Tax Refund = Down Payment?

By Brian Short, CMC, CRMS, GMA

In my 18 years as a “Dream Maker, Problem Solver” mortgage professional, I have observed that one of the most disappointing set-backs for a new home buyer is the lack of down payment.  Often times, the prospective home buyer is already in the habit of using some of his or her monthly income for housing by paying rent to a landlord or a roommate, but rounding up several thousand dollars for a down payment can keep many from being qualified to buy a house.

With this being said, there are many loan programs which allow a buyer to buy a house with as little as 3% of the sales price for down payment and some where the down payment can be a gift from a close family member.  There are other loans where a buyer can buy a house with $0 down payment if the buy is a veteran or is buy a house in a rural area or in a city with less than 35,000 population with certain income restrictions.  Even with these very generous federal government home loan options, the lack of a down payment can be the hurdle which will keep a new home buyer from moving forward, especially if they are not currently home owners who are selling a home prior to buying their next home.

tax_refundMY APRIL 15th SOLUTION?   Use this year’s Federal Income Tax Refund for a down payment or for “seed money” to begin a down payment saving account to which a prospective home buy can add a portion each pay period.  It is timely that on this 2016 Tax Day we are reminded that many US workers will receive refunds of anywhere from a few hundred to several thousand dollars in the next few weeks and this money can be used to help BUILD WEALTH rather than buy things which are quickly consumed or used up.

Many financial advisers still consider Real Estate to be a very secure and cost effective way to build wealth and invest for the future.  Who do you know who needs to contact me for help on how to find their down payment solutions for their home purchase?  I can show those you know who dream of home ownership or of buying their NEXT dream home how to move forward in this current maze of home loan options!

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