What
are you going to do with your Federal Income Tax Refund?
Buy a 60" HD TV? Take a weekend trip to Vegas?
What
if I told you that your Federal Income Tax Refund could be enough to purchase a
home of your own? Well, it just might be!
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! Fannie Mae & Freddie
Mac have programs that require as little as a 3% down payment and FHA mortgages
only require a 3.5% down payment. And, there are many Down Payment
Assistance Programs that require a down payment as little as 1% of
the purchase price!
Let's
say you were looking to purchase a home for $125,000. This means your
down payment for a conventional mortgage would be $3,750 -- or $4,375 for an FHA
mortgage. 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.
You'll
need to document your refund
As
any asset used to purchase a home, it has to be properly documented. A
completed, signed Federal Tax Return showing the refund will be required.
If you have opted to have your refund direct deposited, you'll need a
copy of the bank statement showing the deposit. If you have opted to
receive a check, make a copy of the check, a copy of the deposit slip, and a
copy of the statements showing the deposit. (TIP: when depositing your
refund, do not deposit it with other funds - it makes things a lot easier).
If
you're tired of renting, or living at home with Mom and Dad, use your tax
refund to buy a place of your own. The 60" HD TV can wait until next year
when you have your own place to put it in!
Contact
me to learn more at 708.473.7688 or BarkerLoans@gmail.com
