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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14401 N 10th Place Phoenix, AZ 85022

$670,000

4 Beds

2 Baths

2,548 SqFt

Status Active Under Contract

MLS # 6744321

Property Type Single Family Residence

Price Type --

Looking for a Moon Valley Oasis? This unique four-bedroom property has million-dollar views, proximity to Lookout Mountain and North Mountain trails, and NO HOA! A biodiverse desert xeriscape supports a perfectly manicured cactus landscape with the shade of a Mesquite and Palo Verde tree in the front yard. Custom iron-wrought gates hide a secret garden in the backyard with tropical palms and producing-citrus trees. The secluded setting provides unbridled privacy. Entertain guests amongst the lavish PebbleTec pool, or in the spacious Arizona Room. The updated kitchen includes Bosch appliances, a Wine Fridge, and beautiful hand-crafted cabinets above a granite countertop, providing a unique space to cook and host. This is a must-see property. It will not last long on the housing market!

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728 W Thunderbird Road Phoenix, AZ 85023

$670,000

3 Beds

2 Baths

1,935 SqFt

Status Active

MLS # 6767036

Property Type Single Family Residence

Price Type --

Experience the perfect blend of luxury and tranquility in this stunning 3-bedroom, 2-bathroom home backing up to a scenic golf course. Wake up to breathtaking views, enjoy vaulted ceilings that add spaciousness and light, and relax in a beautiful home with fresh paint inside and out. The brand-new roof ensures peace of mind for years to come. Whether you're a golfer or just love beautiful surroundings, this home offers the perfect escape. Don't miss the opportunity to own this slice of paradise. Hurry and make it yours! Seller will give $10,000 credit towards appliances or closing cost!!!!!

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26811 N 21st Drive Phoenix, AZ 85085

$670,000

5 Beds

3 Baths

3,061 SqFt

Status Active

MLS # 6770525

Property Type Single Family Residence

Price Type --

This home has it all—style, space, and smart upgrades to fit modern living. Get ready to fall in love with this light-filled beauty tucked away in the desirable Valley Vista community! This 5-bedroom, 3-bath gem welcomes you with soaring vaulted ceilings, a bright and open floor plan, and modern updates that make it truly move-in ready. Whether you're hosting friends or enjoying quiet family time, the airy main living space sets the perfect vibe with its neutral palette and seamless flow. ✨ Updated Kitchen - A Chef's Dream: The heart of the home is a fully remodeled kitchen (2020) featuring sleek new cabinetry, Quartz countertops, and a large island perfect for entertaining or enjoying your morning coffee. 🛏️ Retreat to Your Master Oasis: The spacious master s a walk-in closet and a spa-like en-suite bath complete with dual sinks, a soaking tub, and a walk-in showeryour own private escape after a long day. =Ë Extra Living Space on the Second Floor: Upstairs, a spacious loft offers endless possibilitiesgame room, home office, or even a cozy reading nook. < Mountain Views + Outdoor Perfection: Step outside to your upgraded backyard oasis featuring a covered patio and lush turf (added in 2022)perfect for weekend barbecues or relaxing under the stars. And did I mention those stunning mountain views? It's the kind of setting you'll never get tired of. < Upgrades Galore! This home has been meticulously updated for comfort and efficiency: Luxury vinyl plank flooring (2020)stylish, durable, and low maintenance Energy-efficient windows, doors, and solar panels (2022)lower utility bills and greener living New insulation (2022) for year-round comfort Modern ceiling fans & updated lighting fixtures (2020) throughout =Í Prime Location: With quick access to I-17, the 101, and Norterra's shopping, dining, and entertainment options, everything you need is just minutes away. This home has it allstyle, space, and smart upgrades to fit modern living. Homes like this don't last long in Valley Vista. come see see for yourself why this one is truly special! <

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8615 W Palo Verde Drive Glendale, AZ 85305

$670,000

3 Beds

2.5 Baths

2,725 SqFt

Status Active

MLS # 6782588

Property Type Single Family Residence

Price Type --

Welcome to this exquisite home in a prime location, just seconds from the Westgate, State Farm Stadium, Gila River Arena, and the freeway. With its stunning curb appeal and open floorplan adorned with wood plank tile flooring, this home exudes warmth and welcome. The kitchen is a chef's dream, boasting an abundance of cabinets, a large island, a gas stovetop, a wall oven, a single basin sink, under-cabinet outlets, and a generously sized pantry. The spacious primary suite is bathed in natural light, creating a serene and tranquil atmosphere. The ensuite bathroom features a dual vanity, an oversized shower, walk-in closet, combining elegance, comfort, and convenience. The moment you walk through the door, you'll be captivated by the sheer spaciousness and design of this home!

