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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109 E Hayward Avenue
Phoenix, AZ 85020
$3,450,000
4
Beds
4.5
Baths
4,528
SqFt
Status
Active
MLS #
6758133
Property Type
Single Family Residence
Price Type
--
NEW CONSTRUCTION - READY Q1 2025. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family! With an emphasis on state of the art design, energy-efficiency, integrated technology, we offer unparalleled indoor / outdoor spaces welcoming year round quality time with friends and family .... All in the heart of Phoenix Arizona. 4 Bedrooms + 4 baths + office + Design + Efficiency + Community + Technology = very happy homeowners! Blue Sky Homes is bringing to the market this stunning Modern new build in the highly desirable North Central neighborhood. Perfectly appointed and finished to the exquisite level that Blue Sky Homes always delivers every time.
3040 S Solitaires Canyon Drive
Flagstaff, AZ 86005
$3,450,000
4
Beds
4.5
Baths
3,832
SqFt
Status
Active
MLS #
6760314
Property Type
Single Family Residence
Price Type
--
Nestled in the prestigious Pine Canyon community of Flagstaff, AZ, this exceptional home offers a unique blend of luxury and natural beauty. Spanning 3832 square feet on a 0.33-acre lot, this SMART HOME wired residence captures the essence of mountain living with a contemporary twist. Surrounded by the tranquil pines and backing onto the National Forest, the home offers breathtaking views of the San Francisco Peaks, blending seamlessly with its environment. Designed with both elegance and comfort in mind, the architectural details of this custom home create a harmonious balance between modern mountain aesthetics and industrial chic. High ceilings, exposed beams, and expansive windows flood the interiors with natural light, while reclaimed materials, oak floors, and (Continue) Elevator, high ceilings, exposed beams, and expansive windows flood the interiors with natural light, while reclaimed materials, oak floors, antique steel add a touch of rustic charm. The open floor plan flows effortlessly from the spacious living room, featuring a custom reclaimed steel fireplace, to the dining area and chef's kitchen, which is equipped with stainless steel appliances, a functional island with seating and storage, a pantry, and a wet bar with a wine fridge. The master suite is a true retreat, complete with a cozy seating area, fireplace, and a full bathroom that exudes spa-like luxury with a resort-style shower, double sinks, and a soaking tub. Each of the remaining three ensuite bedrooms offers comfort and space, with full bathroom
15720 N 115th Way
Scottsdale, AZ 85255
$3,450,000
4
Beds
3.5
Baths
4,817
SqFt
Status
Active
MLS #
6763620
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home at 15720 N. 115th Way, where breathtaking views and modern comforts come together in perfect harmony. Nestled in the serene guard-gated community of 100 Hills this stunning residence offers panoramic mountain vistas, stunning desert sunsets and glittering city lights, providing a backdrop that will captivate you day and night. Step inside to discover a beautifully updated kitchen, the heart of the home, designed for both style and functionality. Featuring sleek granite countertops, custom cabinets, state-of-the-art appliances, and ample storage space, this kitchen is a culinary enthusiast's delight. Whether you're preparing a gourmet meal or hosting friends and family, you'll appreciate the thoughtful design and attention to detail. Beyond the
35670 N 85th Street
Scottsdale, AZ 85266
$3,449,000
3
Beds
3.5
Baths
4,828
SqFt
Status
Active Under Contract
MLS #
6732527
Property Type
Single Family Residence
Price Type
--
Just imagine this stunning home nestled behind the gates of Rosewood Ranch Estates, with breathtaking, unobstructed, panoramic, mountain views of Black Mountain, Elephant Mountain, and the Continental Mountains on over an acre-most private and largest lot in neighborhood is yours. This custom home is low maintenance & meticulously crafted by the Award Winning Rosewood Homes celebrated for design and innovative style. Built in 2020, and designed for those with discerning tastes. It's like a new build without the wait! Enjoy the soaring ceilings, elegant wood accent beams, tile hardwood floors, dream kitchen with upscale Wolf, Sub Zero, & Fisher Paykel appliances, private inner courtyard, heated pool, swim up BBQ Island, Bocce