inception-app-prod/ODBhMzFhMDUtYTIzOS00NzVkLWJmYWItOThhOWJmZWQ1ZWY3/content/2021/04/KWTeamNEWLOGO%282%29.png
Relationships Matter
  • Our listings
  • Our blog
  • About us
    • Our company
    • Success Stories
  • Contact
6612845066
kathy@kathywatterson.com
Sign In
Sign Up
inception-app-prod/ODBhMzFhMDUtYTIzOS00NzVkLWJmYWItOThhOWJmZWQ1ZWY3/content/2021/04/KWTeamNEWLOGO%282%29.png
Relationships Matter
  • Our listings
  • Our blog
  • About us
    • Our company
    • Success Stories
  • Contact
inception-app-prod/ODBhMzFhMDUtYTIzOS00NzVkLWJmYWItOThhOWJmZWQ1ZWY3/content/2021/04/KWTeamNEWLOGO%282%29.png
Relationships Matter
inception-app-prod/ODBhMzFhMDUtYTIzOS00NzVkLWJmYWItOThhOWJmZWQ1ZWY3/content/2021/04/20210405-KCM-Share.jpg
Buyers

Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This Year

inception-app-prod/ODBhMzFhMDUtYTIzOS00NzVkLWJmYWItOThhOWJmZWQ1ZWY3/content/2021/04/IMG_60842%281%29.jpg
Kathy Watterson,02/16/2021

Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This Year

 Monday April 5th, 2021
https://bit.ly/3cZ95WN

If you’re planning to buy a home this year, saving for a down payment is one of the most important steps in the process. One of the best ways to jumpstart your savings is by starting with the help of your tax refund.

 

Using data from the Internal Revenue Service (IRS), it’s estimated that Americans can expect an average refund of $2,925 when filing their taxes this year. The map below shows the average anticipated tax refund by state:

Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This Year | Simplifying The Market

 

Thanks 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. In addition, Veterans Affairs Loans allow many veterans to put 0% down. You may have heard the common myth that you need to put 20% down when you buy a home, but thankfully for most homebuyers, a 20% down payment isn’t actually required. It’s important to work with your real estate professional and your lender to understand all of your options.

How can your tax refund help?

If you’re a first-time buyer, your tax refund may cover more of a down payment than you realize.

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 anticipated tax refund:Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This Year | Simplifying The MarketThe darker the blue, the closer your tax refund gets you to homeownership when you qualify for one of the low down payment programs. Maybe this is the year to plan ahead and put your tax refund toward the down payment on a home.

Not enough money from your tax return?  

A recent paper from the National Bureau of Economic Research found that, of the households that received a stimulus check last year, “One third report that they primarily saved the stimulus money.” If you had the opportunity to save your Economic Impact Payments, you may consider putting that money toward your down payment or closing costs as well. Your trusted real estate professional can also advise you on the down payment assistance programs available in your area.

Bottom Line

Saving for a down payment can seem like a daunting task, but it doesn’t have to be. This year, your tax refund and your stimulus savings could add up big when it comes to reaching your homeownership goals.


 

Print Details
Previous post
Next post
Deep-Cleaning Tips For Homeowners
Don’t Sell on Your Own Just Because It’s a Sellers’ Market

The Kathy Watterson Team

RE/MAX of Valencia
27720 Dickason DrValencia
CA 91355
(661) 284-5066
kathy@kathywatterson.com

Essentials

  • View Featured Listings

Consumer Protection & Privacy

  • DMCA Compliance
  • Accessibility
For ADA assistance, please email compliance@placester.com. If you experience difficulty in accessing any part of this website, email us.
inception-app-prod/ODBhMzFhMDUtYTIzOS00NzVkLWJmYWItOThhOWJmZWQ1ZWY3/content/2021/05/PngItem_835466.png
Relationships Matter

© 2022 All rights reserved

Created with Placester

Sign in

Sign In
Forgot your password?
Create an account
You have been successfully logged in
The page will reload automatically.
Go to the homepage
Sorry something went wrong
Login or password are incorrect. Please try again.
Try again

Sign Up

Sign Up
Already a User? Sign In
You have been successfully registered
Please check your email.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Reset password

Reset password
Return to Log In
Reset password email has been sent.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Change password

Change password
Sign Up
Your password has been successfully reset.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Contact The Kathy Watterson Team

Questions? Let's connect you with one of our experts today!
Send
Succes! Your message was sent!
Success! We will be in touch with you shortly!
Back to homepage
Oops! Error occurred.
Please try again.
Back to form
Already a User? Sign In

Account verification in progress

Account Verified!
You may now log in into your account
Go to the homepage
Verify your email address
In order to log in to your account, you need to confirm your email address. Please check your inbox!
Go to the homepage

Share this listing

Copy Link