Monday, January 27, 2020

Turn your tax refund into a new home!

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

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