Ball, perfect Lock & Leave, room for Guest House ,Pickleball and MORE! The oversized kitchen island, designer backsplash, and custom cabinetry, are just a few of the features of this incredible kitchen, equipped with a Sub Zero custom refrigerator and freezer, a six-burner Wolf cooktop, and Fisher Paykel dish drawers. This stylish and inviting space is perfect for entertaining, making it the heart of the home. Unwind in the luxurious Great Room, featuring a sleek linear gas fireplace, large picture window perfectly framing Elephant Mountain and the Continental Mountains, or retreat to the versatile Den/Media Room, perfect for a Private Office, Gym, or Home theater. The Primary Suite serves as a private sanctuary, boasting a spa-like bathroom with a generous walk-in shower, beautiful freestanding tub, His and Her Vanities, complemented by oversized designer walk in His and Her closets. Guest comfort and privacy are paramount, with generously sized ensuite Guest Suites with walk in closets, thoughtfully located on the opposite side of the house with the Split Floor Plan Design. Embrace seamless Indoor-Outdoor Living with two walls of disappearing glass that open to a spectacular Private Inner Courtyard, the perfect place to entertain family and friends or curl up with a book and enjoy solitude. The resort style backyard is complete with a large custom heated pool featuring an oversized Bahia Shelf with Ledge Loungers for the ultimate in relaxation poolside, a designer poolside ramada and Gourmet Outdoor BBQ kitchen perfect to swim up to and enjoy fabulous mountain views, sunsets, cocktails and conversations! Enjoy a friendly game of Bocce Ball on your very own court for endless entertainment! Gather around the gas fire table under the star-filled desert sky, star gaze, roast marshmallows, tell stories and create wonderful memories to last a lifetime! Situated on over an acre this gorgeous home boast the largest, most private lot in the neighborhood and offers ample space if one wanted to add a separate Guest House ,a Pickleball Court, Putting Green, Yoga Shala, or simply room to run and play football or catch with your best friend. The Four-Car Garage provides plenty of storage for all your Cars, Recreation Vehicles and Toys. This impeccable home presents an unparalleled opportunity for luxurious living in North Scottsdale. Don't miss your chance to experience luxury at its finest, book your private tour today and step into the lifestyle you've always dreamed of! PS: Furniture available on a separate bill of sale at close of escrow.
6529 N Mountain View Road
Paradise Valley, AZ 85253
$3,425,000
4
Beds
5
Baths
4,204
SqFt
Status
Active
MLS #
6774628
Property Type
Single Family Residence
Price Type
--
Stunning Contemporary Desert Oasis with Panoramic Mountain Views, perfectly positioned to capture breathtaking mountain views from every angle. This modern masterpiece offers a harmonious blend of sleek, contemporary design and the natural beauty of its desert surroundings. As you step inside, you'll be greeted by an open-concept layout that flows effortlessly through light-filled living spaces. The home's modern architecture is accentuated by clean lines, flat rooflines, and expansive windows, offering uninterrupted views of the nearby mountains. The muted, neutral exterior tones blend seamlessly with the surrounding desert landscape, creating a harmonious, natural aesthetic.
1402 E Coral Cove Drive
Gilbert, AZ 85234
$3,400,050
8
Beds
7.5
Baths
11,705
SqFt
Status
Active
MLS #
6719083
Property Type
Single Family Residence
Price Type
--
Magnificent lakefront 2-story basement estate on rare Peninsular lot w/nearly 239' (2 sides) of lakefront nestled on a cul-de-sac lot in the prestigious, gated West Lake Estates Val Vista Lakes water-wonderland Community. Approximately 8,429sf above grade & 3,276sf of beautifully finished basement w/ living quarters, wet bar/kitchenette, 720 btl wine room & gym; a bright upper level attached full Guest Quarters w/sep. entrances; nearly new roof, HVAC & OWNED solar! Thoughtful design w/ superior function, energy efficiency & a flowing floor plan for easy living & entertaining. Timeless architecture, stunning water views & mountain vistas - a lifestyle second to none. Lavish community amenities w/ convenient location to shopping, dining & easy highway access; minutes to airport! SUPPLEMENT: Amenities and updates abound in this luxurious lakefront residence! 1.
