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Your Real Estate Resource!
  • Bast Real Estate
    • Who Are We
    • Meet The Team
    • What Our Clients Are Saying
  • Buyers
    • Buyer’s Guide
    • Community Links
    • Homes For Sale By City
    • Our Featured Listings
    • Temecula Home Inventory $450k>
    • Meadowview Equestrian Community, Temecula
  • Sellers
    • Seller’s Guide
    • What’s My Home REALLY Worth?
    • Short Sales
  • Real Estate Resource
    • Blog
    • MVP
    • Real Estate Videos…To Keep You In The Know
    • COVID-19 Resources
    • Our Preferred Vendors
    • Community Links
    • Your Southern California Referral Partner
  • Let’s Talk Real Estate – Contact
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Your Real Estate Resource!
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How Your Tax Refund Can Move You Toward Homeownership This Year

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Jeff & Stephanie Bast,03/2/2020

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.

The map below shows the average tax refund Americans received last year by state:How Your Tax Refund Can Move You Toward Homeownership This Year | MyKCMAccording 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, a 20% down payment is not always required to buy a home, even though that’s a common misconception about homebuying. 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.

If you take into account the median home sale price by state, the map below shows the percentage of a 3% down payment that’s covered by the average tax refund:How Your Tax Refund Can Move You Toward Homeownership This Year | MyKCMThe darker the blue, the closer your tax refund gets you to homeownership in one of these programs. Maybe this is the year to plan ahead and put your tax refund toward a down payment on a home.

Bottom Line

Saving for a down payment can seem like a daunting task, but the more you know about what’s required, the more prepared you’ll be to make the best decision for you and your family. This tax season, your refund could be your key to homeownership.

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Bast Real Estate Sales & Consulting @ KW
27290 Madison Av Ste 200Temecula
CA 92590 | DRE Lic# 01411306
951.264.8360
951.264.8387
bastteam@bastrealestate.com

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