Is your goal this year to buy a new home?
A benefit to buying in the beginning part of the year could be using your tax refund toward the purchase of a new home. It can make the unaffordable, affordable. You may actually be able to qualify for a larger home and lower your monthly payment by applying larger down payment.
The larger the down payment is, the more interest you will save on the loan over time. If you have done any research into what the average home price was selling for in your area, I think you would be surprised at how low the monthly payments would actually be.
Many people think it requires a 20% down payment to buy a home, however there are mortgage companies who offer mortgages with little to no down payment. Some conventional mortgages require only 5% down payment. An FHA loan requires only a 3.5% down payment. In each instance, the down payment can even be gifted to you from a family member and also allow for seller paid closing costs.
If you were to receive a $5,500 refund on your income tax return, it would allow you to buy a home with a sales price of $110,000 with a conventional 95% mortgage.
If you were to receive a $3,500 refund on your income tax returns, it would allow you to buy a home with a sales price of $100,000 with a FHA mortgage. FHA home loans also offer flexible qualification terms with low credit scores.
Both options may allow you to buy a home for less than you pay in rent and help build your own personal wealth... something renters cannot do!
THIS IS YOUR YEAR!!
Call me today and we'll start looking for your new home!
Julie Larson 801-755-8899
Julie Larson
801-755-8899
RealtyPath Success
