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Your Tax Refund Could Open the Door to Homeownership

Tax refund check can open the door to homeownership

Open the Door to Owning a Home

One of the silver linings to filing your income tax return is discovering Your Tax Refund Could Open the Door to Homeownership.  Your refund could literally help you buy a home. If you’re one of these fortunate taxpayers, your next decision is what to do with it.

Your Tax Refund Could Be Used Toward a Down Payment on a Home

With the average tax refund near $3,000,  Your Tax Refund Could Open the Door to Homeownership and be your ticket to buying a home sooner rather than later. Regardless of the size of your refund, it can be used toward the down payment or closing costs of the home.

There Are Many Low Down Payment Mortgage Options

Most people think it takes 10% or more down payment to purchase a home, but actually, it can be much less and it pays to explore your options for low down payment mortgages.

  • VA and USDA mortgages allow for no down payment options for qualified buyers.
  • FHA has a 3.5% down payment program
  • FNMA and Freddie Mac have 3% down payment mortgages for qualified borrowers as well as 5% down programs.

Your Tax Refund Could Go Toward Closing Costs

Closing costs for originating new mortgages can easily range from two to three percent of the purchase price. Most lenders will allow the seller to pay part or all of them based on the agreement in the sales contract. If you are using a VA or USDA loan, Your Tax Refund Could Open the Door to Homeownership by contributing to the closing costs that aren’t paid for by the Seller.

Rules for Money “Aging Requirements”

On a practical matter, if you’re due a tax refund, have it deposited directly into your account. The source of funds falls under Federal Guidelines requiring  tracing where funds came from. If you cash your refund check, then deposit the cash into your account will  add an unnecessary aging requirement.

Pay Down Debt

Maybe you have the money saved for your down payment and closing costs but you have other debt that is keeping you from qualifying for a mortgage. Your Tax Refund Could Open the Door to Homeownership by paying down or even eliminating that debt. However, you need solid advice from a trusted mortgage professional before you do that.  We have great resources available for you.  Find out what you need to do to get pre-approved

3 Easy Steps to Get Started

While the average tax refund might not cover the whole down payment on the median price home, it certainly helps. Your refund could open the door for you to make it happen.  Here are three important tips to help you get on your way.

  1. Get the facts for the home prices and mortgages rates in the Desert Area.
  2. Get pre-approved with a trusted mortgage professional.
  3. Connect with a Top Notch Agent in the Desert Area and Start looking at homes.

For more information, how Your Tax Refund Could Open the Door to Homeownership, Download our Free Buyers Guide and contact me at (760) 218 – 5752 or Email me at  to get started.