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hoW your tAx rEfund CAn hELP

          you Buy A homE thIs yEAr

          Contributed by Navy to Navy Homes

          If you’re looking to buy a home in 2020, have           hoW CAn my tAx
          you thought about putting your tax refund               rEfund hELP?
          toward a down payment? Homeownership may
          be one step closer than you think if you spend
          your dollars wisely this year.                          If you’re a first-time buyer, your tax refund may
                                                                  cover more of a down payment than you ever
          based on data released by the Internal                  thought possible.
          Revenue service (IRs), Americans can expect
          an estimated average refund of $2,962 when              If you take into account the median home
          filing their taxes this year. The map below             sale price by state, the map below shows the
          shows the average tax refund Americans                  percentage of a 3% down payment that’s
          received last year by state:                            covered by the average tax refund:

          According 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. Truth be told, a 20% down payment is
          not always required to buy a home, even though that’s a common misconception about homebuying.
          veterans Affairs loans allow many veterans to purchase a home with 0% down.

          The darker the blue, the closer your tax refund gets you to homeownership in one of these programs.
          Maybe this is the year to plan ahead and put your tax refund toward a down payment on a home.

          Bottom Line
          saving for a down payment can seem like a daunting task, but the more you know about what’s
          required, the more prepared you’ll be to make the best decision for you and your family. This tax
          season, your refund could be your key to homeownership.

          904-900-4766                                         6

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