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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10904 E Scopa Trail
Scottsdale, AZ 85262
$2,580,000
6
Beds
5
Baths
4,587
SqFt
Status
Active
MLS #
6762371
Property Type
Single Family Residence
Price Type
--
Discover desert luxury in this 2.85-acre estate within Monterey at Mirabel Village North. The single-level residence boasts dual living areas, a gourmet kitchen with Wolf & Sub-Zero appliances, formal dining, five bedrooms & four bathrooms. A separate casita adds versatility for guests or a home office. Indulge in resort-style living with a solar-heated pool, spa & five-hole putting green. Entertainment options include a theater room & whole-home SONOS system. The property features a lush courtyard, outdoor fireplace & stargazing areas. Recent upgrades include pool equipment, HVAC systems & a monitored security system. Smart home technology allows effortless control of lighting, climate & entertainment. An oversized 3-car garage & ample indoor storage complete this extraordinary home.
2080 W Condor Road
Wickenburg, AZ 85390
$2,575,000
4
Beds
4
Baths
3,370
SqFt
Status
Active
MLS #
6764674
Property Type
Single Family Residence
Price Type
--
Take advantage of this rare opportunity to buy a furnished custom home within the renowned guest ranch, Rancho de los Caballeros in Wickenburg. This 3,300 square foot home was completely reimagined and rebuilt in 2010 under the guidance of Joe Conk, architect, Hasbrook Interiors and AH Construction. Classic southwestern slump block construction and original brick floors were preserved while adding the modern amenities and comforts today's homeowners expect. A 4-car garage is a car lover's dream and a 40-panel solar system offers energy efficiency. The home sits on 1.8 acres with impressive landscaping and expansive patios (both covered and uncovered), the perfect place to take in the beautiful Arizona sunsets and surrounding mountain views. The ''Ranch,'' which has been in [more] continuous operation since 1948 and was just named the #15 resort in the world and #2 in the southwest by readers of Condé Nast Traveler, is under going an incredible renaissance with the support of new ownership who are investing millions without losing sight of legacy and tradition. Ranch community memberships are available and amenities include: golf, horseback riding, spa and pool, tennis, fine dining, trap/skeet, archery and much more. The notable horse program offers 13,300 rideable acres of wide-open space in the Sonoran desert, team penning and roping instruction. Wickenburg is located northwest of metro Phoenix and is 70 miles from Phoenix Sky Harbor Airport. Known as the team roping capital of the world, Wickenburg offers a relaxed western lifestyle. The Webb Center for the Performing Arts and the Desert Caballeros Western Museum offer cultural events year round.
17337 E Morning Vista Court
Rio Verde, AZ 85263
$2,575,000
3
Beds
3
Baths
3,799
SqFt
Status
Active
MLS #
6758824
Property Type
Single Family Residence
Price Type
--
Prepare to be captivated by this beautiful Toll Brothers home, perfectly situated within the coveted gated golf community of Trilogy at Verde River. Embraced by over a half-acre of tranquility in a serene cul-de-sac, this residence offers unobstructed views of the golf course and provides a breathtaking 270-degree panoramic views of the Mazatzal Mountains, the iconic Four Peaks, Weavers Needle, Superstition Mountains and Tom's Thumb. Step inside this 3800 square feet, 3-bedroom 3-bath gem, featuring a spacious and flexible bonus room, an office with a private courtyard entrance, and a 3-car garage with additional storage space. Elegantly lofty ceilings throughout the home create a bright and spacious ambiance, while the gourmet kitchen, featuring top-of-the-line Wolf and Gaggenau appliances, oversized granite island and walk-in pantry beckons culinary enthusiasts. A grand pocket slider, featuring an externally mounted power sunshade, seamlessly blurs the lines between indoor and outdoor living and leads you to your own private oasis. Surrounded by green fairways and Desert Willow Trees you'll find a heated swimming pool with built-in spa, a raised travertine lounge area with fire pit, a built-in BBQ, and an extended covered patio that provides a perfect backdrop to unwind and enjoy the stunning Arizona sunsets. As a resident of, you will enjoy the benefits of exclusive access to an array of community amenities, including the renowned Tom Lehman-redesigned 18-hole golf course, a resort style pool area, two on-site 4-star restaurants, Pickleball and Tennis Courts, a fitness center, Bocce Ball, a dog park, and a vibrant assortment of member-led clubs spanning sports, music, arts, and travel. MAJOR PERK: A few Exclusive Private Golf Club Memberships remain!
