Are you getting a tax refund? Use it for your down payment!

Are you getting a tax refund? Use it for your down payment!

published on January 29, 2019 by Aidel and Yolanda Rivera

Yes, you can use your tax refund for your down payment on a mortgage loan!

One of the issues we find in talking with many is that they don't have the down payment for a mortgage.  A typical FHA loan of $150,000 will require a $5,250 down payment.  The average tax refund in 2017 was $2,825!  That is more than half what you would need to put as down payment.  

The possibilities are great that you might be able to purchase your first home!  There are many other criteria you would need to consider when applying for a mortgage loan.  Talking with a loan officer is a "must" in order to get a clear picture specifically for your situation.  Contact a loan officer here.

You may not be able to afford a $150, 000 or you may be more interested in keeping the payment at a determine number.  Use this mortgage calculator to see what your magic number needs to be.

Here is a checklist of documents you will need to have handy when applying for a mortgage.

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