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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5422 S Luiseno Boulevard
Gilbert, AZ 85298
$599,900
4
Beds
2
Baths
2,108
SqFt
Status
Active
MLS #
6758778
Property Type
Single Family Residence
Price Type
--
Check out this Beautiful Single Level Home Located in the Prestigious Community: The Bridges at Gilbert! This Great Room Floorplan Home Features 3 Bedrooms, 2 Baths, Den and 3 Car Garage. The Kitchen Includes an Island, Granite Countertops, Stainless Steel Appliances, 2 Built in Ovens, Gas Cook Top and Beautiful Raised Panel Cabinets with Crown Molding! Master Suite Includes a Spacious Bathroom with a Dual Vanity, Separate Shower/Tub and Large Walkin Closet! Step into the Backyard with New Artificial Grass and Large Covered Patio, Perfect for Entertaining or Enjoying as a Family! Do Not Miss Out!!
3010 E County Down Drive
Chandler, AZ 85249
$599,900
3
Beds
2
Baths
2,185
SqFt
Status
Active
MLS #
6783660
Property Type
Single Family Residence
Price Type
--
Welcome home to this 3 bedroom plus office, 2 bath, 3 car garage beauty in the coveted 55+ Solera at Lone Tree Golf Course Community. Enjoy the privacy of being at the end of the street, with the north/south facing maintenance free yard. Step inside to 10 ft ceilings, fresh paint, plantation shutters, new carpet, & upgraded light fixtures, making it move in ready. The great room is open to the kitchen that features an island for entertaining & dining area. Bonus: all appliances stay. Large primary bedroom offers a sitting area, while its bathroom has dual sinks, jetted tub, walk in shower & oversized walk in closet. The split floorplan offers ample size secondary bedrooms. Plenty of closet storage throughout. This home checks all the boxes.
20613 W Hazelwood Avenue
Buckeye, AZ 85396
$599,900
3
Beds
2.5
Baths
2,170
SqFt
Status
Active
MLS #
6768357
Property Type
Single Family Residence
Price Type
--
Nestled along tree-lined streets of Phase One in Victory at Verrado is this lovely Crest Plan by Lennar with OWNED SOLAR! Imagine having a cup of coffee as you take in the relaxing view of Hazelwood Park from the front Porch. Inside you will discover a den/bedroom #3 with Murphy bed, a convenient half bath, spacious secondary office (option by builder) w/barn door, secluded bedroom #2, and a full bathroom #2. The generous owner's suite has a large bedroom, and the bathroom features double vanity sinks, a no-step tiled shower, and a custom closet for all your storage needs. The heart of the home, the kitchen, is a chef's dream with its oversized island—ideal for entertaining—enhanced by striking cabinetry, elegant countertops, and a stylish backsplash. Recent updates include a GE refrigerator, Bosch dishwasher, washer, dryer, and security system. The great room seamlessly connects indoor and outdoor living with a center-pull four-panel sliding glass door. Step outside to the expansive travertine patio, where you can unwind in the jacuzzi or savor breathtaking mountain views around the fire pit, complete with a 70-foot gas line for easy access. The covered patio, featuring a retractable awning, provides a perfect retreat from the sun. The garage is equally impressive, equipped with an epoxy floor coated with granite chips, built-in cabinets, and hanging racks for all your organizational needs, along with a LiftMaster belt drive, Wi-Fi garage door opener. Additional updates include Norman plantation shutters on all windows and center-open sliders, a master closet upgrade, and a Murphy bed frame with queen size mattress and cabinet for versatility. Other notable enhancements include the replacement of bathroom counters and sinks, four Pfister bathroom faucets, an upgraded HVAC with new damper units and a new inverter for the solar system, and comprehensive grout sealing throughout the house. Fresh paint adorns the front hallway, kitchen, and living room walls and ceiling, while a decorative cornice adds charm to the patio door. Beyond your doorstep, the Victory at Verrado community offers an impressive array of amenities, including a 7,000 sq. ft. fitness center, golf course, pickleball courts, four pools, bocce ball courts, arts & crafts, a media room, lending library, delightful dining options, shopping, a rejuvenating day spa, and even a vineyard! Experience a lifestyle of leisure and luxury in this remarkable home!