10626 E Palo Brea Drive
Scottsdale, AZ 85262
$3,400,000
3
Beds
3.5
Baths
4,160
SqFt
Status
Active
MLS #
6761265
Property Type
Single Family Residence
Price Type
--
This stunning, timeless residence in Turquoise Ridge is nestled on a private cul-de-sac along a serene greenbelt, offering sweeping views of Cochise golf course, city lights, and both sunrise and sunset. Santa Fe accents add warmth and charm to this beautifully designed home, where style meets comfort at every turn. With GOLF MEMBERSHIP available to the exclusive Desert Mountain Club, you'll enjoy world-class courses and luxury amenities just moments away.Inside, the open-concept layout flows seamlessly from the gourmet kitchen to the spacious Great Room, featuring rustic beams, soaring ceilings, and expansive windows that flood the home with natural light, framing breathtaking desert vistas. The kitchen is a chef's dream, complete with high-end appliances, custom Alder cabinetry, and a convenient serving window to the outside pool patioperfect for entertaining. The office is beautifully designed, ideal for working from home, while the oversized three-car garage provides ample space for vehicles and storage, including a wine cellar. The home boasts three luxurious suites, each with its own private patio for quiet relaxation. The large primary suite has direct access to the pool and spa, offering the ultimate retreat. Multiple patios provide additional areas for guest entertaining, while the sun-soaked backyard, with a sparkling pool and shaded al fresco dining space, invites you to bask in the Arizona sunshine. For those seeking the best views, the upper patio delivers panoramic vistas, showcasing vibrant sunsets and the twinkling cityscape. This is a home where every detail has been thoughtfully crafted for both elegance and functionality, making it the perfect desert escape.
39877 N 107th Way
Scottsdale, AZ 85262
$3,400,000
3
Beds
3.5
Baths
3,050
SqFt
Status
Active
MLS #
6769254
Property Type
Single Family Residence
Price Type
--
GOLF MEMBERSHIP AVAILABLE. For those who seek unparalleled luxury and craftsmanship, this home offers a complete visual and sensory experience, where every corner reveals beauty and artistry. Designed by Bing Hu and masterfully reimagined by Aesthetic Interiors & Design, this residence is a testament to refined design and meticulous attention to detail. Nestled in the prestigious Desert Mountain community, this home seamlessly blends timeless architectural integrity with modern luxury. Upon stepping through the grand glass pivot door, you're immediately captivated—not just by the striking chandelier, but by the sense that everywhere your eye lands, beauty unfolds. From the rich tones of custom walnut cabinetry to the sleek finishes of satin granite countertops, every detail in the home has been curated with an artistic vision. The open, airy layout flows effortlessly from one space to the next, showcasing a thoughtful balance of rich blacks and warm browns. These materials complement the serene surroundings while adding a modern edge that speaks to the home's luxury. In every room, there's a sense of cohesion and careful design,nothing is out of place, and yet, each space feels distinct. Outdoors, the visual splendor continues. The fully remodeled pool and spa with pebble sheen & LED light show, completed with a serene waterfall feature, create a private oasis, while updated landscaping enhances the natural beauty of the desert environment. The outdoor living area complete with a built-in BBQ, & gathering spot around the 5-foot linear gas fire pit, while listening to your favorite tunes through the indoor/outdoor Sonos system, extends the elegance and functionality of the home. Additionally, this home is ready for you to move right in fully furnished with exquisite RH pieces and styled with a designer's touch. A transferable Desert Mountain golf membership adds to the allure, providing access to one of Scottsdale's most prestigious golf communities. This home is not just a remodel; it is a complete transformation of Bing Hu's original architectural vision, offering a harmonious blend of modern luxury and artistic craftsmanship. Overlooking the 9th fairway of the Apache Golf Course, it stands as a rare and stunning piece of art within one of Scottsdale's most coveted communities. Welcome to The Modern Hu. - A home, a lifestyle, a masterpiece. Entire Home, Landscape, Pool has been updated. See documents tab for a detailed list. See video and 3D Matterport Video in photos.
