Using Your Tax Refund as Your Down Payment!

tax refund.jpg

USE YOUR TAX REFUND TO BUY A HOME - Jon Maguire - Academy Mortgage

Want to buy a home, but are concerned with not having enough $$$$ saved up?  A very common MYTH in the housing/mortgage industry is that a person is required to have at least 20% down payment to purchase a home.  This is absolutely NOT TRUE.  In fact, here are some Mortgage Loan Programs currently available in the marketplace:

·         VA loans as low as 0% down (*Active/former Military)

·         USDA loans as low as 0% down (*Properties must be in qualifying ‘rural’ areas)

·         Down Payment Assistance Programs can allow for at/near 0% down

·         Conventional loans as low as 3% down

·         FHA loans as low as 3.5% down (or even LESS on some “HUD FORECLOSURE” homes)

So there are CLEARLY many mortgage programs that do not require anywhere near 20% down.  That said, it’s also now TAX TIME!  This time of year always provides an EXCELLENT opportunity for more consumers to become homebuyers through the use of their TAX REFUND to help buy a home!  You absolutely CAN use this money toward a home purchase, since it’s YOUR money!  Some people get sizeable refunds that can account for all/most of any needed down payment.  For others, it simply provides that “cushion” of extra funds that they needed to move forward.  So contact us any time to discuss any of these options, or if you wish to get preapproved.

Adrienne Wilcoxson