Mortgage Myths: Here’s Why You Don’t Need a Full 20 Percent Down Payment

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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6040 E Lafayette Boulevard Scottsdale, AZ 85251

$7,500,000 - 5Br/6Ba -  for Sale in El Camello 2, Scottsdale
New
$7,500,000
5 Beds
5.5 Baths
5,949 SqFt
Status Active
MLS # 6778082
Property Type Single Family Residence
Price Type --
Custom Arcadia Proper new build sitting on a north facing corner lot with stunning Camelback mountain views. No expense was spared on this high end, fully furnished estate designed by Evon Fig Interiors. A Fig House Project Built to perfection with rich colors, earthy marbles, Roman clay walls, Waterstone plumbing, Kelly Wearstler wallpaper, and elusive finishes not even found in 20 million-dollar homes. Greeted with high ceilings, French oak flooring, and large windows and sliding doors to provide natural lighting in the formal dining, great room with gas fireplace, and kitchen. Wolf and Sub-Zero appliances included in the chef's kitchen with Calacatta marble, rift sewn oak cabinets, Shaw sinks and catering kitchen/pantry with beverage drawers, built-in coffee maker, microwave, and dishwasher. Primary suite includes custom marble fireplace mantle, dual closets, sinks, and enclosed toilets, concrete tub, and oversized walk-in shower. Entertain family and friends in the backyard's pool and spa with attached pool bungalow, built-in BBQ station, and private mountain views and artificial turf. Additional home features include Control4 Smart Home to control lighting, pool, and landscaping, dog run and doggy door, 3-car garage with EV charger, office/den, and 4 additional ensuite bedrooms with walk-in closets. Walk or bike on the canal or drive minutes to reach Phoenix's top resorts, golf, hiking, dining, and shopping.

15 Biltmore Estates Drive Phoenix, AZ 85016

$7,500,000
7 Beds
10 Baths
13,366 SqFt
Status Active
MLS # 6636402
Property Type Single Family Residence
Price Type --
This world-class 1-Owner residence at the Arizona Biltmore Estates was designed by Vernon Swaback, Architect/apprentice to Frank Lloyd Wright and is located on a 1.67 AC view lot on the Estates Course/formerly Adobe. The majestic and timeless home on its resort-like grounds features an extraordinary 2,100+ SF Great Room, recessed wet bar, Kitchen created for event catering, custom limestone columns and surfaces, copper details throughout, 2-powder rooms, Brazilian hand-scraped cherry floors, exceptional millwork, an outstanding Master Suite & spa room, wonderful study, workout room, tv/game. Meticulously built of metal stud walls, steel, topped with a distinctive copper roof and includes a live-in/nanny wing. Main house / 12,503 SF, Guest house / 863 SF or Total living area of 13,366 SF.

5942 E Sage Drive Paradise Valley, AZ 85253

$7,500,000
5 Beds
5.5 Baths
5,505 SqFt
Status Active
MLS # 6764248
Property Type Single Family Residence
Price Type --
The perfect lock and leave. Nestled into the shaded rocks of Camelback Mountain, elevated just above Cameldale in the most valuable land pocket in Paradise Valley lies this one of a kind European Organic. Rich featuring French limestone, marble counters, pearl finish venetian plaster walls, Waterworks burnished nickel soaking tub and natural European oak floors. Timeless elegance combines with all of the most desirable modern elements. 20 speaker sonos sound system, heated pool, dual walk in shower, Wolf appliances, 2 refrigerators, 2 dishwashers, flush inset cabinetry and custom built in wine cabinet. Take in the vast city views through your retractable steel glass windows and enjoy cozy conversation inside or out in front of indulgent chunky stone fireplaces. Curated calm & tranquility.

