Excited about getting a tax refund and thinking about the 60" TV you can buy or thinking of buying that new couch? Well how about using it to buy a home!
Renters are typically paying more per month than home owners! Many people think they need a down payment equal to 20% of the purchase price to buy a house. Well, that is definitely NOT the case! There are FHA programs than require 3.5% and also first time home buyers programs with just 1% of the purchase price!
Let's say you were looking to purchase a home for $250,000. This means your down payment for a conventional mortgage of 20% would be $50k. Many lenders have loans for less than 20%. FHA program loans requiring 3.5% down payment would be $8750 or home assistance programs would be $2500! There are also closing costs to be paid, but you may be able to negotiate for the sellers to pay a part or all of the closing costs.
If you're tired of renting, use your tax refund to buy a place of your own. The 60" TV can wait until next year when you have your own place to put it in!
I'm here to help! Carrie Summers MancosHomes.com 970-759-2540