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3407 E Glacier Place Chandler, AZ 85249

Open House

$670,000

4 Beds

2 Baths

2,121 SqFt

Status Active

MLS # 6738533

Property Type Single Family Residence

Price Type --

FRESHLY PAINTED INTERIOR. BRAND NEW CARPET- COME TAKE A LOOK NOW!! Ready to move in. Exceptional single level 4 bedrooms 2 baths & Spacious 3 car garage home in popular gated community of Quail Springs in Chandler. Formal living & Dining room Updated Kitchen with Island overlooking the great room. Wired for surround sound. Kitchen cabinets and stunning granite countertops installed in 2024. Stainless Steel appliances The Refrigerator & Microwave replaced in 2023. Double Ovens Washer & Dryer installed in 2022 are included. Laundry room cabinet & Sink. Tile floor in kitchen baths and all traffic areas. Main bath with separate tub and shower. Walk-in closet with custom shelves. Dual sinks. Water Softener. RO System. Tankless water heater. Security System Borders common area with access to walking trail. Community offers large grass area and children playground Close to schools dining shopping and Citrus Vista Park. Come take a Look.

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842 E Cambridge Avenue Phoenix, AZ 85006

Open House

$670,000

3 Beds

2 Baths

1,823 SqFt

Status Active

MLS # 6752309

Property Type Single Family Residence

Price Type --

Located in the Phoenix Historic District, this 1941 residence offers a perfect blend of classic charm and contemporary upgrades. The bright, open floor plan features rich wood flooring, LED recessed lighting, and oversized windows that invite abundant natural light. The great room, complete with a gas fireplace, seamlessly connects to an upgraded kitchen boasting Thermador appliances, a white tile backsplash, and generous storage. A formal dining area and eat-in kitchen provide elegant spaces for dining and entertaining. The outdoor area includes a landscaped front and back yard, a tranquil patio, and a spacious side lot ideal for pets. Ideally positioned near a park and close to Phoenix Country Club, Sky Harbor Airport, Fashion Square Mall, dining, golfing, and major freeways. This home also includes a two-car garage and additional slab parking, making it an exceptional choice for those seeking a blend of historic character and modern amenities.

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10822 E Ramblewood Circle Mesa, AZ 85212

$669,999

4 Beds

3 Baths

2,367 SqFt

Status Active

MLS # 6769481

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home featuring new wood tile floors throughout, combining style and durability for a low-maintenance lifestyle. The upgraded kitchen is a chef's delight, equipped with modern appliances, sleek countertops, and ample storage space, making cooking and entertaining a pleasure. Retreat to the luxurious primary bathroom, which has been thoughtfully renovated to offer a spa-like experience with elegant finishes and fixtures. This home is complete with stylish shutters that provide both privacy and natural light, enhancing its charm. Located in the highly sought-after Gilbert school district. Don't miss this incredible opportunity to own a beautifully upgraded home in one of the East Valley's most desirable zip codes!

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21723 N 67th Drive Glendale, AZ 85308

$669,999

4 Beds

3 Baths

3,070 SqFt

Status Active

MLS # 6736498

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION! Incredible opportunity to own this large 1/4 acre property on a cul-de-sac lot! This pie-shaped lot gives you a feel of 3 backyards in 1. Enjoy your own putting green, play-pool, large grassy yard, playground for the kids & concrete tables - it's an entertainer's dream! Not only does the backyard feel spacious, but the house is a well-designed 3,070 sf floor-plan. Fresh look with all new interior paint. Upon entering, you'll notice the soaring vaulted ceilings, large windows & real wood floors at the formal living & dining rooms. There is no shortage of space in the kitchen with a staggered cabinet design, wall cabinets, pantry & matching built-in desk. In addition, the kitchen features granite counters w/ natural edge, breakfast bar, eat-in kitchen, stainless steel appliances, crown moulding & lots of recessed lighting. The large family room has a gas fireplace, room for any furniture arrangement, & space for a game-room or additional sitting area. All bedrooms are upstairs. The primary bedroom has double doors, wood floors, crown moulding, recessed lights & a walk-out balcony. The attached primary bathroom includes double sinks, separate tub / shower, private toilet room & walk-in closet. There is a loft off the primary bedroom that is perfect for a small office setup, teen space, or sitting area. All bedrooms have solid flooring, recessed lighting, crown moulding & ceiling fans. For those with hobbies, there is a 3-car garage with the single garage bay that is air conditioned with a mini-split A/C system. Sierra Verde is a great community with walking paths, lakes, top-rated schools, close freeway access & in a great Glendale location.

