Davison MI | It’s Tax Season … Use Your Refund To Jump Start Your Down Payment Savings!
If you are looking to buy a home in Davison MI, as real estate agents, we want to be prepared to ensure that you are given the best buying experience with knowledge and expertise to guide you along the way. One of the methods we use is to research the current inventory almost on a daily basis, we want to know where are the best deals for our clients when it comes to purchasing a new home in the Davison area.
Today, we would like to talk to you about, It’s Tax Season … Use Your Refund to Jump Start Your Down Payment Savings!
According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,840 this year when filing their taxes. This is down slightly from the average refund of $2,895, last year.
Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals; for anyone looking to buy a home in 2018, this can be a great jump start toward a down payment!
The map below shows the average tax refund Americans received last year by state. (The refunds received for the 2017 tax year should continue to reflect these numbers as the new tax code will go into effect for 2018 tax filings.)
Many first-time buyers believe that a 20% down payment is required to qualify for a mortgage. Programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae all allow for down payments as low as 3%, with Veterans Affairs Loans allowing many veterans to purchase a home with 0% down.
If you started your down payment savings with your tax refund check this year, how close would you be to a 3% down payment?
The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state.
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The darker the blue, the closer your tax refund gets you to homeownership! For those in Alabama looking to purchase their first homes, their tax refund could potentially get them 69% closer to that dream!
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 can be to make the best decision for you and your family! This tax season, your refund could be your key to homeownership!
Source … KCM Donald Horne Blog
If you have any questions about Davison, the schools, the amenities or the surrounding community, don’t hesitate to call on us at 810-338-0628 or send us an email to: teamsuccesslisting@gmail.com
Donald Horne, Broker | Owner
Team Success Listing LLC
810-338-0628 | teamsuccesslisting@gmail.com
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