Saving up for the down payment for a house is one of the most challenging aspects of buying a home, even if it’s not your first home. But there’s good news during tax season! You can get a little boost by using your tax refund. While doing taxes is not a task most people enjoy, if you are shopping for a house, it’s time to get started.
Down Payment Amounts
So how much do you need to put down? Most lenders require a down payment of at least 3 percent of the purchase price. If you qualify for a Federal Housing Administration loan, you must put down 3.5 percent. You will want to consult a lender to learn about the various loan programs available, and discern which one is right for your situation. Lenders I can recommend are: Sandy Dickinson (firstname.lastname@example.org) with Summit Funding and Leslie Church (email@example.com) with Platinum Home Mortgage. Let them know I gave you their name to receive a $10 Amazon Gift Card!
Should You Use a Tax Refund?
According to IRS information, the average tax return is around $3,000, so those funds will be a big help towards reaching your down payment goal. Definitely include your refund in any plans you are making regarding saving for a down payment. You might save your refunds for a few years and end up with a nice sum to apply towards the purchase of your new home.
Down Payment Assistance
Need an extra boost to get to your goal? North Carolina has down payment assistance programs that can help buyers, including up to $15,000 in assistance if you’re buying in Mecklenburg County. You can check with the North Carolina Housing Finance Agency to learn more and find out if you qualify. Get in touch with Sandy or Leslie (contact info above) or contact me if you have questions about the down payment for your future home.
Connect with Catherine:
As The Intentional Realtor, my goal is to help you achieve the reality of homeownership. I’ll do my best to make sure that you receive the best representation possible when it comes to buying a home and that you understand all the duties of your fiduciary, which is why securing a good Realtor is in your best interest to help you find the home of your dreams.
For this and more real estate needs by The Intentional Realtor, connect with me, Catherine Mitchell, at (704) 898-0605 http://www.catherinemitchellrealty.com/