Save time, use your tax return to buy a home

Real Estate

By Jared Weggeland
Focus Realty Group, KW Lakeland
Lakeland, FL

Have you, or someone you know, been waiting to buy a home because you are saving up for a down payment? Don't be discouraged, this is very common indeed. No need to worry, there is a possible solution once your tax refund arrives! Here are some stats from 2016:

  • $164, 683 was the average home sales price in Lakeland FL in 2016 (per My Florida Regional MLS)
  • $5,764 was the average down payment when using an FHA loan
  • $3,120 was the average tax refund distributed in 2016 (per IRS.gov 2/26/16 report)

In the scenario above, you would only need to add $2,644 to your $3,120 tax refund to be able to buy your home with an FHA loan, and we haven't even spoken about any down payment or closing costs assistance, or other $0 down mortgage home loans yet. 

According to a Feb 2016 post from gobankingrates.com here are the top ten most popular things people are doing with their tax refunds:

  1. Pay off debt
  2. Put money into savings
  3. Put towards a vacation
  4. Major purchase
  5. Splurge on a purchase
  6. Save for the kid's education
  7. Fund a Roth IRA
  8. Upgrade your home
  9. Invest in the future
  10. Upgrade your insurance

What would you like to do with your tax refund? If your answer is to stop renting, stop living with family, or get your own place, then contact the experts at Focus Realty Group, KW Lakeland, then we will help you buy a great home. Sound good?

Get started now. Search homes in Lakeland today or you can call or text 863-640-2246 now!