6357 E Maguay Drive
Cave Creek, AZ 85331
$2,575,000
6
Beds
4.5
Baths
4,063
SqFt
Status
Active
MLS #
6769253
Property Type
Single Family Residence
Price Type
--
Welcome to this contemporary desert retreat, with breathtaking views of the surrounding mountains from every window. Completed in early 2023, this newly constructed home is designed to captivate you with its sweeping views, providing a perfect backdrop of endless tranquility. Imagine waking up to awe-inspiring sunrises and ending your day with vivid sunset vistas, all framed by the dramatic mountains in the distance. Located in the highly desirable North Cave Creek area, this home offers a serene escape while still being just minutes from the vibrant local scene, with top-rated restaurants and boutique shops at your doorstep. Spanning an expansive 4,063 SF, with 3,043 SF in the main residence and a generous 1,020SF casita This property blends modern elegance with unparalleled functionality. This is more than a homeit's a lifestyle, offering the perfect fusion of luxury, convenience, and breathtaking desert beauty.
12315 W Cooper Morgan Trail
Prescott, AZ 86305
$2,550,000
3
Beds
5
Baths
4,400
SqFt
Status
Active
MLS #
6759691
Property Type
Single Family Residence
Price Type
--
Experience unparalleled living in this exquisite custom home, perfectly situated in Talking Rock Ranch, ready for your personal interior selections. Designed to cater to diverse lifestyles—from car collectors to golf enthusiasts and social butterflies—this home offers an exceptional opportunity to craft your dream sanctuary. Enjoy breathtaking, unobstructed views of Granite Mountain, ensuring that your scenic backdrop remains untouched by future developments. Please note that many of the photos included are renderings for visual assistance and may depict options not included in the final build. Continued... Key features of this stunning residence include:
4570 E Calle Tuberia --
Phoenix, AZ 85018
$2,550,000
4
Beds
4
Baths
3,079
SqFt
Status
Active Under Contract
MLS #
6753119
Property Type
Single Family Residence
Price Type
--
Location, Location Location! Welcome to this beautifully updated 4-bedroom, 3.5-bath home located in the highly sought-after Arcadia Proper neighborhood. This home features a desirable split floor plan, providing privacy and convenience for all. 4 bedroom, 3.5 bathrooms, flex space that could be used as an office or playroom, open concept kitchen and a large great room. When you step inside you first notice the 10-foot ceilings and rich hardwood oak floors that flow throughout the home. The kitchen is equipped with a new Sub-Zero refrigerator, dishwasher and a reverse osmosis (RO) water system. Entertainment is made easy with five TVs, two enhanced by Sonos sound bars for a superior audio experience. The gated front courtyard offers the perfect vantage point for watching stunning Arizona sunsets.The backyard features a custom-built fireplace, BBQ, and bar area. The space is shaded by mature trees and features low-maintenance artificial grass, creating an inviting and comfortable outdoor oasis. Additional highlights include a spacious garage with ample storage and an EV charger. Walking distance to the new Global Ambassador Hotel, The Henry, Buck & Rider and some of Phoenix's best restaurants. Experience this exceptional property in Arcadia for yourself!
36402 N Peaceful Place
Carefree, AZ 85377
$2,550,000
3
Beds
3.5
Baths
3,767
SqFt
Status
Active
MLS #
6768680
Property Type
Single Family Residence
Price Type
--
Timeless adobe style home by renowned Gerry Jones, thoughtfully sited on Boulder strewn acreage on Black Mountain, promises to delight those who relish notable architecture and captivating views. A gated courtyard welcomes you with ageless charm, amazing view of the mountain & ancient Boulders. Backing to 40 acres of preserved Black Mountain desert, the location offers maximum privacy combined w/ lush desert beauty. Custom doors, whimsical tile accents & wood beamed ceilings enhance the adobe ambiance. With 3 bedrooms, 3.5 baths, lovely office, engaging fireplaces & bonus room, the home offers the owner optimum comfort for lounging or entertaining. Expansive & private outdoor patio overlooking Carefree with firepit, unending mountain views, a pool set into the Boulders completes the residence with exemplary style. Own a piece of the mountain in a community that enjoys tranquility, natural beauty, and a lifestyle that is truly Carefree.
