According to information released by the Internal Revenue Service (IRS) Americans can expect an estimated average refund of $3,143 this year when filing their taxes.
Many times tax refunds are often looked upon as ‘extra money’ that can be used toward larger goals. If you’ve considered buying a home in 2019, this can be a great jump start toward a down payment!
The map below shows the average tax refund your fellow Americans received last year by state.
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%. Veteran Affairs Loans allow 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.
The darker the blue, the closer your tax refund gets you to home ownership!
If you’re living in Missouri looking to purchase your first home, your tax refund could potentially get you 50% closer to that dream!
The Bottom Line
Saving for a down payment can seem like a huge task. However, 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 prove to be the key to owning a home! Give us a call today at 636-532-4200.