6645 W Leonard Lane
Flagstaff, AZ 86001
$3,400,000
2
Beds
2.5
Baths
2,984
SqFt
Status
Active
MLS #
6778387
Property Type
Single Family Residence
Price Type
--
Discover your dream mountain retreat with breathtaking views of the San Fransisco peaks! This luxury log cabin, designed by Rocky Mountain Log Homes, features stunning 12'' Western timber logs--no dry wall in sight! The owner/builder spared no expense with quality details throughout. With two bedrooms, 2.5 baths, and a spacious 540 sq ft loft as an extra sleeping area, this home is perfect for family getaways. Enjoy a chef's kitchen with Bertazzoni stainless appliances, granite countertops, a gas stove, and a cozy breakfast bar. Relax by the wood- burning fireplace or unwind in the soaking tub. Located off Snowbowl Road, just minutes from Flagstaff and Snowbowl Ski Resort!
4106 E San Miguel Avenue
Phoenix, AZ 85018
$3,400,000
4
Beds
3.5
Baths
3,844
SqFt
Status
Active Under Contract
MLS #
6748744
Property Type
Single Family Residence
Price Type
--
Blue Sky's newest build in the coveted Marion Estates is ready for its big reveal! Buyers will be wowed by each detail of the property, which features a Lutron smart home control center that services lights, TVs, music, a security system and shades, all from the touch of a button. The thoughtful floorplan contains four bedrooms, including two spacious suites and a flex room. The entertainer's kitchen showcases Energy Star top-rated appliances, custom cabinetry and a generous kitchen island. The outdoor ambiance, which includes a rooftop patio, will captivate owners and guests alike with landscape design by Creative Environments that boasts a sparkling pool, spa, built-in BBQ and an expansive fire pit. Plus, it's impossible to miss the stunning views of Camelback Mountain & Piestewa Peak
4849 N Camelback Ridge Road
Scottsdale, AZ 85251
$3,395,000
2
Beds
3
Baths
2,294
SqFt
Status
Active
MLS #
6681501
Property Type
Apartment
Price Type
--
This unique loft style home features 10' ceilings in the living area with spacious indoor/outdoor living and a lower garden/yard. This home is exceptional with its soaring ceilings and phenomenal views of Camelback Mountain. Featuring 1 bedroom, 2 full baths, a den and 2 reserved parking spaces. Tucked at the base of Camelback Mountain, Ascent is a new, private gated residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resorts. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, stacking door systems opening to a large outdoor patio with fire feature and BBQ Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, hardwood floors, .....
11142 N Viento Court
Fountain Hills, AZ 85268
$3,395,000
3
Beds
3
Baths
4,100
SqFt
Status
Active
MLS #
6762634
Property Type
Single Family Residence
Price Type
--
This property is the perfect soft contemporary, empty nester, ONE LEVEL home you've been waiting for. Absolutely captivating and unobstructed airliner views from Four Peaks, to the Fountain to Camelback Mountain and city lights galore! This tastefully designed ridgetop 2022 build is a manageable and beautiful 3 bedroom, three bathroom open concept (great room) layout perfect for those seeking a fabulous entertaining space without superfluous square footage. Gorgeous kitchen and finishes, with a stunning 20-foot beamed ceiling and 20' retractable slider in the great room for views and indoor/outdoor living. See the 2-car garage and a massive 35' deep RV / boat garage perfect for the toys. The travertine pool deck, hot tub and negative edge pool maximize the sunset view experience.