People often think of tax refunds as ‘extra money’ that can be used toward larger goals. Team Nest Builder knows that for anyone looking to buy a home in 2019, your tax refund can be a great jump start toward a down payment!
According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $3,143 this year when filing their taxes, down slightly from the average refund of $3,436 last year.
The map below shows the average tax refund Americans received last year by state.
Many first-time home buyers mistakenly believe that a 20% down payment is required to qualify for a mortgage. Programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae all allow for down payments as low as 3%! Additionally, Veterans Affairs Loans allow many veterans to purchase a home with 0% down.
If you started your down payment savings with your tax refund check this year, how close would you be to a 3% down payment?
The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state. The darker the blue, the closer your tax refund gets you to homeownership!
Saving for a down payment seems like a daunting task. But the more you know about what’s required, the more prepared you can be to make the best decision for you and your family! This tax season, your refund could be your key to homeownership. Contact Team Nest Builder’s Lynn Garafola today to talk about putting your tax refund to work in getting you a new home! Interested in a FREE downloadable Spring 2019 Home Buyer Guide? Click HERE!
Liked this article? Check out our blog for loads of helpful information on real estate, home improvement and community events!