Your Tax Refund Is The Key To Homeownership!

20190325-Share-MEM-600x328.jpg

According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $3,143 this year when filing their taxes. This is down slightly from the average refund of $3,436 last year.

Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals. For anyone looking to buy a home in 2019, this can be a great jump start toward a down payment!

The map below shows the average tax refund Americans received last year by state.Your Tax Refund Is The Key To Homeownership! | MyKCMMany first-time buyers believe that a 20% down payment is required to qualify for a mortgage. Programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae all allow for down payments as low as 3%. Veterans Affairs Loans allow many veterans to purchase a home with 0% down.

If you started your down payment savings with your tax refund check this year, how close would you be to a 3% down payment?

The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state.Your Tax Refund Is The Key To Homeownership! | MyKCM

The darker the blue, the closer your tax refund gets you to homeownership! For those in Oklahoma looking to purchase their first homes, their tax refund could potentially get them 85% closer to that dream!

Bottom Line

Saving for a down payment can seem like a daunting task. But the more you know about what’s required, the more prepared you can be to make the best decision for you and your family! This tax season, your refund could be your key to homeownership!

Homeownership is a Cornerstone of the American Dream

20190314-Share-STM-600x328.jpg

“The rumors of my death are greatly exaggerated.”

The famous quote attributed to Mark Twain can apply to homeownership in the United States today. During the housing bubble of the last decade, the homeownership rate soared to over sixty-nine percent. After the crash, that percentage continued to fall for the next ten years.

That led to speculation that homeownership was no longer seen as a major component of the American Dream. That belief became so widespread that the term “renters’ society” began to be used by some to define American consumers.

However, the latest report by the Census Bureau on homeownership shows that over the last two years, the percentage of homeowners has increased in each of the last eight quarters.

Homeownership is a Cornerstone of the American Dream |MyKCM

Going forward…

It appears the homeownership rate will continue to increase.

The 2019 Aspiring Home Buyers Profile recently released by the National Association of Realtors revealed that 84% of non-owners want to own a home in the future. That percentage increased from 73% earlier last year.

Bottom Line

In the United States, the concept of homeownership as part of the American Dream is very much alive and well.

Homebuying Myths

blog-3-960x640.jpg

Home Buying Myths

Buying a home can seem like a huge undertaking. You don’t need to be a first time homebuyer to find the process overwhelming. There is so much information available, how can youtell what’s true and what’s a myth? Understanding the difference can help you make the best decision for you and your family goals.

Top Home Buying Myths – And the Truth

  •   The First Step is finding the Right House – Before you head out shopping, speak with a lender to understand your financial options and how much house you can afford.
  •   You Can’t Buy a Home Without Perfect Credit – The truth is there are many loans available which still offer good interest rates for those without that perfect score.
  •   You Need 20% Down Payment – First time home buyers can use FHA financing for as low as 3.5% down. There are other programs too, such as VA and some conventional loans with less than 20% down also.
  •   You Don’t Need an Agent – An agent not only knows the market and can help you with value, but also customary charges, negotiations and solutions to common hiccups.
  •   Schools Don’t Matter if you don’t have Kids – The neighborhood is always important to home values, regardless of whether you yourself have children.
  •   New Homes Don’t Need a Home Inspection – Every home should have a home inspection by a licensed inspector to check for existing or potential problems.

    Buying a home is one of the most important financial decisions you’re likely to make in yourlifetime. Take the time you need to understand the process and learn from the professionals; don’t assume that everything you read is true.