyment. The yard backs up to a serene nature trail, providing a peaceful and scenic backdrop. Additional highlights include a spacious three-car garage, ensuring plenty of storage and parking. This beautiful home in Dove Valley Ranch offers the perfect blend of luxury, comfort, and convenience. Don't miss the opportunity to make it yours!

2374 W Weatherby Way Chandler, AZ 85286

$849,000
4 Beds
2.5 Baths
2,954 SqFt
Status Active Under Contract
MLS # 6780325
Property Type Single Family Residence
Price Type --
Now is your opportunity to own this impeccably maintained property that has been lovingly cared for by the original owners. Located in the desirable Brittany Heights community and perfectly situated on a 10,000 square foot lot with a north facing backyard! A single level home featuring a split floor plan with 4 bedrooms and 2.5 baths. As you enter, you'll be greeted by a bright and airy formal living room, which flows seamlessly into the formal dining room — perfect for hosting dinners or gatherings. The open-concept layout enhances the sense of space, with large windows allowing plenty of natural light to flood the interior. The kitchen is a true highlight, having been fully updated with modern finishes, stainless steel appliances, and ample counter space. Crisp white custom cabinets with pullout shelving, paired perfectly with granite counters and stone backsplash. The sleek hardware and updated lighting pull it all together. A dedicated pantry along with the GAS range will appeal to all the chefs out there! The eat-in kitchen opens to the great room making it ideal for entertaining or comfortable daily living. Another standout feature is the custom gas fireplace, which serves as both a functional centerpiece and a stunning design element. The primary bedroom offers a peaceful space after a long day. The primary bath is a true spa-like retreat, designed to offer a luxurious and serene experience. As you step inside, you're immediately enveloped by a calming atmosphere, where you will find high-end finishes, and thoughtful design elements to include this spectacular walk-in shower and custom designed closet. The home offers 3 additional bedrooms along with a full bathroom and powder room! Even the laundry room is a stand out! You will find an abundance of cabinetry and a nice counter space for folding. The 3-car garage offers a 4 foot extension! On the weekends you will spend your time in your private backyard relaxing under the covered patio or floating in your fenced heated pool. The hot tub provides the ultimate place to relax and recharge. The desert landscaping has been thoughtfully designed to complement the natural beauty of the Arizona desert to include artificial turf! But wait.. there is more! Both HVAC units (with 2-stage straight cool condenser) were replaced in 2019. You will also find notable upgrades such as planation shutters, hand-scraped wood flooring, upgraded baseboards and crown molding... the list goes on and on! Brittany Heights is a community in the heart of Chandler close to shopping, dining, and easy freeway access. Top ranked Chandler Schools and Hamilton High School are an added bonus! Homes of this caliber are not found often.. come see for yourself!

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