{"id":1601,"date":"2021-04-05T13:08:33","date_gmt":"2021-04-05T13:08:33","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1601"},"modified":"2021-04-05T13:08:33","modified_gmt":"2021-04-05T13:08:33","slug":"tax-refund-stimulus-savings-may-help-achieve-homeownership-year","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/tax-refund-stimulus-savings-may-help-achieve-homeownership-year\/","title":{"rendered":"Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This Year"},"content":{"rendered":"
\"\"

Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This Year<\/p><\/div>\n

If you\u2019re planning to buy a home this year, saving for a down payment is one of the most important steps in the process. One of the best ways to jumpstart your savings is by starting with the help of your tax refund.<\/p>\n

Using data from the\u00a0Internal Revenue Service\u00a0<\/em>(IRS), it\u2019s estimated that Americans can\u00a0expect\u00a0an average refund of\u00a0$2,925<\/a>\u00a0when filing their taxes this year. The map below\u00a0shows<\/a>\u00a0the average anticipated tax refund by state:<\/p>\n

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Average Estimated Tax Refund<\/p><\/div>\n

Thanks to programs from the\u00a0Federal Housing Authority, Freddie Mac,\u00a0<\/em>and\u00a0Fannie Mae,\u00a0<\/em>many first-time buyers can purchase a home with as little as 3% down. In addition,\u00a0Veterans Affairs Loans<\/em>\u00a0allow many\u00a0veterans<\/a>\u00a0to put 0% down. You may have heard the common myth that you need to put 20% down when you buy a home, but thankfully for most homebuyers, a\u00a020% down payment<\/a>\u00a0isn\u2019t actually required. It\u2019s important to work with your real estate professional and your lender to understand all of your options.<\/p>\n

How can your tax refund help?<\/strong><\/h4>\n

If you\u2019re a first-time buyer, your tax refund may cover more of a down payment than you realize.<\/p>\n

If you take into account the\u00a0median home sale price\u00a0by state, the map below shows the percentage of a 3% down payment that\u2019s covered by the average anticipated tax refund:<\/p>\n

\"\"

What Percentage of a 3% Down Payment Is Covered by the Average Tax Refund?<\/p><\/div>\n

The darker the blue, the closer your tax refund gets you to homeownership when you qualify for one of the low down payment programs.\u00a0Maybe this is the year to plan ahead and put your tax refund toward the down payment on a home.<\/p>\n

Not enough money from your tax return?\u00a0<\/strong><\/h4>\n

A recent\u00a0paper<\/a>\u00a0from the\u00a0National Bureau of Economic Research<\/em>\u00a0found that, of the households that received a stimulus check last year,\u00a0\u201cOne third report that they primarily saved the stimulus money.\u201d<\/em>\u00a0If you had the opportunity to save your\u00a0Economic Impact Payments<\/a>, you may consider putting that money toward your down payment or\u00a0closing costs<\/a>\u00a0as well. Your trusted real estate professional can also advise you on the down payment assistance programs available in your area.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Saving for a down payment can seem like a daunting task, but it doesn\u2019t have to be. This year, your tax refund and your stimulus savings could add up big when it comes to reaching your homeownership goals.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
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THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

One of the best ways to jumpstart your savings is by starting with the help of your tax refund and stimulus payment. Finish Reading Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This Year<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[38,43,268,18,27,91,52,49,42,308,345,63,20,12,24,48,13,28,54,47,19,343,344,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1601"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1601"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1601\/revisions"}],"predecessor-version":[{"id":1605,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1601\/revisions\/1605"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}