Dated: 01/23/2018

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Mortgage Calculator Advanced Report | Zillow


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. 

 Image result for tax refundDuring 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 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. 

Image result for down payment assistance

 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 amount $193,000
Down payment $7,000
Interest rate 4.202%
Loan term 30 years
Taxes & insurance included? Yes
Property tax 0.9 %/yr
Homeowner's insurance $800/yr
Mortgage insurance $158/mo
HOA dues $0/mo


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 for more info!


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Stop by and like my Facebook page for ongoing info as well @daniellecalabreserealtor 

  Happy House Hunting!

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