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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11983 W Creosote Drive Peoria, AZ 85383

$840,000

2 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6712439

Property Type Single Family Residence

Price Type --

Luxurious, low maintenance lifestyle with access to North Peoria's premier golf and country club! Welcome to this 2 bedroom, 2 bath plus den home with scenic views of the golf course and surrounding desert. Highly upgraded with beautiful gourmet kitchen, amazing cabinetry, gorgeous under cabinet lighting, stainless appliances, upgraded granite countertops, tile backsplash, walk in pantry and large seating island. Amazing wall of cabinets and shelving in the dining area. 5 Wall mounted TVs convey. Upgraded interior window shades and shutters, Rear patio electric roller shade, Upgraded ceiling fans interior and exterior, front screen door and office Murphy bed/desk combo are just some of the amazing improvements. Exterior paint 6/2024. You are going to love this home!!

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1512 W Ardmore Road Phoenix, AZ 85041

$840,000

5 Beds

3 Baths

3,308 SqFt

Status Active

MLS # 6717611

Property Type Single Family Residence

Price Type --

This is your Dream Home! Escape the City life in this absolutely spectacular spacious Dream Home which spans over 3,300 sqft. Nestled in a prime location at the foot of the South Mountain hiking trails in the exclusive gated Commons at South Mountain community. As you enter this well-appointed home through the gated courtyard, you are greeted by abundant space and beauty with a formal front room, a large great room, and an open floor plan. The delightful well-appointed island kitchen and built-ins, seamlessly opens to the family room, creating a harmonious flow throughout the home. Whip up Gourmet meals on your gas cooktop, surrounded by beautiful dark granite counters, designer cabinetry, and a Large center island as the perfect space for entertaining. Whether in the formal dining area, or the off kitchen breakfast nook, relax and enjoy your culinary delights. Each of the 5 spacious bedrooms are well laid out with high ceilings, with one separated from the others, making for a quiet in-home office or guest room. The Master bedroom leaves nothing to want for with its large western facing windows and a spa-like en-suite bathroom for the ultimate in luxury and privacy. There is also an added bonus space where family members can relax and enjoy an additional layer of peace and quiet. This East-facing home allows for great ambient lighting throughout the day, with a spacious covered patio that greets you with stunning views of the nearby mountains and front row seats for our world class Arizona sunsets. This home backs to a private community park, providing additional privacy and natural beauty. An RV gate and drive through 3rd-bay garage make storing your toys simple. Beautiful custom pavers weave throughout the maintenance-free landscape on all parking and walkway areas. Don't miss the opportunity to own this exceptional property with its stunning views and premium amenities. Experience the true essence of luxurious living! Motivated Seller! Bring Your Best Offer. This stunning is now available at a reduced price and the seller is motivated to sell. Don't miss this opportunity to own a beautiful property at a fantastic price. Submit your best offer today!

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5345 E Evans Drive Scottsdale, AZ 85254

$840,000

3 Beds

2 Baths

1,736 SqFt

Status Active

MLS # 6722634

Property Type Single Family Residence

Price Type --

Remodeled and ready to move in! Gorgeous Home built with SLUMP BLOCK on a CORNER LOT! The yard is filled with LUSH LANDSCAPE including ORANGE & LEMON TREES! Sparking Pool with a PAVED COVERD PATIO and GRASSY TURF make outdoor living here wonderful! The CHEF'S KITCHEN offers so much GRANITE COUNTER TOP space to food prep! GORGEOUS NEWER WHITE CABINETS brighten up the kitchen & extend over to the EAT-AT ISLAND where the island doubles as an ENTERTAINING AREA with a WINE FRIDGE and BAR SEATING! The DINING AREA has a HUGE CUSTOM WINDOW to the patio. This home also features a brick wall-to-wall WOOD BURNING FIREPLACE in the family room. FRENCH DOORS the the pool area with GRASSY TURF. MATURE FLOWERY LANDSCAPING in the front yard! RV GATE and RV PARKING. No HOA! NORTH/SOUTH Exposure.

