If you are considering buying a home this year, have you thought about putting your tax refund toward a down payment?
Based on date released by the IRS, Colorado residents can expect an estimated average refund of $2,755 when filing their taxes this year.
According to programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down. Truth be told, a 20% down payment is now always required to buy a home, even though that's a common misconception about homebuying. Veterans Affairs Loans allow many veterans to purchase a home with 0% down.
How can your tax refund help?
If you're a first-time buyer, your tax refund may cover more of a down payment than you ever thought possible. Saving for a down payment can seem like a daunting task, but the more you know about what's required, the more prepared you'll be to make the best decision possible in the home buying process. We offer a free consultation and can answer any questions that you have about down payments, financing, anything you would like to know about buying a home ... no matter if this is your first home or if you are a seasoned buyer. Just give us a call @ (720) 305-0757.