How Your Tax Refund Can Move You Toward Homeownership This Year:
If you’re looking to buy a home in 2020, have you thought about putting your tax refund toward a down payment? Homeownership may be one step closer than you think if you spend your dollars wisely this year. Based on data released by the Internal Revenue Service (IRS),Americans can expect an estimated average refund of $2,962 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, a20% down payment is not always required to buy a home, even though that’s a common misconception about home buying. Veterans Affairs Loans allow many veterans to purchase a home with 0% down. How can my 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.