6112 E Quartz Mountain Road Paradise Valley, AZ 85253

$7,500,000
6 Beds
9 Baths
9,372 SqFt
Status Active
MLS # 6620435
Property Type Single Family Residence
Price Type --
PRICE REDUCED $1.5M! This exquisite single-level property offers a blend of luxury and sophistication. Featuring 6 bedrms + 8 bathrms spread across its expansive 9,372 sqft, it showcases breathtaking views of Mummy Mountain, McDowell Mountain, + city lights. The guest casita, complete with a living rm, kitchen, bedrm, + bathrm provides a private retreat for visitors. The main house features 5 ensuite bedrms, a gym, media rm, library, + flex rm ensuring a perfect balance of comfort + entertainment. The spacious chef's kitchen with large white quartzite island also features an additional full catering kitchen. Floor-to-ceiling windows + sliding pocket doors seamlessly merge indoor + outdoor living, while the zero-edge pool, spa, artificial turf + magnificent views create a resort-like oasi $1 MILLION PRICE REDUCTION!!!

4723 E Mariposa Street Phoenix, AZ 85018

$7,500,000
5 Beds
6.5 Baths
6,700 SqFt
Status Active
MLS # 6752496
Property Type Single Family Residence
Price Type --
MOVE IN READY...Discover Arcadia, where Vista General has crafted another gated masterpiece, designed by Matt Thomas Architecture, with interiors by NoMad Design and landscaping by Berghoff Design Group. This modern ranch home epitomizes luxury living, showcasing the stunning beauty of Camelback Mountain from its serene cul-de-sac location. Walls of glass, meticulous finishes, and lush grounds create an inviting atmosphere for you and your family. With 5 en-suite bedrooms, 6.5 baths, an office, game room, kids hangout, and bonus room, there's space for every lifestyle. Whether you're relaxingin the private heated pool/spa, BBQ and indoor/outdoor bar or entertaining guests, this brand new construction offers the ideal retreat in Arcadia. Do not miss out on this opportunity!

6524 E Stallion Road Paradise Valley, AZ 85253

$7,499,000
4 Beds
6 Baths
5,466 SqFt
Status Active
MLS # 6691277
Property Type Single Family Residence
Price Type --
Introducing Santa Fe Hacienda, an exquisitely restored and reimagined Nance masterpiece by Modern Nest situated on a generous 1-acre lot in the heart of Paradise Valley. This stunning residence showcases a captivating blend of Santa Fe-style design with luxurious modern and rustic accents throughout its expansive 5466 square feet and its 4 bedrooms and 6 bathrooms. Boasting an impressive main living area adorned with an oversized gas fireplace, two comfortable sitting areas, and a handcrafted wet bar with a limestone sink, and walk-in wine cellar, this home offers an unparalleled setting for both relaxation and entertainment. The elevated chef's kitchen is a true culinary haven, featuring reclaimed terracotta flooring, hand-hewn wood ceiling beams, impeccably designed cabinetry, high-end lighting fixtures, and top-of-the-line Wolf and Sub Zero appliances. The butler's pantry, just off the kitchen, offers additional storage paired with charming design and function. Adjacent to the kitchen, an elegant dining space awaits, complemented by picturesque windows that flood the room with natural light. The owners suite is a sanctuary unto itself, with a cozy fireplace, a private patio retreat, and an office with its own outdoor patio. The bath is a spa-like oasis, complete with a freestanding copper bathtub nestled near another fireplace, separate vanity areas, and a luxurious shower experience. The oversized closet is a masterpiece of design, featuring custom cabinetry, abundant storage, and ample natural light. A spacious media room, equipped with a convenient kitchenette, provides the perfect spot for casual gatherings and relaxation, while three additional bedrooms offer comfort and privacy, each with its own ensuite bath and outdoor patio access. The functional yet stunningly designed mudroom/laundry room boasts dual washers and dryers, abundant cabinetry, and a convenient drop zone, ensuring effortless organization and convenience. Outside, the sprawling backyard beckons with expansive patio spaces, an outdoor kitchen with a pizza oven and fireplace, and a newly rebuilt pool surrounded by lush landscaping and high-end lighting and sound systems. This home epitomizes elevated living, seamlessly blending authenticity with modern luxury. An absolute must-see to fully appreciate its exceptional offerings.

