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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5249 W Lydia Lane
Laveen, AZ 85339
$479,900
3
Beds
2.5
Baths
2,222
SqFt
Status
Active
MLS #
6684943
Property Type
Single Family Residence
Price Type
--
Welcome to this lovely home on a large lot. This single-story home boasts 2,222 square feet of living space, three bedrooms, two and a half bathrooms, a spacious primary bedroom with a large ensuite and a huge walk-in closet. Secondary bedrooms have walk-in closets. The oversized kitchen features granite countertops, DOUBLE OVENS, lots of cabinets and storage space, stainless steel appliances, gas stove top, and walk-in pantry. The stainless refrigerator conveys! The open concept great room floorplan is modern connecting the kitchen, dining, and living room areas. This home has beautiful tile floors, 2'' wood like blinds, coffered ceilings, a 3-car tandem garage with epoxy floor, soft water loop, a large grassy backyard with RV gate, and a service door leading to the backyard.
7009 E Acoma Drive
Scottsdale, AZ 85254
$479,900
2
Beds
2
Baths
1,158
SqFt
Status
Active
MLS #
6688794
Property Type
Apartment
Price Type
--
Fantastic location for this gorgeous Scottsdale Condo! Ground floor unit with tons of upgrades and north/south exposure. 2 bed 2 bath with stainless steel appliances, granite counter tops, and newer wood floors in main living areas. Two large bedrooms, both with walk-in closets. Both bathrooms have been upgraded and the primary bath includes a double vanity with tumbled travertine tile and travertine shower! Fantastic community with many amenities and a short distance to Kierland and Scottsdale Quarter! HVAC replaced in 2018. Attention Investors!! These units rent out regularly and consistently for both furnished and unfurnished units!
22309 S 213th Street
Queen Creek, AZ 85142
$479,900
4
Beds
2
Baths
2,177
SqFt
Status
Active
MLS #
6691525
Property Type
Single Family Residence
Price Type
--
One of the few homes in the Villages with a 3 car garage. Nice open layout with great room, dining area and kitchen combo. Split floorplan with the primary suite in the back. 3 bedrooms one full bath up front. Upgraded insulation to R-30 for lower energy bills Private backyard with no two stories around. Great location and walking distance to Las Colinas golf course and clubhouse, as well as community pool and pickleball courts. New Social Birdie restaurant in the clubhouse for dining and entertainment. Just minutes from downtown Queen Creek for shopping, theater, and dining. This is a great price for this location.
1613 W Satinwood Drive
Phoenix, AZ 85045
$479,900
4
Beds
3
Baths
1,930
SqFt
Status
Active
MLS #
6700179
Property Type
Single Family Residence
Price Type
--
Beautiful property located in Club West in Ahwatukee. Near South Mountain and trailheads for hiking/mountain biking as well as convenient freeway access. Features two balconies with amazing park & mountain views. Spacious primary suite with large walk in closet, separate tub/shower and balcony. Awesome floorplan with 4 bedrooms, 3 full bathrooms, living room, dining room, full-size loft, built-in desk and storage area, and laundry room. First-floor bedroom and bath make a perfect guest room or home work space. Very clean and move in ready. Owner is licensed real estate broker.
3441 W Frier Drive
Phoenix, AZ 85051
$479,900
4
Beds
2
Baths
2,000
SqFt
Status
Active
MLS #
6700218
Property Type
Single Family Residence
Price Type
--
Welcome to your dream single-story home with a complete top-to-bottom remodel! This stunning residence boasts a fresh and modern aesthetic that will take your breath away. The new kitchen and bathrooms feature elegant quartz countertops, a beautiful and durable addition. Stainless steel appliances make meal preparation and entertaining a delight. This single-story gem offers a turnkey opportunity to live in style and comfort. With a meticulous remodel and attention to detail, it's a rare find. Don't miss out on the chance to call this house your home! New Flooring & Baseboards: Stunning new flooring throughout the home. RV GATE
3938 N 164th Drive
Goodyear, AZ 85395
$479,900
2
Beds
2
Baths
1,623
SqFt
Status
Active
MLS #
6702537
Property Type
Townhouse
Price Type
--
Robson Preferred Guest Stay and Play Viva model is on the market! Located on the Tuscany side of the award-winning golf resort community of PebbleCreek. Designed to be beautiful and move-in ready! Many upgrades are included in these special guest units. Built-in cabinetry, upgraded flooring, custom window treatments and design colors and finishes. Enhancements by current owners include a gorgeous iron security front door which allows the flow of light and air, new carpet in the bedrooms, 2 additional TVs, and new leather couches in the family room. The kitchen features a large island with pendant lighting, quartz countertops, and a large pantry. The primary bedroom has an en-suite bathroom with a walk-in shower w/bench, dual sinks, and a walk-in closet.... The den is conveniently located off the kitchen and separates the bedrooms. The patio has complete privacy and is, of course, no maintenance! The garage can fit 2 cars and a golf cart. Everything about this home is convenient and functional not to mention aesthetically pleasing. Most of the furnishings in the villa convey except for a few personal items. There's no outside maintenance (landscape, paint, roof, etc...) with a PebbleCreek Villa, so don't wait, this is the perfect opportunity for you to start the carefree resort lifestyle right now!
