Planning to purchase a home this year?Your tax refund could play a huge part in helping you get the home you want and love!
The question I hear most often is, “How much do I need to save for a down payment?” The answer often shocks people. A typical FHA loan only requires 3.5% down with many programs out there for first time home buyers that will help cover this down payment. However, if you are looking to live just outside city limits you may qualify for a USDA loan at 0% down. In addition, Veteran Affairs Loans allow veterans to purchase a home with 0% down. You may have heard the common myth that you need to put 20% down when you buy a home, but thankfully for most homebuyers, a 20% down payment isn’t actually required. It’s important to work with your REALTOR and your lender to understand all of your options.
So how can your tax refund help?
Doing a little bit of research it is estimated that the average tax refund is $3,000 this year . Being a first time buyer, your tax refund may cover more than you realize. Speak with an agent today to find out how much you may need to purchase a home! The answer may surprise you!
Bottom Line
Saving for a down payment may seem daunting and stressful, but it doesn't have to be. Your tax refund could help you reach that goal of owning your first home!
Maura Wilson, REALTOR
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