Use Your Refund To Jump Beginning Your Down Payment Savings

Dated: 02/28/2018

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Use Your Refund To Jump Beginning Your Down Payment Savings

Down Payments, First Time Home Buyers, For Buyers

According to data released by the Internal Revenue Service (Internal Revenue Service), Americans can anticipate an approximated average refund of $2,840 this year when submitting their tax obligations. This is down a little from the ordinary reimbursement of $2,895, in 2015.Tax obligation reimbursements are often considered 'extra money' that can be used towards larger objectives; for any individual aiming to buy a home in 2018, this can be a terrific jump begin towards a deposit!The map listed below programs the typical tax obligation reimbursement Americans got in 2014 by state. (The reimbursements received for the 2017 tax obligation year need to continuously reflect these numbers as the new tax code will certainly go into result for 2018 tax obligation filings.).

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Lots of new purchasers think that a 20% deposit is called for to get a mortgage. Programs from the Federal Real Estate Authority, Freddie Mac, and also Fannie Mae all permit deposits as reduced as 3%, with Veterans Affairs Loans enabling several professionals to buy a house with 0% down.

If you began your down payment financial savings with your tax obligation reimbursement check this year, how close would you be to a 3% deposit?

The map below programs what percentage of a 3% deposit is covered by the ordinary tax reimbursement by considering the average rate of houses marketed by state.

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The darker the blue, the closer your tax obligation reimbursement gets you to homeownership! For those in Alabama looking to buy their very first homes, their tax obligation reimbursement could potentially get them 69% closer to that desire!

Bottom Line

Saving for a down payment can seem like a daunting task. 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!

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Charles Juarez

With my expertise in realty for both buying or selling a home in San Antonio, and surrounding areas. You have found the right resource for your real estate needs. Whether you are looking for a new hom....

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