19149 N 99th Street Scottsdale, AZ 85255

$7,495,000
6 Beds
4.5 Baths
8,100 SqFt
Status Active
MLS # 6714319
Property Type Single Family Residence
Price Type --
SILVERLEAF CLUB GOLF MEMBERSHIP MAY BE AVAILABLE WITH AN ACCEPTABLE OFFER! Welcome to Scottsdale's most Exclusive & Prestigious guard gated community of Silverleaf Arcadia. This 8,100 square foot masterpiece of modern design boasts finishes that will satisfy the most discerning of buyers. Nestled on a captivating cul-de-sac lot, this exceptional residence features undeniable curb appeal, 6 bedrooms and 4.5 bathrooms. This dynamic open floor plan is meticulously crafted for seamless family living & entertaining. The split-level design offers a stunning great room, a state-of-the-art theater with 8 plush reclining chairs and an en-suite guest bedroom/flex room conveniently located on the main level. Retreat to the luxurious first-level owner's wing, featuring a private office and a sprawling suite with a large sitting area warmed by a cozy fireplace and direct access to the outdoor living space. The lavish spa-like owner's bath offers a sanctuary of tranquility. Dual expansive wardrobes provide ample storage with additional laundry units while a jetted freestanding tub, a walk-in shower with multiple showerheads and his & her water closets complete this haven of relaxation. Enjoy indoor-outdoor living with auto glass pocket doors that open the great room to the stunning backyard. Unwind at the stylish zinc wet bar...the perfect complement to this entertainer's paradise! For the wine connoisseur, a temperature-controlled wine room boasting an impressive 800-bottle capacity awaits. The Gourmet Chef's kitchen is a culinary haven which features an oversized center island with ample seating, an additional informal dining area and a full butler pantry. Top-of-the-line Wolf/Sub-Zero and Miele appliances, granite countertops, two dishwashers and a built-in vegetable steamer cater to the most astute chef. The mudroom with built-in storage solutions provides a designated drop zone to organize your everyday essentials. Exquisite finishes grace every corner of this residence. Limestone and wide-plank wood floors flow effortlessly throughout, while grand chandeliers and striking lighting fixtures illuminate every detail. Intricate woodwork ceilings, chic wall coverings, and a smart Crestron home system elevate the experience to unparalleled heights. Ascend the stairs to discover a haven for family and recreation. Four additional bedrooms provide ample space for everyone. These bedrooms share two well-appointed Jack-and-Jill bathrooms, ensuring convenience for all. Loft upstairs features a wet bar with beverage drawers and built in workspace. Unveiling a unique feature, this level also boasts a cleverly disguised hidden panic room. Ideal for additional security or a serene retreat, this versatile space offers peace of mind and a touch of intrigue. For enhanced security, pressing a discreet button within the Panic Room instantly activates the entire home's lighting system and dials emergency services. Beyond the walls, prepare to be captivated by a resort-style backyard unlike any other. A sprawling heated saltwater pool beckons with a two-story waterpark like slide, a Baja shelf, a grotto and a spa that is perfect for creating unforgettable memories. Fuel your competitive spirit on the full-size sport court, ideal for a variety of activities such as basketball, tennis and pickleball. Hone your putting skills on the meticulously maintained putting green, adding a touch of elegance to your outdoor oasis. Host unforgettable gatherings with a chef's dream outdoor kitchen, a fire pit with a cozy seating area and a generous grassy area. All seamlessly connected by a covered patio adorned with a fireplace, creating an idyllic sanctuary for Arizona living. To ensure year-round comfort, a commercial soft water mister system provides a refreshing cool down throughout the entire outdoor space. Function meets luxury with four extended garage bays, boasting built-in storage for all your outdoor gear and vehicles. Multiple tankless water heaters ensure endless hot water throughout the home and a new R/O & Carbon filtration system has been installed. Whole-house surround sound system fills every room with immersive audio, and a well-planned utility room with dual washers/dryers and a laundry chute for added convenience. Silverleaf Arcadia, nestled at the base of the McDowell Mountain Range is a charming community of only 107 homes. Picturesque tree-lined streets, lush parks, and a guard-gated entrance create a truly exclusive environment. This extraordinary estate is the epitome of refined living, located in the heart of North Scottsdale, with convenient access to world-class amenities. Experience luxury redefined on a private home tour!

