Are you getting a tax refund this year? Many of us get nice windfalls at tax time. According to the IRS, the average refund so far this year has been just over $3,000, a bit higher than 2012′s average. While refunds like this 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: For a down payment on a home.
If you’ve already saved some money toward a down payment, your tax refund could speed up your home buying schedule. Haven’t started saving yet? This year’s refund can also help you jump-start a down payment savings account.
One of the biggest home buying myths today is that you need a lot of money to buy a home. Did you know that there are some no-down payment home loan programs as well as some requiring as little as 3.5 percent down? It’s true! Questions about buying a home? We’d love to help.