According to the IRS, Americans can expect an estimated average refund of $3,143 this year when filing their taxes. This has gone down about $200.
Most see their tax refunds as “extra money: to throw around, but it can also be used toward larger goals. For anyone looking to buy a home in 2019, 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.
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%. Veterans Affairs Loans allow many veterans to purchase a home with 0% down. I also know a bunch of lenders who will work with you on your down payment.
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’re close to dark blue, that means you’re close to owning a home! In Nevada you’re 37% closer to putting a down payment on a home. I know it sounds low, but it’s easier to get approved than you think. Contact me today and we can get you started.