108 W Villa Rita Drive
Phoenix, AZ 85023
$599,890
5
Beds
3.5
Baths
2,336
SqFt
Status
Active
MLS #
6753499
Property Type
Single Family Residence
Price Type
--
Come see this FURNISHED 5 bedroom, 3.5 bath REMODELED home located in a quiet North Phoenix neighborhood . This home is nearly 2400 sq ft and features 2 Master Bedrooms both with ensuite bathrooms, perfect for a large family, multi-generational families or an Airbnb. No HOA. The home is currently a successful Airbnb with amazing reviews. Beautiful pool in the backyard features a built in table. The garage is oversized for additional storage or a home gym. Home is centrally located just min away from the 101 Freeway for an easy commute.
10633 S 44th Street
Phoenix, AZ 85044
$599,800
4
Beds
2
Baths
1,849
SqFt
Status
Active
MLS #
6738373
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the highly desirable neighborhood of Ahwatukee. This stunning, modernized residence offers a spacious great room floor plan, perfect for both entertaining and comfortable living. With numerous recent upgrades, this home is move-in ready and boasts high-end finishes throughout. Step inside to find luxurious vinyl tile flooring that is not only stylish but also waterproof and scratch-proof, providing worry-free living for families and pet owners alike. The expanded and remodeled kitchen is a chef's delight, featuring custom white cabinetry, sparkling black quartz countertops, and top-of-the-line stainless steel appliances. Enjoy the abundance of natural light that fills the home, thanks to gorgeous Anderson High Performance windows and a sleek sliding glass
9214 W Kerry Lane
Peoria, AZ 85382
$599,700
3
Beds
2.5
Baths
2,258
SqFt
Status
Active
MLS #
6757552
Property Type
Single Family Residence
Price Type
--
Golf course gem fully renovated with nicest touch of art and harmony. 2258 square feet, 3 bed 2.5 bath gorgeous home backing to golf course with infinite beautiful views. This home has 2 car garge, room for golf cart storage, covered patio, fireplace. It's been loved from top to bottom.
20637 W Rancho Drive
Buckeye, AZ 85396
$599,590
2
Beds
2
Baths
1,528
SqFt
Status
Active
MLS #
6753670
Property Type
Single Family Residence
Price Type
--
Ready for move in by end of year!! Experience the epitome of Mountainside living with our Turnberry design. A welcoming open courtyard offers stunning views of the White Tank Mountains and year-round sunsets. Welcome to your new oasis! This 1,528 sq. ft. single-story stunner features 2 bedrooms and 2 bathrooms of pure luxury. Experience top-tier comfort with spray foam insulation, while recessed LED lighting casts a modern glow throughout. The impressive 12' sliding glass wall effortlessly merges indoor and outdoor living, and 8' doors paired with 10' ceilings create an open, airy atmosphere. Complete with a paver driveway and walkway, this home combines sleek design with sophisticated functionality. Your perfect blend of elegance and practicality awaits!
807 Co Rd 3144 --
Vernon, AZ 85940
$599,500
3
Beds
2
Baths
2,300
SqFt
Status
Active
MLS #
6699527
Property Type
Single Family Residence
Price Type
--
This beautiful horse property offers breathtaking views and a range of amenities for horse enthusiasts. This property is less than a mile off the main hwy with paved access all the way. The property includes a well-maintained barn with two horse stalls, a tack room, storage room and an arena for training and riding. The spacious two-acre parcel is fully fenced and crossed fenced, providing a safe and secure environment for the horses and any other pets. Access to the property is through a gated entrance with a charming, treed circle driveway. The main residence is a spacious three-bedroom, two-bathroom home, featuring a wood burning stove, and a large master suite with two additional rooms off the master that can be used as a nursery, home gym, or office. The home boasts a large dining room and a back covered porch, both of which offer stunning views of the surrounding landscape. Whether you are a horse enthusiast or simply appreciate the beauty of nature, this property is sure to impress. Schedule your showing today.
