Your Tax Refund Is The Key To Homeownership!

According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $3,143 this year when filing their taxes. This is down slightly from the average refund of $3,436 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 2019, this can be a great jump start toward a down payment!

Your Tax Refund Is The Key To Homeownership! | MyKCM

The map below shows the average tax refund 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%. Veterans 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?

Your Tax Refund Is The Key To Homeownership! | MyKCM

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 homeownership! For those in Virginia looking to purchase their first homes, their tax refund could potentially get them 40% 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!

Thinking about buying or know someone thinking about buying? Share this with them. They could be closer to their down payment than they think & we would love to help them along the way.

Give us a call at 703-242-3976 or email us at info@thebeltteam.com

Think you are ready to sell? Text BELTVALUE to 59559 for a FREE valuation of your home!

Mortgage Minute: New Expanded FHA & VA Guidelines From NPF Benefit Home Buyers

Today’s “Mortgage Minute” is just in from our trusted lending partner, Senior Loan Officer Paul Diaz with New Penn Financial! If you’re thinking of buying a home in Northern Virginia this year – this may interest you!

Northern VA Mortgage Financing          Home Mortgages in Northern Virginia

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“Please let your homebuyers know that qualifying for an FHA and VA loan with
New Penn Financial has never been easier! With New Penn’s unparalleled customer service and far-reaching guidelines, more borrowers gain access to a mortgage to purchase their new home. Here are some of the things we may be able to do:

  • FICOs (credit scores) starting at 580 (FHA) and 560 (VA)
  • Increased DTI (debt-to-income ratio) limits up to 60%
  • Revised tradeline requirements
  • Government down payment assistance permitted

Note that these are not set-in-stone guidelines, but we may have flexibility in these areas when compensating factors are involved. Examples of compensating factors would be high income, large assets or long time on the job.

When the market is contracting as a whole, New Penn Financial, LLC is expanding what we offer! Don’t hesitate to contact us. You may be pleasantly surprised that you can buy a home sooner than you think!

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Contact Paul Diaz at New Penn Financial for full details of program guidelines.