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10118 E Trent Avenue Mesa, AZ 85212

$669,999

4 Beds

3.5 Baths

2,794 SqFt

Status Active

MLS # 6751202

Property Type Single Family Residence

Price Type --

Welcome to this stunning Toll Brothers home nestled in the premier community of Cadence! With its impressive curb appeal and an inviting, bright, and airy floor plan, this residence is designed for both comfort and style. Step inside to discover an open-concept layout that seamlessly connects the elegant kitchen to the living area. The gourmet kitchen boasts pristine white cabinetry, a generous breakfast bar, a large center island, and a walk-in pantry, all complemented by stainless steel appliances. Expansive windows and soaring ceilings flood the space with natural light, creating a warm and welcoming atmosphere. This living area effortlessly transitions to a backyard oasis, complete with a covered patio and a spacious play area featuring lush artificial turf. The main level also includes a versatile flex space that can serve as an office, den, or formal dining area, along with a private full bedroom and bathroom, ideal for guests or extended family. Venture upstairs to find an oversized loft that offers additional living space, along with a generously sized primary bedroom complete with a walk-in closet, dual sinks, and a walk-in shower. Two additional bedrooms share a well-appointed bathroom, and the convenience of a laundry room rounds out this functional second level. This home combines modern living with thoughtful design, making it the perfect retreat for any lifestyle. Don't miss the opportunity to make it yours! Cadence features an 8 acre park with a 12,000 sq ft club house that features a fitness center gym and meets the needs of every family. member! Enjoy the community pool, tennis courts, basketball courts and playground just to name a few ammenties. Conveniently located by shopping restaurants and easy freeway access!

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6902 E Belleview Street Scottsdale, AZ 85257

$669,995

4 Beds

3 Baths

2,287 SqFt

Status Active Under Contract

MLS # 6770133

Property Type Single Family Residence

Price Type --

This timeless 4-bedroom, 2.75-bathroom home has been beautifully upgraded to offer a modern and fresh atmosphere. With 2,287 sqft of spacious living, it's perfect as a primary residence, a vacation home, or an investment property, conveniently located near Old Town Scottsdale. The home features a welcoming family room and a bright kitchen with a center island, breakfast bar, breakfast nook, and plenty of elegant wood cabinetry. Step outside to a covered patio overlooking a vast yard with lush green grass, a sparkling private diving pool, and an RV gate. Recent enhancements include a new pool light, updated pool pump plumbing, a brand-new roof, and exterior stucco, all completed in 2024. Two bathrooms were also remodeled in 2023, featuring new glass doors, upgraded fixtures, vanities, and primary shower and floors just remodeled in October 2024! Interior drywall repairs have been completed for a fresh polished look in the laundry room. In 2020, new primary HVAC unit and new electric heating system were installed. Don't miss out on this this beautifully maintained home!

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22705 E Roundup Way Queen Creek, AZ 85142

$669,990

3 Beds

2.5 Baths

2,702 SqFt

Status Active

MLS # 6770665

Property Type Single Family Residence

Price Type --

''Discover the highly sought-after Craftsman style Topaz floorplan, featuring 3 spacious bedrooms, 2.5 luxurious baths, and a versatile bonus room tailored for your lifestyle. The 6x36 wood plank tile flooring adds warmth and charm throughout the living areas. Step inside and be inspired by the gourmet kitchen, perfect for any culinary enthusiast. It boasts a 5-burner gas cooktop, built-in oven and microwave, and a stylish chimney hood. The white shaker cabinets with crown molding harmonize beautifully with the white quartz countertops and subway tile backsplash. Enjoy seamless indoor-outdoor living with a stunning 4-panel sliding door that floods the space with natural light. Retreat to the primary suite, featuring an enlarged tiled shower for a spa-like experience. Additional highlights include a convenient butler's pantry, an electric car charger package, and extra wiring for lighting and fans throughout the home. Thoughtful details like 8' interior doors, 4¼ baseboards, and a laundry-to-closet interior door enhance both functionality and style. Plus, benefit from pre-plumbing for a sink and water softener, perfectly suited to your needs. With a double gate and modern amenities designed for today's living, this Craftsman Topaz offers the perfect blend of comfort and elegance. Don't miss the chance to make this exceptional home your own!

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22697 E Roundup Way Queen Creek, AZ 85142

$669,990

3 Beds

2.5 Baths

2,702 SqFt

Status Active

MLS # 6775015

Property Type Single Family Residence

Price Type --

''Discover this exquisite 2,702 square foot Topaz model, featuring 3 spacious bedrooms and 2.5 baths, plus a generous bonus room perfect for your needs. Step into the heart of the home—a gourmet kitchen that's a chef's dream. It boasts a Whirlpool 5-burner gas cooktop, built-in microwave, and oven, alongside a butler's pantry equipped with a beverage refrigerator. The kitchen shines with espresso-colored cabinets featuring soft-close hinges and upgraded crown molding, complemented by a sleek stainless steel chimney hood and a dazzling quartz countertop. Enjoy luxurious details throughout, including tiled primary shower, 8-foot doors, and tasteful shutters for added privacy. The entire home is adorned with beautiful 7x22 wood plank tile, creating a warm and inviting atmosphere. Plus, it's pre-plumbed for a sink and water softener, offering even more convenience. Don't miss the opportunity to make this beautifully appointed home yours!

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