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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

5112 N 35th Street Phoenix, AZ 85018

$2,400,000

5 Beds

3.5 Baths

4,093 SqFt

Status Active

MLS # 6777220

Property Type Single Family Residence

Price Type --

Turkey, completely remodeled 2 story home in highly desirable Biltmore Heights neighborhood. Charming 5 bed, 3.5 bath home with bright natural light with white oak flooring & chef's kitchen with white custom cabinets, quartz waterfall island, & stainless-steel appliances. Split floorplan where primary bedroom includes dual sink vanity, oversized shower with freestanding tub, & walk-in closet. Backyard perfect for entertaining with pool, covered patio, & vegetable garden. Upstairs you will find five additional rooms, including a massive flex room that can be used as a loft, bedroom, game room or office. Home also features huge laundry room with farmhouse sink, quartz counters & mud room area. Prime location, minutes from the best shops, restaurants and amenities in both Arcadia & Old Town.

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4450 N 54th Street Phoenix, AZ 85018

$2,400,000

4 Beds

4.5 Baths

2,512 SqFt

Status Active

MLS # 6699085

Property Type Single Family Residence

Price Type --

Stunning fully remodeled 4 bedroom, 4.5 bathroom house with soaring Camelback views. Situated between the Royal Palms and the Phonecian in the best stretch of Arcadia proper. Located in the Hopi school district, this open concept living, dining, and kitchen includes stainless steel appliances, gas range, kitchen island, and custom white cabinets. Primary suite holds private entrance to backyard as well as dual sink vanity, oversized shower, and walk-in closet. Additional 3 guest bedrooms, including full pool bathroom with outside access and laundry units, and 2 car garage. Home includes mature landscaping, pool, and backyard perfect for entertaining and enjoying mountain views. Move-in ready or ideal investment opportunity as a rental. Located minutes away from Arcadia and Scottsdale's top resorts, golf, shopping, and dining.

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5671 S Joshua Tree Lane Gilbert, AZ 85298

$2,400,000

4 Beds

4.5 Baths

3,701 SqFt

Status Active

MLS # 6740603

Property Type Single Family Residence

Price Type --

Incredible Opportunity in a NEW Camelot Homes Subdivision! This property comes with Instant Equity based on a recent appraisal, offering exceptional value in a luxury home This stunning 4-bedroom, 4.5-bathroom home with an additional den offers an open-concept design and a desirable floor plan, perfect for modern living. The gourmet kitchen is equipped with high-end Wolf appliances and an LG Signature Kitchen Series fridge, making it a chef's dream. Enjoy breathtaking mountain views from your windows while benefiting from the home's beautifully landscaped front and backyard. Entertain guests with ease using the built-in BBQ and relax in your brand new private pool. The backyard also features a built-in trampoline, making it a great space for fun and relaxation. Inside, you'll find window the perfect blend of comfort, luxury, and convenience. Don't miss your chance to own this exceptional property in a prime Gilbert location!

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35530 N Canyon Crossings Drive Cave Creek, AZ 85331

$2,399,999

4 Beds

3.5 Baths

5,081 SqFt

Status Active

MLS # 6735517

Property Type Single Family Residence

Price Type --

Luxurious Mountain View Retreat with Resort-Style backyard. Welcome to your dream home in the gated community of Canyon Ridge Estates. This move-in ready, newly remodeled gem features panoramic windows framing sweeping views of Black Mountain and majestic saguaros, offering a serene and picturesque backdrop. Designed for entertaining, the grand living spaces boast high ceilings and flow seamlessly into a gourmet chef's kitchen, remodeled in 2021. Enjoy top-of-the-line JennAir appliances, a gas pro-style range cooktop, a smart oven, custom-built cabinets, a huge Taj Mahal quartzite island, handmade Zellige tile backsplash, and elegant Brizo fixtures. Step into your resort-style backyard with low-maintenance landscaping, an outdoor fireplace, and a renovated heated pool and spa with water and fire features. Host unforgettable parties with the outdoor kitchen and dining area, perfect for al fresco dining. The expansive patio invites you to unwind and enjoy enchanting Arizona sunsets. The home's flexible floor plan suits any lifestyle. The luxurious primary suite serves as a private retreat, featuring a spa-like bathroom with a freestanding soaking tub and a spacious floor-to-ceiling glass shower wall. Additional en-suite bedrooms offer privacy, comfort, walk-in closets, and mountain views. An oversized garage provides ample space for vehicles and storage. Pre-wired for smart home technology and equipped with a smart security system, this home ensures modern convenience and safety. Situated on over an acre, there's ample room for expansion. Envision a large casita or your own pickleball court. This property is not just a home but a lifestyle. Embrace luxury, comfort, and breathtaking beauty. Schedule a tour today. Seller willing to carry. Agent is related to seller.

