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How to Use Your Tax Refund to Buy a House
March 1, 2019 — 3 min read
Are you expecting a tax refund this year? Before you decide to spend it on a new pool table or jet ski, consider the fact that you could put those funds toward buying a home instead! Here are three ways that your tax refund could be used to bring you closer to your goal of homeownership:
SAVE FOR A DOWN PAYMENT
There's a common misconception that to buy a house, you need at least a 20% down payment. This is not the case! Depending on your credit history and other factors, many applicants can make a down payment as low as 3%. There are even some options for no down payment loans.
If your tax refund is not quite enough for a down payment, you can also look into down payment assistance programs to help bridge the gap. There are thousands of programs across the country, but a great place to start is close to home. Many state, county, and city governments provide financial assistance for people within their communities who are qualified and ready for homeownership. Check out this resource for down payment assistance options, or try the links below for some additional area-specific options:
Oregon: Oregon Housing and Community Services, HUD
Washington: HUD
Idaho: HUD
Arizona: HUD
Colorado: HUD
New Mexico: HUD
California: HUD
- PAY FOR CLOSING COSTS
- LOWER YOUR INTEREST RATE
If you have questions about using your tax refund toward your homeownership goals, or about anything related to the home-buying process, fill out the form below, or contact us!
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