It is that time…TAX SEASON. Are you receiving a refund? Do you know what you’ll be doing with it? If you don’t already own your home, have you considered putting your tax refund toward a down payment? Many people view the refund as extra money. Money to put toward a trip, car, or maybe new items that are needed. But have you thought about putting it toward a new home? Maybe that seems like a huge goal. But it really isn’t. Many first time buyers believe that they need 20% down. But there are programs out there from the Federal Housing Authority, Freddie Mac, and Fannie Mae (to name a few) that can have down payments as low as 3%. And if you qualify for a VA loan, you may not have to put any money down!
Since we are in Tennessee, we will be looking at the TN facts. Different states have different estimates, as you will see on the tables below. The average tax refund for the state of TN is $2,687. If you were to put that toward a 3% down mortgage, you’d already be 52% toward your down payment goal. Imagine, over half way there just by putting your tax refund toward it. Now, since we are so close to Kentucky, let’s look at KY too. The average refund for the state of KY is $2,601, and that is 57% toward a 3% down payment goal! So if home ownership always seemed out of your grasp, why not give Tamela a call at: 931-327-1417 to discuss your options. It may not be as far from your reach as you thought!