One of the silver linings to filing your income tax return is finding out that you are going to receive a refund. If you happen to be one of these fortunate taxpayers, your next decision is what to do with it. With the average tax refund around $3,000, it could be the difference that makes a home a reality sooner rather than later.

Many would-be buyers think it takes 10% or more down payment to purchase a home, but actually, it can be much less. There are VA and USDA mortgages that have no down payment for qualified buyers. FHA has a 3.5% down payment program and FNMA has 3% down payment mortgages for qualified creditors.

Closing costs for originating new mortgages can easily range from two to three percent of the purchase price but most lenders will allow the seller to pay part or all of them based on the agreement in the sales contract.

While the average tax refund might not cover the down payment on the median price home, it certainly helps. Your refund could make it as simple as 1-2-3 to get into a home.

Get the hard, cold facts for the homes and mortgages in your area and price range.
Get pre-approved with a trusted mortgage professional.
Start looking at homes.

Call Elizabeth at (703) 829-5478 to get started.

_____________________
Kevin Kline is a licensed Realtor® with RE/MAX Executives in
Springfield, VA.  Kevin contributes articles, blogs and content to ListWithElizabeth.com as well as third party content that has been authorized to be used by and for Elizabeth Ann Kline and ListWithElizabeth.com

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Use your refund for the Down Payment on that New Home!

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Renting Home Tax Free Girl with Glasses

March 06, 2018

By: Kevin D. Kline

@klineonline

Your Tax Refund Could be the Difference for that New Home


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