8530 E Via Montoya --
Scottsdale, AZ 85255
$2,550,000
5
Beds
4.5
Baths
3,478
SqFt
Status
Active
MLS #
6764435
Property Type
Single Family Residence
Price Type
--
Welcome to your dream residence in the prestigious gated community of Los Gatos in North Scottsdale. This rare gem spans 1.4 acres, offering unparalleled luxury combined with outstanding equestrian facilities. This Santa Barbara estate promises privacy and elegance with its own gated entrance. The heart of this property is found in the expansive resort style backyard designed with expertise with a blend of lush desert landscaping,artificial turf, a modern-style pool, a charming treehouse, a ramada and spacious covered patio for alfresco entertaining under the star filled skies. The property also features a roof deck with stunning views of Pinnacle Peak and the McDowell Mountain range. The quaint side courtyard has landscaping with uplighting and turf
57 Peak Point Court
Sedona, AZ 86336
$2,549,000
4
Beds
5
Baths
3,516
SqFt
Status
Active
MLS #
6727820
Property Type
Single Family Residence
Price Type
--
Discover unparalleled modern luxury and breathtaking Cathedral Rock views at this dreamy new construction masterpiece. Perched hilltop across from Oak Creek, this precious jewel offers a seamless blend of modern elegance and natural beauty, nestled in the heart of Sedona's iconic red rock landscape. Floor to ceiling windows look out onto panoramic vistas of the red rocks and desert landscape from every room. Situated on 1 acre backing up to National Forest with hiking trails right out your door, this exquisite home provides access to nature and breathtaking scenery in all directions. This meticulously designed home features 4 bedrooms 5 bathrooms, and a spacious 4 car garage - a rare find in Sedona - ensuring ample space for comfort and privacy. The gourmet chef's kitchen is a ... culinary haven, featuring premium Thermidor appliances, a striking island with a custom walnut bar. Open living areas ideal for entertaining and easy flow. Designed to integrate natural materials and feng-shui, it is both contemporary and comfortable, beautifully designed wood, stone, metal and water elements throughout. Located in Mystic Heights - one of the last private, elevated, gated communities in Sedona - it is utterly unique - surrounded by tranquil nature, with magical swimming holes at the creek within walking distance, yet only 10 minutes from Sedona's best restaurants, shopping, art galleries, and theater. Enjoy the best of everything - the tranquility of living in nature with the benefits of modern amenities, including high-speed, quantum fiber internet providing speeds of 534 Mb up and 525 Mb down (rare in Sedona). Peak Point is solar-ready, and was designed top to bottom to be low-maintenance and energy efficient, with gorgeous low-water landscaping.
398xx N Old Stage Road
Cave Creek, AZ 85331
$2,500,000
3
Beds
4
Baths
3,517
SqFt
Status
Active
MLS #
6577386
Property Type
Single Family Residence
Price Type
--
New Build To Suit Custom Home on 8.215 acres. All paved roads. 3,517 sqft transitional floor plan. Showcasing huge living areas with walls of retractable doors leading to the outdoor spaces. Open floor plan offers a master bedroom split, stone & wood floors, fireplace in the great room and state of the art appliances. 4 car garage and with patios total at 5,228 square feet under roof. Secluded and Exclusive, No HOA. Plans and finishings can be modified to suit your needs and lifestyle. Upgrades / Options includes Heated pool & spa, fire pit, along with an outdoor kitchen. A show stopping feature-ideally designed for Arizona indoor/outdoor living. Minutes to historic Cave Creek. Enjoy the peaceful desert and the convenience of being close to amenities with a private setting.
21434 W Mountain Cove Place
Buckeye, AZ 85396
$2,500,000
5
Beds
4.5
Baths
4,954
SqFt
Status
Active
MLS #
6683231
Property Type
Single Family Residence
Price Type
--
Incredible single level custom home opportunity in Verrado. Buyer still has the opportunity to choose all interior finishes and exterior elevation design. Main house is 4,300 square feet and the attached guest quarters is 654 square feet, for a total of 4,954 square feet with a four car garage. Also includes a swimming pool, spa and outdoor kitchen. This home features a captivating great room floor plan and is situated on an expansive 1.145 acre lot. Providing the perfect canvas for your vision of luxury living. this remarkable residence promises an unparalleled level of customization and sophistication. Click on More for more information: Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. Viking appliances and a pot filler adds an elegant touch to the culinary experience, while the presence of a butler pantry with a separate food prep area allows for seamless organization and efficiency. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. For effortless entertaining, a wet bar area is thoughtfully incorporated, complete with a sink, refrigerator, and icemaker, ensuring that refreshments are always close at hand. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision and experience the epitome of elegance and refinement in this remarkable custom home. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, icemaker, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. An outdoor wood-burning fireplace sets the stage for cozy gatherings on cool evenings. The centerpiece of the outdoor area is the stunning 25x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation.
3400 N 37th Street
Phoenix, AZ 85018
$2,500,000
3
Beds
2
Baths
2,597
SqFt
Status
Active
MLS #
6544798
Property Type
Single Family Residence
Price Type
--
LOCATION! LOCATION! LOCATION! 1.2 ACRES ZONED R3 MULTIFAMILY. Great lot in Arcadia Light.