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    It’s Tax Season… Use Your Refund to Jump Start Your Down Payment Savings!

    Getting ready for buying your next home? Use your tax refund to get started!

    It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | MyKCM

    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.)

    It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | MyKCM

    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.

    It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | MyKCM

     

    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! Ready to start looking for your next Olathe or Kansas City area home? Call 913-782-8857 to get started with the Char MacCallum Real Estate Group

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