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Your Tax Refund Could Help You Purchase a Home

Your Tax Refund Could Help You Purchase a Home

February 26th, 2018 | Home Buying or Selling

Are you getting a tax refund this year? According to the IRS, the average U.S. tax refund is more than $3,000. While big tax refunds make it a popular time of year to purchase big-ticket items such as large-screen television sets, we’d like to remind you of another use for that money: As a down payment on a Utah home.

If you’ve already saved some money toward a down payment, your tax refund could help boost your down payment fund. Haven’t started saving yet? This year’s refund can also help you jump-start a down payment savings account towards your new home in Salt Lake City.

One of the biggest home buying myths today is that you need a lot of money to buy a home. In reality, the median U.S. down payment in 2017 was 10 percent, according to the National Association of Realtors. There are low- and even no down payment home loan programs available. Questions about buying a home? We’re here to answer your questions.