Your Tax Refund Is The Key To Homeownership!

According to data released by the Internal RevenueService (IRS), Americans can expect an estimated average refund of $3,143 thisyear when filing their taxes. This is down slightly from theaverage refund of $3,436 last year.

Tax refunds are often thought of as ‘extramoney’ that can be used toward larger goals. Foranyone looking to buy a home in 2019, this can be a great jumpstart toward a down payment!

The map below shows the average tax refund Americans receivedlast year by state.

Many first-time buyers believe thata 20% down payment is required to qualifyfor a mortgage. Programs from the Federal HousingAuthority, Freddie Mac, and FannieMae all allow for down payments as low as3%. Veterans Affairs Loans allow many veteransto purchase a home with 0% down.

If you started your down payment savings with your taxrefund check this year, how close would you be to a 3% downpayment?

The map below shows what percentage of a 3% down payment iscovered by the average tax refund by taking into accountthe median price of homes sold bystate.

The darker the blue, the closer your tax refund gets youto homeownership! For those in Oklahoma looking topurchase their first homes, their tax refund could potentially getthem 85% closer to that dream!

Bottom Line

Saving for a down payment can seem like a daunting task. But themore you know about what’s required, the more prepared youcan be to make the best decision for you and your family! This taxseason, your refund could be your key to homeownership!