If your goal is to purchase a new home this year, consider utilizing your tax refund as your down payment. Many of us use our tax refunds to pay down debt, a new vehicle or a vacation, but consider making those dollars stretch much further by investing in a new home.
A COUPLE OF EXAMPLES:
A. You receive a $5,000 income tax refund, which could serve as the down payment on a home selling for $100,000 with a 95% conventional loan. Your house payment could easily be less than the monthly rent you’re paying now.
B. You receive a $3,500 income tax return, which could also serve as the down payment on a home selling for $100,000, but with an FHA mortgage. FHA mortgage loans offer more flexibility and accept lower credit scores and more debt-to-income ratios.
Now is a great time to buy with interest rates and home prices still at historical lows. Renting is truly throwing your hard earned money away and with a small down payment your housing payment could be the same as renting or even less! Working with an experience and dedicated mortgage team like Team Clermont of Inlanta Mortgage will give you peace of mind that all of your options are being considered. In addition to illustrating all of your options to purchase, we will assist with budgeting for today and future expenses for your home.
Utilizing your tax refund could be the answer you are looking for to help you achieve your goal of home ownership and in the long run help you build your own personal wealth. Call us for a full review and analysis of your options today.
Tax Advice Disclaimer
The information on this website should not be used in any actual transaction without the advice and guidance of a professional Tax Adviser who is familiar with all the relevant facts. Although the information contained here is presented in good faith and believed to be correct, it is General in nature and is not intended as tax advice. Furthermore, the information contained herein may not be applicable to or suitable for the individuals’ specific circumstances or needs and may require consideration of other matters.