Are you getting a tax refund this year? According to the IRS, the average U.S. tax refund is more than $3,000. While big tax refunds make it a popular time of year to purchase big-ticket items such as large-screen television sets, we’d like to remind you of another use for that money: As a downpayment on a home.
If you’ve already saved some money toward a downpayment, your tax refund could help boost your downpayment fund. Haven’t started saving yet? This year’s refund can also help you jump-start a downpayment savings account.
One of the biggest home buying myths today is that you need a lot of money to buy a home. In reality, the median U.S. downpayment in 2017 was 10 percent, according to the National Association of Realtors. There are low- and even no-downpayment home loan programs available. Questions about buying a home? We’re here to answer your questions.