Use your Tax Refund to Start Your Down Payment Savings.
According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,840 this year when filing their taxes. This is down slightly from the average refund of $2,895, last year.
Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals. For anyone looking to buy a home in 2018, this can be a great jump start toward a down payment!
The map below shows the average tax refund Americans received last year by state. (The refunds received for the 2017 tax year should continue to reflect these numbers as the new tax code will go into effect for 2018 tax filings.)
Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals. For anyone looking to buy a home in 2018, this can be a great jump start toward a down payment!
The map below shows the average tax refund Americans received last year by state. (The refunds received for the 2017 tax year should continue to reflect these numbers as the new tax code will go into effect for 2018 tax filings.)
Many first-time buyers 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%, with Veterans Affairs Loans allowing 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.
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! For those in Phoenix Metro, Chandler, or the East Valley of Arizona looking to purchase their first home, your tax refund could potentially get you 37% closer to that dream!
Bottom Line
Saving for a down payment can seem like a daunting task, especially when just getting started. However, 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!
If you have any questions about the home buying process, or how to qualify for a home loan, just call/text me at 602-295-6807 and I can help evaluate your ability to purchase your dream home!
"Real Estate is not just a job for me, it's about making a difference in the lives of others"
Troy Erickson Realtor
Call/Text: (602)295-6807
TroyEricksonRealtor@gmail.com
Linkedin Profile
Facebook Page
Bottom Line
Saving for a down payment can seem like a daunting task, especially when just getting started. However, 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!
If you have any questions about the home buying process, or how to qualify for a home loan, just call/text me at 602-295-6807 and I can help evaluate your ability to purchase your dream home!
"Real Estate is not just a job for me, it's about making a difference in the lives of others"
Troy Erickson Realtor
Call/Text: (602)295-6807
TroyEricksonRealtor@gmail.com
Linkedin Profile
Facebook Page
Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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