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6504 E Oberlin Way Scottsdale, AZ 85266

$2,399,000

4 Beds

4 Baths

5,171 SqFt

Status Active

MLS # 6754283

Property Type Single Family Residence

Price Type --

Looking for a large 5000 SQFT + home but don't want to pay $3.5 Million for a Toll-Brothers new build? Want privacy, gated community and large lot, but don't want to purchase a tired home that has not been remodeled in 20 years? Want the latest design trends and styling but are hesitant to pay more than 500 per SQFT? This stunning home just might meet all your needs. Located on a quiet dead-end street with a cul-de-sac, it features 4 Bedrooms and 4 Full baths along with a Gym and Den. With an expansive desert open space ( NAOS) both behind and across the property you will enjoy privacy in your new home. At the end of a level driveway you will find garage parking for 4 cars including a brand new oversized and insulated garage (10.5 ft ceiling and 8ft doors) large enough to accommodate a big lifted truck or car lift. New stone work including a travertine walkway enhances the curb appeal of the home. Backyard redesigned to feature travertine pavers, low maintenance artificial grass, citrus trees and a new Ramada with outdoor kitchen. Inside you will find all new porcelain and hardwood flooring thru-out. Brand new gourmet kitchen, featuring Euro look cabinets, new Viking and Monogram appliances, and expansive island. Main living area highlighted by soaring 12 ft ceiling and new liner gas fireplace. At the other end of your new home, a Prime Suite truly worthy of the word Prime. Oak wide-plank hardwood floors, standalone tub, imported porcelain, Starphire Glass and dual showers with massage jets turn this space into a Spa like retreat inside your new home. Two walk-in closets complete this 1100 SQFT enclave. High ceilings accommodate all new LED lighting and circulation fans. All four Bedroom have generous closets, in-suite bathrooms and new wide plank oak flooring. Laundry room features new Samsung W/D and built-in refrigeration with extra storage. 4 New Trane ACs will keep you cool in the Summer. New Spa heater will keep you warm in the winter. Owned and paid-off solar panels for low electricity costs. Electric car charger in garage. Saguaro Highlands is a gated community with amenities including a children's park and Tennis Court. Agent is related to Seller.

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6801 E Davis Road Scottsdale, AZ 85266

New

$2,399,000

4 Beds

4 Baths

2,654 SqFt

Status Active

MLS # 6777788

Property Type Single Family Residence

Price Type --

Discover a car lover's paradise in this custom-built North Scottsdale home, situated on 2.5 expansive acres. Designed with the avid car collector in mind, this residence offers 4 spacious bedrooms, 2 full baths, 2 half baths, and numerous high-end upgrades. A standout feature is the separate, oversized 3-bay garage/shop, fully air-conditioned and equipped to accommodate multiple vehicles, making it ideal for the most dedicated collectors. Beyond the garage, the outdoor space is equally impressive, featuring a custom pool and spa, along with a covered outdoor kitchen and ramada area—perfect for entertaining with top-of-the-line amenities. This large, versatile property offers ample room for further customization to suit your unique lifestyle. Truly a must-see!

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4369 E Scorpio Place Chandler, AZ 85249

$2,399,000

5 Beds

4.5 Baths

5,305 SqFt

Status Active Under Contract

MLS # 6765739

Property Type Single Family Residence

Price Type --

Welcome to unparalleled luxury home in Vasaro, one of East Valley's most coveted gated communities. This exceptional custom estate boasts meticulous care, extensive upgrades, and is completely move-in ready. From the moment you step inside, you'll be captivated by an ambiance of elegance, comfort, and sophistication. The expansive great room flows seamlessly into the gourmet chef's kitchen, featuring custom cabinetry, a large walk-in pantry, dual sink areas, and top-of-the-line built-in stainless-steel appliances, including a 48'' refrigerator, commercial-style range, double oven/convection, and microwave. The formal dining room, separate office/den, and large bonus room provide ample space for all your needs. With 5 spacious bedrooms, each with en-suite bathroom access, this home offers

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4208 N Via Cobre Circle Mesa, AZ 85207