9203 E Brahma Road Scottsdale, AZ 85262

$7,450,000 - 5Br/7Ba -  for Sale in Carefree Ranch Homesteads, Scottsdale
New
$7,450,000
5 Beds
7 Baths
9,000 SqFt
Status Active
MLS # 6777297
Property Type Single Family Residence
Price Type --
Experience the epitome of luxury and seclusion in this award-winning Spanish Santa Barbara estate, nestled on 12.86 acres of pristine desert land with stunning panoramic views of the Sonoran Desert and surrounding mountains. This breathtaking home, honored with the prestigious Vision Design Award for Best Outdoor Shading in 2022, seamlessly blends indoor and outdoor living with a 36-foot movable glass wall leading to a private backyard retreat. From the dramatic stone fireplace in the great room to the vaulted wood-beamed ceilings and elegant stone walls, every detail speaks of timeless sophistication. The chef's kitchen is equipped with top-of-the-line Viking appliances, including four wine and beverage refrigerators, while the wine cellar and custom cabinetry offer an exceptional setting for entertaining.With 9,000 square feet of living space, all on one level with no interior steps, this 5-bedroom, 7-bath estate is designed for ultimate comfort and privacy. The luxurious master suite features a Cantera stone fireplace and dual his-and-her baths with separate showers, water closets, and vanities. An attached guest suite provides ample space with its own kitchen, family room, and two fireplaces. Outdoors, the estate continues to impress with a 35 thousand gallon negative edge pool, spa, fire pit, and multiple patios that capture the beauty of the surrounding landscape. Additional amenities include a media room with a wet bar, a full-size pickleball court in the garage, with space for up to 8 vehicles and a circular motor court. Enhancing the home's efficiency, it features an Avena Solar system, significantly reducing energy costs and promoting sustainable living. Enjoy the private trail leading to the wash, this home seamlessly combines elegance, tranquility, and peace of mind.

6825 N 39th Place Paradise Valley, AZ 85253

$7,450,000
4 Beds
4.5 Baths
6,209 SqFt
Status Active
MLS # 6542969
Property Type Single Family Residence
Price Type --
New luxury hillside construction with a Q4 2024 delivery. Positioned high up the mountain, on a private 1+ acre lot in a 24hr guard-gated enclave in Paradise Valley. Glass tile pool and spa, Cristallo Quartzite slabs, and custom cabinetry throughout. One of the only hillside homes with a level grass yard! Embrace Arizona's indoor / outdoor living, while enjoying privacy and city light views. 6,200+ SF with (4) ensuite bedrooms, a glass walled exercise room, study and 3-car garage w/ room for 3 lifts. Attached guest suite with a separate entrance from the outside, and its own private patio with mountain views This luxury construction has all the materials and upgrades that a sophisticated buyer expects. Crestron / Lutron, 9 security cameras. The DNP HOMES quality must be seen!

11987 E Buckskin Trail Scottsdale, AZ 85255

$7,250,000
5 Beds
5.5 Baths
6,505 SqFt
Status Active
MLS # 6759737
Property Type Single Family Residence
Price Type --
Plans are approved and ready for permits to break ground on this stunning desert modern prairie estate designed in collaboration with renowned architect Cosan Studio and brought to life by luxury builder Desert Sky Development. Situated on a 2.26 acre cul-de-sac lot in the exclusive gated Troon Canyon Estates, featuring just 11 homesites and unobstructed views. This To Be Built project gives you an opportunity to work directly with the design team to make your custom selections throughout the process. Arrive through your auto-court to your 4 car garage, including an additional full size RV Garage/showroom at the front of property. Featuring 6,505 sq.ft of single-story living, the main residence offers an expansive kitchen and great room with floor to ceiling windows overlooking your resort style backyard and the natural desert beauty and distant mountain views. A wet bar with a retractable glass wall, ample covered patio space with fireplace and outdoor kitchen and BBQ make indoor/outdoor entertainment seamless and the ultimate in luxury living. A private trail leads to a totally secluded 2 bedroom guest casita with full kitchen and living room for any visitors to enjoy their own space away from the main house. Wolf & SubZero appliance package will be included throughout.

