The sale of a home can be a stressful time, or it can be exciting. Here are some points to think about when considering selling your home. Have you thought about questions you want to?
FROM A TAX REFUND TO YOUR 1ST HOME PURCHASE
YOUR REFUND CAN HELP!!!!!!
Down payment is what many consider the biggest obstacles for first time. This is not an obstacle that can not be overcome with some creativity and a plan.
During tax season, many people have more funds than any other time of year. So, there is no better time for you to move forward in a qualify for a newest for your 1st home! Did you know that according to Irs.gov approximately 83% of all individual tax payers receive a refund?
Quite often a tax refund may actually cover the bulk of costs in a home purchase.
The average individual refund is over $3000 according to the same source.
So how do I only need $3000 to buy a home? While this is not the case in every scenario, most people that are looking to move (rent) Typically have 1 months rent a security deposit on hand. In this market that would come close to and additional $3000 ready to go. Ok so now you MIGHT have $6000 on hand and it gets better.
Did you know there are Down Payment Assistance programs in almost every county? These programs will often provide up to $7,500 in down payment assistance. Now these programs do have some requirements so help and direction may be needed but now we are at $13,500 Additionally there are several programs that do not even require a down payment.
Now the average cost to close a $200,000 home is under $10,000 and the cost of ownership before the tax benefits is even less than renting!
|Estimated payment||$1,311 /mo|
|Loan term||30 years|
|Taxes & insurance included?||Yes|
|Property tax||0.9 %/yr|
There are all types of mortgage programs so sitting down with a real estate professional and a lender is key in getting yourself on track.
Mortgage Products Available for First Time Buyers Offering Low to No Down Payment
USDA – No down payment required
VA – Usually no down payment required. Depends on entitlement amount, purchase price, and county limit
FHA – 3.5% down payment
Conventional – 1% or more down payment
HUD Purchase - $100 down payment
Check out some of this weeks HUD homes which are eligible for the $100 down payment program for qualifying owner-occupant buyers by following the blog. If you want info to get started please reach out with a call or text to 727-403-6465 or visit www.danielle.cflareahomes.com for more info!