Your Refund Could Open the Door
One of the silver linings to filing your income tax return is finding out that you are going to receive a refund that could literally open the door to owning a home. If you happen to be one of these fortunate taxpayers, your next decision is what to do with it. With the average tax […]
Your Refund Could Open the Door
One of the silver linings to filing your income tax return is finding out that you are going to receive a refund that could literally open the door to owning a home. If you happen to be one of these fortunate taxpayers, your next decision is what to do with it. With the average tax […]

ZiANlIfnQky1w9-zmHqETA.jpg

One of the silver linings to filing your income tax return is finding out that you are going to receive a refund that could literally open the door to owning a home. If you happen to be one of these fortunate taxpayers, your next decision is what to do with it.

With the average tax refund near $3,000, it could be the ticket to buying a home sooner rather than later. Regardless of the size of your refund, it can be used toward the down payment or closing costs of the home.

Most people think it takes 10% or more down payment to purchase a home, but actually, it is much less because of several low down payment mortgages . There are VA and USDA mortgages that allow for no down payment for qualified buyers. FHA has a 3.5% down payment program and FNMA and Freddie Mac have 3% down payment mortgages for qualified creditors as well as 5% down programs.

Closing costs for originating new mortgages can easily range from two to three percent of the purchase price but most lenders will allow the seller to pay part or all of them based on the agreement in the sales contract. If you are using a VA or USDA loan, your refund could go toward paying the closing costs.

On a practical matter, if you are due a refund, have it deposited directly into your account. It is necessary to trace the source of the funds. Cashing a refund check and depositing the cash adds an unnecessary aging requirement.

Maybe you have the money saved for your down payment and closing costs but you have other debt that is keeping you from qualifying for a mortgage. The IRS refund could be used to pay down that debt. However, you need solid advice from a trusted mortgage professional before you do that.

While the average tax refund might not cover the down payment on the median price home, it certainly helps. Your refund could make it a simple as 1-2-3 to get into a home.

  1. Get the hard, cold facts for the homes and mortgages in your area and price range.
  2. Get pre-approved with a trusted mortgage professional.
  3. Start looking at homes.

Download the ghughesto get started.

LIST OF BLOGS

Courts of Fox Mill Homeowners Association

Historical Overview Origins and Development: The Fox Mill area, including the Courts of Fox Mill, began as a rural farmland before the mid-20th century. The transformation into a residential area was part of the post-World War II suburban boom. The specific...

Courts Cluster

Historical Context Fairfax County, named after Thomas Fairfax, 6th Lord Fairfax of Cameron, has a rich history that dates back to its establishment in 1742. The Courts Cluster, located centrally within the county, is named for its proximity to the Fairfax County...

Courts at Riverwind

History of The Courts at Riverwind The Courts at Riverwind is a residential community managed by Flannery Property Management, located in Centreville, Fairfax County, Virginia. While specific historical details about its establishment are not directly available from...

Courtland Park

Historical Background Early Settlement and Development: Fairfax County itself was established in 1742, but the specific area of Courtland Park developed much later. Originally, the land that Courtland Park occupies was part of the vast tracts owned by colonial...

Courtland at Rolling Oaks Homeowners Association

History of Courtland at Rolling Oaks HOA Fairfax County has a storied history dating back to its establishment in 1742, named after Thomas Fairfax, 6th Lord Fairfax of Cameron. The creation of communities like Courtland at Rolling Oaks is a more modern development,...

Courthouse Woods HOA

Historical Background The inception of Courthouse Woods HOA can be traced back to the broader development patterns in Fairfax County during the late 20th century, a period marked by suburban expansion around the nation's capital. Fairfax County has a rich history,...

Courthouse Station Homeowners Association

History of Courthouse Station HOA Fairfax County, established in 1742, has a rich history of community development, with neighborhoods like Courthouse Station emerging as part of its suburban growth. Courthouse Station likely developed during a period when Fairfax...

Courthouse Oaks Homeowners Association

History of Courthouse Oaks HOA: Courthouse Oaks HOA is nestled within Fairfax County, Virginia, an area with a rich history that dates back to its establishment in 1742. The community of Courthouse Oaks, however, represents a more recent chapter in Fairfax County's...

Courthouse Commons HOA

Historical Context Fairfax County, named after Thomas Fairfax, 6th Lord Fairfax of Cameron, has a rich historical tapestry beginning from its establishment in 1742. The area where Courthouse Commons now stands would have seen significant historical events, including...

Court of Chandon HOA

Historical Context Formation and Evolution: The Court of Chandon was established during a period when Fairfax County was rapidly expanding due to suburban sprawl influenced by the proximity to Washington D.C. The HOA likely came into existence in the late 20th...

RECENT POSTS

Courts Cluster

Historical Context Fairfax County, named after Thomas Fairfax, 6th Lord Fairfax of Cameron, has a...

Courts at Riverwind

History of The Courts at Riverwind The Courts at Riverwind is a residential community managed by...

Courtland Park

Historical Background Early Settlement and Development: Fairfax County itself was established in...

Courthouse Woods HOA

Historical Background The inception of Courthouse Woods HOA can be traced back to the broader...

Courthouse Commons HOA

Historical Context Fairfax County, named after Thomas Fairfax, 6th Lord Fairfax of Cameron, has a...

Court of Chandon HOA

Historical Context Formation and Evolution: The Court of Chandon was established during a period...

ABOUT  TWENTY
THREE HOMES

The Twenty Three Homes are one of the premiere real estate groups locally, nationally and internationally, specifically dealing with high-end properties and exclusive clientele. Partner with Keller Williams Twenty Three Homes are full service real estate experts whose clients benefit from the custom tailored, hands on service while receiving all the exclusive amenities and resources of one of the most established and respected firms in the business.

GET IN TOUCH