18651 N 101st Place Scottsdale, AZ 85255

$7,250,000
5 Beds
5.5 Baths
5,880 SqFt
Status Active
MLS # 6759632
Property Type Single Family Residence
Price Type --
Refined elegance with a melody of eclectic Southwest aesthetic, this Silverleaf Casita was a custom creation of architect Jeff Berkus and is ideally situated on two homesites backing to a craig maximizes the Sonoran surrounding views. Using a mix of materials and influences brings a fresh twist to Southwest style. With attention to detail in design, this home offers functional living spaces with 5 bedrooms, 6 baths including a private entry guest house, and an upstairs bunkroom/den with expansive patio overlooking pool and outdoor living, plus executive office, theatre room, and hobby room. Sensible sophistication at its finest with stone surfaces and reclaimed finishes, and open layout that suits the region's indoor-outdoor lifestyle, with plenty of gathering spots to accommodate friends and family. Brought to life with authentic detailed interiors by Caroline DeCesare of acclaimed DeCesare Design Group. Hand crafted and carved built-ins by Scottie Reid include the dining room breakfront, living room bookcase, and iron-strapped kitchen island. Inspired by a visit to Italy the owner's incorporated features bursting with graceful character throughout including a Mosaic kitchen mural imported from Italy, and Murano glass chandelier in dining room hand-picked by owner while visiting Venice. Hand painted ceilings offer a subtle use of pattern fostering an air of elegance. Abounding with exclusive finishes Italian style limestone mantel, beam-lined ceiling, and antiqued cabinets. An entertaining dream with rooms flowing from one to another opening with telescoping glass doors to the outdoor living spaces backing to a distinct craig backdrop with intentional southwest exposure for 'winter summers' featuring an alfresco dining room with fireplace, pool with water feature and spa, covered ramada with fireplace, eat in outdoor kitchen, and firepit with sitting area. Eat in kitchen island boasting Wolf and SubZero appliances, with stylish limestone vent, with an appropriate butler bar with wine fridge, coffee maker, microwave and refrigerator. Owner's suite impresses with a sophisticated Southwest flare with intricate turquoise hues in threaded in the plaster, shapely tiles custom colored to marry the suite hue with rustic brown patina reflected in the carved vanity and copper soaking tub. Desirable 3 car garage pristinely maintained. Lutron home system. Located in the coveted 32 home cove, conveniently located just off the drive to the Silverleaf clubhouse, the Casitas modeled after the Silverleaf clubhouse, are eminent in style and design, for the most discerning homeowner

8601 N 64th Place Paradise Valley, AZ 85253

$7,250,000 - 4Br/5Ba -  for Sale in Camelback Country Estates 1 Lot 24, Paradise Valley
Open House
$7,250,000
4 Beds
4.5 Baths
7,445 SqFt
Status Active
MLS # 6709079
Property Type Single Family Residence
Price Type --
Experience timeless sophistication and charm in this COMPLETELY REBUILT Paradise Valley Estate. Nestled amidst breathtaking mountain views and verdant landscaping, this home offers an oasis of tranquility. Situated on a lush green cul de sac acre+, Paradise Valley is the heart of Arizona and is now being boasted by the Wall Street Journal as one of the most desirable neighborhood's in the United States. Step inside to discover a seamless fusion of traditional allure and contemporary refinement. The spacious layout effortlessly connects living areas, showcasing a gourmet kitchen adorned with high-end appliances and unparalleled designer finishes. Retreat to the primary suite boasting a luxurious spa style bathroom and sensational his + her closets that will have your head spinning. Alongside the primary suite, discover three additional ensuite bedrooms, an office, and a den. Outside, indulge in year round al fresco dining pool side or relax your muscles in the heated spa. This sprawling property offers plenty of room to add a guest retreat or sport pickle ball court. Too many stellar features to mention .... you will not be disappointed!

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