40721 W Georgia Avenue
Tonopah, AZ 85354
$599,500
4
Beds
3
Baths
2,192
SqFt
Status
Active
MLS #
6754914
Property Type
Single Family Residence
Price Type
--
This beautiful custom home is almost ready for a family to live in this peaceful area north of I-10. It features an RV garage, modern style double front door, matching modern garage doors, 10' ceilings, open floor plan, neutral warm colors, tile flooring and carpet in all the right places, with 6'' base boards. Kitchen will feature wood expresso color cabinets, granite or quartz counter tops, oven range, hood, plus wall oven and microwave, ss appliances and refrigerator. Split floor plan has 3 bedrooms with custom shelving and 1 of the bedrooms has a large walking closet, 1 bathroom has a large garden tub/shower with double sinks. Master bedroom has large walk-in closet, custom tile shower, and double sinks. Energy efficient home with dual pane windows, 2x6 framing, spray foam insulated ceilings and exterior walls, along with batted insulated walls. RV garage and garage are fully spray foam insulated, along with 220 amp in RV garage for a mini split ac system, lift master garage door openers, 220 amp in the 2 car garage for a future electric car charging plug. A 2000 septic tank to accommodate a future guest house. 3 share wells altogether. Must see!
8855 W Northview Avenue
Glendale, AZ 85305
$599,500
5
Beds
3
Baths
2,545
SqFt
Status
Active
MLS #
6779939
Property Type
Single Family Residence
Price Type
--
This beautifully maintained home in the desirable Rovey Farm Estates is a true gem! With 5 spacious bedrooms, including a convenient downstairs bedroom, it offers plenty of room for the whole family. Featuring large Kitchen with granite countertops, a center island, and stainless steel appliances — perfect for the home chef! Open-concept living with a cozy family room, ideal for entertaining. Fresh interior paint and tile flooring throughout the entire first floor for a clean low-maintenance look. Expansive master suite with a private walk-out balcony, offering serene views of the greenbelt behind the home. Spacious, well-sized bedrooms ensuring comfort and privacy. Sparkling private pool, paved backyard, and plenty of space for lounging and dining, making it a perfect outdoor retreat! Minutes from Westgate District, where you can shop, dine and entertain!
15551 N 179th Drive
Surprise, AZ 85388
$599,500
5
Beds
3
Baths
3,300
SqFt
Status
Active
MLS #
6784550
Property Type
Single Family Residence
Price Type
--
Welcome to your new spacious 3,300 sq. ft. Surprise Farms gem! This fantastic five-bedroom, three-bathroom home features a sparkling pool and three-car garage! The main floor showcases stylish vinyl plank flooring, while the kitchen shines with stainless steel appliances and brand-new granite countertops, ideal for hosting gatherings and/or family meals. With a light, bright and flexible layout this home is designed to adapt effortlessly to your lifestyle. The expansive primary suite offers a luxurious en suite, creating the ultimate relaxing retreat. Step outside to your private backyard oasis with a covered patio, lush grass lawn, and an inviting pool—perfect for warm days and serene evenings. Nestled on a large corner lot with no neighbor to the south, this home truly has it all! Great location close to community parks and fields with EZ access to the Loop 303!
1110 E Phoenix Street
Payson, AZ 85541
$599,500
4
Beds
3
Baths
2,044
SqFt
Status
Active
MLS #
6711716
Property Type
Single Family Residence
Price Type
--
Beautiful one of a kind custom built 4 bedroom home in the highly desirable Rim View Heights Estates. Perfect for full time living or for a family getaway - there is plenty of room for everyone! It has a Great Room concept with vaulted ceilings, there is a family room as well as a formal living room. One bathroom has a walk in tub with jacuzzi jets. The home boasts 2 en-suite bedrooms with bathrooms. There is a large deck and patio to sit and enjoy the cool mountain evenings. Tall pine trees on the lot and wonderful views. Come see the brand new flooring throughout the entire house! The roof is only 5 years old. This is a lot of house for the money!