19777 N 76th Street
Scottsdale, AZ 85255
$479,900
2
Beds
2
Baths
1,149
SqFt
Status
Active
MLS #
6678086
Property Type
Apartment
Price Type
--
This is the one you've been waiting for! This gorgeous lock and leave 2b 2b property with a garage (includes the furniture!), is located in one of the most desired locations. Indulge in insane unobstructed mountain and sunset views right from your balcony situated above the beautiful lush lawn that edges this highly sought after Grayhawk community. Resort-like amenities and activities offered here will spoil you with a lifestyle of living that most believe isn't possible at this price point. This ready to entertain property has a split floor plan and no interior steps. COMMUNITY AMENITIES: Billiards, 24 hour courtesy patrol, Fireside wind lounge, 20 seat theater, Mountain bike and laptop check out, 4 resort-like pools with cabanas, hot tubs, stellar fitness center, coffee bar, children's play area, clubhouse, game room, tennis and pickle ball courts, a business center, gas grills and outdoor fireplaces, workout classes and a concierge are just some of the perks of living here! Close to the uber popular shopping and restaurants in Kierland, Scottsdale Quarter, Promenade, DC Ranch, and Desert Ridge.
7918 W Joedad Terrace
Peoria, AZ 85382
$479,900
3
Beds
2
Baths
1,520
SqFt
Status
Active
MLS #
6687954
Property Type
Single Family Residence
Price Type
--
Welcome home to your Fulton Home Indigo 3 bedroom, 2 bath floorplan in the heart of Peoria. This was Fulton Homes most popular floorplan for many years and for good reason. As you walk in to the home, the spacious living room with gas fireplace gives you the ''home'' feel. Your formal dining room is to the left while the breakfast nook is straight ahead with the large kitchen with breakfast bar being adjacent to that. The captivating vaulted ceilings with additional windows gives plenty of natural light which makes this home bright. The massive master bedroom has the bay wndw option for even more room. Don't worry about closet space as the MB has a huge walk in closet. Both front and back yards are beautifully landscaped with mature fruit trees, built in BBQ, and a grassy area w/sprinklers
4396 E Austin Lane
San Tan Valley, AZ 85140
$479,895
3
Beds
2
Baths
2,184
SqFt
Status
Active
MLS #
6689918
Property Type
Single Family Residence
Price Type
--
You have discovered a hidden gem in this exquisite single-story home featuring spacious rooms, including three bedrooms and two baths. The gourmet kitchen is a chef's dream, complete with granite countertops, huge island, and the walk-in pantry, ideal for entertaining. Appliances are less than a year old, Ample space in the indoor laundry. The Master retreat boasts his and her closets, a large garden tub. A wonderful space to come home to! 20 inch tile flooring in key areas, Bonus owned solar panels are installed to minimize electric bills. Three car tandem garage has a wonderful garage opener wi battery backup opener and is a must have for any man/women cave. Beautiful mature landscaping front and back adorned with beautiful fruit trees and a variety of other plants too numerous to list The back patio features extended pavers, showcasing the owners' attention to detail. This property is truly magnificent and you will love to call it home!
6881 W Sonoma Way
Florence, AZ 85132
$479,500
5
Beds
3.5
Baths
3,197
SqFt
Status
Active
MLS #
6667097
Property Type
Single Family Residence
Price Type
--
Experience luxurious living in the heart of Anthem at Merrill Ranch with this exceptional 5-bedroom, 3.5-bathroom home featuring an oversized den and abundant storage space. The kitchen opens to a spacious great room adorned with granite countertops, staggered espresso cabinets, and stainless steel appliances. The master suite and office are conveniently located downstairs, while the remaining bedrooms, along with an extended game room, are situated upstairs. Natural and recessed lighting, a soft water loop, tankless water heater, and solar panels further enhance the home's appeal. Schedule a viewing today to immerse yourself in the unmatched elegance and comfort offered by this remarkable property.
17416 W Fulton Street
Goodyear, AZ 85338
$479,396
4
Beds
3
Baths
2,257
SqFt
Status
Active
MLS #
6703773
Property Type
Single Family Residence
Price Type
--
Located near shopping with easy access to the 303 and I-10, this home features quartz counter tops, dining room adjacent to the kitchen and great room, a teen room, an 8'' high garage door for easy vehicle access, and a spacious back yard with a gas stub for your out door BBQ. Walk to the outdoor amenities and enjoy the sand volleyball court, basketball court, and playgrounds. Perfect for active lifestyles, family, fun and relaxation.
1437 W Calle De Flores --
San Tan Valley, AZ 85140
$479,199
2
Beds
2
Baths
1,645
SqFt
Status
Active
MLS #
6660860
Property Type
Single Family Residence
Price Type
--
Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6660860 May Completion! Discover the Kaibab floor plan in the 55+ active community of Ovation at Meridian. This single-story layout boasts 1,645 sq. ft., 2 beds, 2 baths, and a 2-car garage. Part of the Adventure Series, it offers privacy with separate owner's suite and bedroom areas. The foyer leads to a spacious kitchen and gathering room, with an optional flex room that can serve as a dining area or third bedroom. Ideal for those valuing room-to-room privacy. Structural options include: upgraded square corners, 5' baseboards, 16 HVAC upgrade, 12' x 8' sliding glass door, and soft water loop.