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6131 E Monterey Way Scottsdale, AZ 85251

$840,000

3 Beds

2 Baths

1,536 SqFt

Status Active

MLS # 6735995

Property Type Single Family Residence

Price Type --

Discover this adorable, recently remodeled 3 bedroom, 2 bath home in a tranquil neighborhood just minutes from Old Town Scottsdale. The spacious living room flows seamlessly into the open kitchen, perfect for entertaining. Retreat to the primary suite with a private bath. Step outside to the inviting backyard featuring a diving pool with slide and large covered patio, ideal for summer fun. Enjoy the convenience of nearby Papago Park, shopping, and all the amenities you need. Don't miss out on this charming gem in a prime location! Buyer and Buyer's Broker to verify any and all items that are of material issue.

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130 N Bay Drive Gilbert, AZ 85233

$840,000

5 Beds

4.5 Baths

3,063 SqFt

Status Active

MLS # 6748085

Property Type Single Family Residence

Price Type --

This stunning 5 bedroom, 4.5 bathroom home in an exclusive gated community offers 3,063 sq ft of meticulously crafted living space. The home boasts Owned Solar Panels and a 3-car air conditioned garage with 240V outlet and tandem parking. The floor plan features a loft, a guest quarter with a separate entrance and one of the secondary bedrooms has an en suite bathroom, so you'll have plenty of space to host family and friends! The primary bedroom has a walk-in closet and private en suite bathroom. With high ceilings and dual-pane windows, the atmosphere is airy and bright throughout. The kitchen includes a walk-in pantry, granite countertops, kitchen island, and a breakfast bar. Outside is a covered patio overlooking a private pool, surrounded by synthetic grass for easy maintenance. Community amenities include a walking path, playground, and secure gated entry, making this the perfect blend of luxury and convenience!

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4303 E Glenrosa Avenue Phoenix, AZ 85018

$840,000

3 Beds

2 Baths

1,610 SqFt

Status Active

MLS # 6753137

Property Type Single Family Residence

Price Type --

Gorgeous and bright, 3 Bed/2 Bath single level home located in the sought after area of Arcadia! Fully remodeled in 2021 - Home features include a private front courtyard and private rear patio area complete with newer turf and Ficus. Luxury vinyl flooring throughout, stainless steel appliances, quartz counter tops in the kitchen and bathrooms, marble backsplash in the kitchen and shower, Mitzi, HVAL, and/or Pottery Barn custom light fixtures, spacious 2 car garage includes newer epoxy flooring and ample storage with direct access to the courtyard. HVAC, air handler, and roof are just 2 years old. Location is key with close proximity to restaurants, shopping, parks, and Arcadia schools. This one is a must see and won't last long!

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5960 E Grapevine Road Cave Creek, AZ 85331

$840,000

3 Beds

2 Baths

2,255 SqFt

Status Active

MLS # 6762333

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the serene desert landscape! This charming 3-bedroom, 2-bathroom residence offers breathtaking views and endless possibilities. Whether you're looking for a cozy winter retreat, a lucrative vacation rental, or a place to call home, this property has it all: ~Spacious Living: Open-concept living area, perfect for entertaining or relaxing. ~Inviting Kitchen: Modern appliances, ample counter space, and a breakfast bar. ~Master Suite: En-suite bathroom with a luxurious jet tub and walk-in closet. ~Two Additional Bedrooms: Ideal for guests, a home office, or a growing family. ~Outdoor Living: Private patio with stunning desert views and a hot tub. ~Direct Access to the Cave Creek Neighborhood Trail Network. ~Furnished or empty, ready to personalize.

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3028 E Coolidge Street Phoenix, AZ 85016

$840,000

3 Beds

2 Baths

1,392 SqFt

Status Active

MLS # 6767375

Property Type Single Family Residence

Price Type --

Price Improvement & Special Offer! Nestled on a private corner lot in a charming neighborhood, this hidden gem offers the perfect blend of convenience, comfort, and luxury. Recently updated throughout, this home offers a spacious kitchen and living area designed for entertaining, with sleek countertops and high-end appliances. The floorplan provides ample privacy, featuring a large primary suite with a luxurious bathroom. Enjoy the beautifully landscaped front and back yards, ideal for outdoor gatherings or quiet relaxation. Unwind in complete privacy in the luxury spa in the backyard. The home is located squarely between Arcadia and Biltmore; providing access to some of the best shopping, restaurants, and entertainment in the state. Elevate your lifestyle in this gorgeous property today!

