How Your Tax Refund Can Move You Toward Homeownership This Year

By
Real Estate Agent with REMAX Realty Group Lic. # SL3154233

If you’re looking to buy a home in 2020, have you thought about putting your tax refund toward a down payment? Homeownership may be one step closer than you think if you spend your dollars wisely this year.

Based on data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,962 when filing their taxes this year.

The map below shows the average tax refund Americans received last year by state:

 

Use Tax refund to buy a house

According to programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down. Truth be told, a 20% down payment is not always required to buy a home, even though that’s a common misconception about homebuying. Veterans Affairs Loans allow many veterans to purchase a home with 0% down.

How can my tax refund help?

If you’re a first-time buyer, your tax refund may cover more of a down payment than you ever thought possible.

If you take into account the median home sale price by state, the map below shows the percentage of a 3% down payment that’s covered by the average tax refund:

can i use my tax refund to buy a house

The darker the blue, the closer your tax refund gets you to homeownership in one of these programs. Maybe this is the year to plan ahead and put your tax refund toward a down payment on a home.

Bottom Line

Saving for a down payment can seem like a daunting task, but the more you know about what’s required, the more prepared you’ll be to make the best decision for you and your family. This tax season, your refund could be your key to homeownership. Call the expert and best Realtor in the area: Abby Stiller with REMAX Realty Group for a free consultation!

 

info provided by KCM

Posted by

 

Abby Stiller 

Realtor® Lic. #3154233    

12 Years of Experience

RE/MAX Realty Group    Cape Coral Fort Myers Naples  Realtor Cape Coral      

 

I help Home buyers find their dream home & Homeowners sell for more. Thinking of buying or selling? Call/Text me: 239-284-8637   Your Honest & Dedicated Realtor!

or visit: www.TeamStiller.com

 

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Rainmaker
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Raymond Henson, SRES, GRI
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Great idea!  I love using my tax refunds productively.  Down payments, paying down a mortgage or just paying off debt.  I meet with the accountant next week.  I am hopeful!  ;o)

Mar 06, 2020 05:27 PM #1
Rainmaker
537,204
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Hi Raymond Henson, SRES, GRI Good luck with your taxes next week. I've been encouraging many people I know to use that money for a down payment on a home. 

Mar 07, 2020 10:00 AM #2
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Rainmaker
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Abby Stiller

Professional Bilingual Realtor (239) 284-8637
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