The Mortgage Connection

Mar 12th, 2014 | By | Category: The Mortgage Connection

tax-refund

Purchase a house with your Tax Refund as a Down Payment!

Is your goal this year to buy a new home? Do you think that may never happen for you because you don’t have the money to put down? If you will be receiving a tax refund you can use that money toward a down payment on your dream home. Maybe you have a little money saved but not enough. Or maybe you’ve thought about buying but haven’t been able to save. This could be your answer either way.

Many people think it requires a 20% down payment to buy a home however mortgage companies like Peoples Mortgage offer mortgages with little to no down payment. For example, a Conventional mortgage requires only 5% down payment (and it can even be gifted to you from a family member). FHA loans require only a 3.5% down payment which can also be gifted. And VA and USDA loans don’t require a down payment at all. All of these home loan options also allow for the closing costs to be paid by the seller.

If you are currently renting you may be throwing money away. Many times a first time homeowner can actually lower their monthly housing payment by purchasing a home as opposed to renting. If you do some research into what the average home price is selling for in your area I think you might be surprised at how low the monthly payments actually could be. You may have a payment that is less than you are currently paying for rent. Another factor you may consider when deciding to buy your first home is to help build your own personal wealth. Your tax return can help set you on the path to homeownership and help you grow your wealth.

Now is a great time to buy. Interest rates are still at historic lows and home price values are still low compared to the historic highs of just 6-7 years ago. This all means that you can afford much more home today than you could have in the past. Your tax return refunds could be the answer and help you get into that home you’ve been waiting for and in the long run help you build your personal wealth.

Please call me for more details or email me at: morgan@peoplesmortgage.com. Phone 520-954-7686. Visit my website at www.MikeMorgan.biz or read about our company at www.peoplesmortgage.com

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