$2,399,000

5 Beds

4 Baths

5,415 SqFt

Status Active

MLS # 6720034

Property Type Single Family Residence

Price Type --

Spectacular sunsets, glittering city lights & majestic views of Red Mountain will take your breath away in this 5,415 sq ft Las Sendas custom home nestled on a cul-de-sac lot in the gated enclave of Copper Canyon. A grand foyer leads to a spectacular great room with beamed ceilings, a Cantera fireplace & expansive windows that frame the panoramic views. The resort backyard will draw you outside for sunset evenings with a negative edge heated pool & spa, fire pit, putting green, two patios & a built-in BBQ. After a day at the pool, indulge your inner chef in the stunning custom kitchen with Viking appliances & a spacious island. Escape from the hecticness of life in the private movie theater with it's own powder room or enjoy a game of pool in the large game room with its own wet bar. The extended length and over height four bay garage is a car lover's dream with brick details, custom flooring, air conditioning, a private gated motorcourt, and plenty of room for your toys. The primary suite offers spectacular views, a sitting area, gas fireplace, and a beautifully appointed ensuite with a remodeled walk-in shower, soaking tub, and huge custom closet. The additional four bedrooms are flexibly designed and share Jack and Jill baths. So many upgrades including a Control 4 System, plantation shutters, polished travertine, stone and brick details, and beautiful views out of every window. The community of Las Sendas offers great amenities including pools, pickleball, tennis, bocce, parks, and miles of hiking and biking trails. Located just minutes to the 202 freeway, 20 minutes to both the Sky Harbor and Mesa Gateway Airports, and a short drive to the Salt River and Saguaro Lake.

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14432 S 18th Street Phoenix, AZ 85048

$2,399,000

5 Beds

5.5 Baths

6,600 SqFt

Status Active

MLS # 6745823

Property Type Single Family Residence

Price Type --

This beautiful estate is located on a 1.14-acre mountaintop lot with incredible city lights views in the highly sought-after Tapestry Canyon. Home designed Bob Long of Design Profiles. This custom private residence includes over 6,100 square feet in the main house with an additional 500 square feet for the guest house. The property offers breathtaking panoramic views of the mountains and city lights. The residence includes four bedrooms, one of which is currently being used as an executive office, and 4.5 bathrooms and a guest house with bedroom, full bath, great room, and kitchenette. The property boasts numerous patios and balconies and a five-car garage! As you enter the residence, you'll see a custom glass/iron front door and a fountain that leads to an elegant foyer with a

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305 S Starview Drive Payson, AZ 85541

$2,399,000

5 Beds

4 Baths

4,733 SqFt

Status Active Under Contract

MLS # 6709852

Property Type Single Family Residence

Price Type --

Welcome to luxury living at its finest! This stunning Rim Golf Club home, built in 2018, offers an exceptional lifestyle with 4733 sq ft of livable space. The property features 5 spacious bedrooms, a dedicated office, and an art studio ''ideal for families and creative professionals alike''. Indulge in top-tier amenities designed for both relaxation and entertainment. Perfect your game from the comfort of your home with a golf simulator, or unwind with a game of pool. The outdoor jacuzzi provides a serene escape with unparalleled views of the Rim Golf Club's breathtaking landscape. The home is as functional as it is beautiful, boasting a 3-car garage, solar panels with battery storage, and an EV charging station, ensuring energy efficiency and convenience. Rim Golf Club, this property offers the best views in Payson, AZ. Don't miss the chance to own this exceptional home in an exclusive community. Live in elegance and style with nature's beauty at your doorstep. Contact us today for a private tour! Full golf membership, all TV's, hot tub, pool table, golf simulator all convey.

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21234 W Caravaggio Lane Wittmann, AZ 85361

$2,398,998

4 Beds

2 Baths

2,979 SqFt

Status Active

MLS # 6750507

Property Type Single Family Residence

Price Type --

An oasis in the desert, your new home offers easy living and entertaining space. Horses, toys and friends will all have a place here. NO HOA The main house has 4 bedrooms with a great room concept, overlooking a resort style pool, w/kitchen and bar. The fully climate controlled 4800 sq ft detached garage is a haven for automotive enthusiasts, accommodating a motorhome, trailer, and boat with ease. Beyond its practicality, this space also has a 1600 sq ft guest house an ideal retreat for visitors, and a versatile areas suitable for a teen room or office as well as a home gym. For equestrian enthusiasts, this property unfolds a haven of possibilities. An arena and 40' round pen, along with 2 stalls with ample room for additional facilities.

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37200 N Cave Creek Road Unit 1111 Scottsdale, AZ 85262

$2,397,900

4 Beds

4.5 Baths

2,631 SqFt

Status Active

MLS # 6438273

Property Type Townhouse

Price Type --

Brand new construction! Spectacular lower level unit. 2,631 sq. ft., 4 beds, 4.5 baths, 2 car garage with golf cart/storage area. The 4th bedroom has a separate entrance from the home and can be used as a guest casita, giving your guests their own privacy! This unit has an expansive covered patio and another off the Primary bedroom. The covered patio off the great room has an outdoor fireplace with stunning mountain and golf course views. Retracting doors optimize your outdoor enjoyment with plenty of room for indoor/outdoor entertaining. Great room features gas fireplace and an enlarged picture window to capture the babbling brook of the Seven golf course. Steps away from the clubhouse. Ready Now! DM approval and Membership required. Avoid the wait list!

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