A Down Payment on a New Home is the Best Option for your Tax Refund!
The tax season is well underway. If you are receiving a refund, have you planned what you are going to do with it? Utilizing your tax refund towards the purchase of a new home is a great long-term investment. Typically, there is a minimum down payment of 3.5-5% on the purchase of a primary residence. The thought of this large down payment is one of the biggest challenges for home buyers to overcome.
One benefit of tax season is being able to utilize your IRS or State tax refund for a down payment. In some cases a refund is also helpful to pay off outstanding debts or credit cards to improve credit or qualify for a larger mortgage. The most important step is start a conversation, where we can review your situation to know the best way for you use your refund and get you closer to a new home.
Mortgage Payments Can be Less Than Renting & You are Building Your Equity/Net Worth
Get started with the home buying process before Spring Market. The competition, sales prices and interest rates increase throughout the year and can effect how much you are able to afford.
What Low Down Payment Mortgage Loans Are Available?
- USDA Rural Development Loans- No Money Down Mortgage
- VA (Vetran’s) Mortgage Loans- No Down Payment for Veterans
- FHA Home Loans- 3.5% Down Payment Loan
- MSHDA Mortgage Loans- Down Payment Assistance up to $7,500