Can I Use My Tax Refund to Purchase a Home?

By
Real Estate Agent with eXp Realty 9051300

Can I Use My Tax Refund to Purchase a Home?

 

I'D LIKE TO PUT MY TAX REFUND TOWARDS MY DOWN PAYMENT, BUT I KNOW THAT THE FUNDS FOR MY DOWN PAYMENT NEED TO BE IN MY ACCOUNT WELL BEFORE MY LOAN CLOSES. WILL THIS BE A PROBLEM?"

 

Typically, loan specialists require that your initial installment be "sourced and seasoned." What does that mean? Having sourced simply means that you can give a paper trail of where the cash originated from. You must be prepared to show that assets and reserve have been in your possession for a specific time allotment, typically between 60-90 days, contingent upon your loan companies underwriting policies.

The complete answer to the question about your Tax Refund as Purchase Money is Here

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Michael Mahoney

Boston Realtor
What is My House Worth?
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