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6623 E 1st Street Scottsdale, AZ 85251

$840,000

3 Beds

2 Baths

1,489 SqFt

Status Active

MLS # 6775136

Property Type Single Family Residence

Price Type --

Incredible Opportunity to purchase in the highly sought out neighborhood of Southwest Village located within South Arcadia and adjacent to Old Town Scottsdale. This property has been extensively updated by the owner/agent from almost top to bottom. Updating includes: recently fully permitted laundry/flex room addition, roof replaced in the past several years, HVAC 2023, tankless H2O heater 2023, all windows & doors replaced, 14'' new attic insulation, new wood vinyl flooring in 2 bedrooms, kitchen updated with cabinetry, new quartz counters, stainless steel KitchenAid appliances, bathrooms completely replaced including drains, recent rebar re-enforced double driveway and carport and electrical panel replaced in 2024. Beautiful, lush landscaping with mature trees set this property apart.

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7601 E Indian Bend Road Unit 3027 Scottsdale, AZ 85250

$840,000

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6750538

Property Type Apartment

Price Type --

Voted #1 at The September Heart of Scottsdale Home Tour! Updated,corner, two bedroom, two bath, large condo is just what you have been looking for. Located in the desireable gated community of Corriente, this condominium boasts views of Camelback mountain and AZ sunsets. Corriente backs to the Silverado Golf Course and Clubhouse. Enjoy being on the Scottsdale bike path and walking trails, and being part of the heart of Scottsdale activities. Close to restaurants, shopping, golf, gambling, hotels, baseball, and the 101 freeway. Enjoy the Resort style pool, spa, exercise room. and party room. Three story buildings have elevators to underground parking. Great Room, Study, two sided fireplace, beautiful primary Bedroom suite, open kitchen, granite, stainless gas appliances. Luxurious

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9114 E Clubhouse Court Scottsdale, AZ 85266

Open House

$840,000

2 Beds

2 Baths

1,631 SqFt

Status Active

MLS # 6771867

Property Type Single Family Residence

Price Type --

Charming Boulders villa presents a fabulous opportunity for either a rental property investment, or a tremendous private residence at a rare price point in the community. Home boasts two primary suites, each spacious with en suite bath, one with patio access. Kitchen is open and bright flowing into living room with handsome fireplace, plenty of space for dining as well. Ceiling detail is warm with handsome vigas, living area Saltillo tile throughout main living space and zero interior steps at the residence. Private patio is poised to take in sunset views. Furniture is available, community pool and spa are included with the HOA.

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24152 N 170th Avenue Surprise, AZ 85387

$839,999

4 Beds

3 Baths

2,406 SqFt

Status Active

MLS # 6753310

Property Type Single Family Residence

Price Type --

Welcome to your ideal retreat where luxury and practicality converge in this stunning 4-bed, 2.5-bath home. Imagine a lifestyle where every day feels like a vacation and every need is effortlessly met. Control your personal resort style paradise with a Pebble Sheen pool and spa that shimmers under 4 LED color-changing lights, warmed by nat gas heater easily controlled with Pentair automation for a tailored experience. Relax under the elegant pergola, enjoy cozy evenings by the firepit, and entertain across the travertine decking finished with artificial turf. The 48-foot deep RV garage is a game-changer, featuring a 14' front door and a 10' rear door, providing ample space for your RV, boats, or toys. Coupled with an oversized 2-car garage and equipped with epoxy-coated floors, a 50 AMP service, 2 30 AMP RV plugs, and 2 additional 20 AMP breakers, this home is perfect for enthusiasts and hobbyists. Don't miss out on this opportunity to own a home where luxury meets functionality. Experience unparalleled comfort and convenience, your new home awaits!

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