{"id":2112,"date":"2017-02-02T14:44:52","date_gmt":"2017-02-02T19:44:52","guid":{"rendered":"https:\/\/riverbankfinance.com\/blog\/?p=2112"},"modified":"2017-02-02T14:44:52","modified_gmt":"2017-02-02T19:44:52","slug":"use-your-tax-refund-as-a-down-payment-on-a-home","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/use-your-tax-refund-as-a-down-payment-on-a-home\/","title":{"rendered":"Use Your Tax Refund as a Down Payment on a Home"},"content":{"rendered":"<h1>Use Your Tax Refund as a Down Payment on a Home<\/h1>\n<p>One of the biggest roadblocks to homeownership for prospective first time homebuyers is the down payment. Given the cost of rent, utilities, student loan debt, and many other expenses, it is hard to save up thousands of dollars for a down payment. Some first time homebuyers are able to <a href=\"https:\/\/riverbankfinance.com\/blog\/using-gift-funds-for-your-down-payment\/\">receive a downpayment gift<\/a> from a family member, but not everyone is so fortunate. How then, can a prospective homebuyer purchase a home? Enter, tax season. The time of year every American loves to hate.<\/p>\n<h3>How Can my Tax Refund Help me Purchase a Home?<\/h3>\n<p>Whether you\u2019re receiving six-hundred or six-thousand dollars in this year\u2019s refund, it could mean the difference between renewing your lease or becoming a homeowner. If you\u2019re leaning toward the latter, deposit your tax refund in your bank account and consult a loan officer about what to do next. Whatever you do, DON\u2019T spend it, move it, or withdraw it in cash. Below are some examples of what you could do with it:<\/p>\n<ul>\n<li>Add it to your reserves<\/li>\n<li>Pay off debts to reduce DTI and increase chances of qualifying<\/li>\n<li>Pay down credit card balances to raise credit scores<\/li>\n<li>Pay for loan closing costs<\/li>\n<li>Put toward your down payment<\/li>\n<li>Create an emergency home repair fund<\/li>\n<\/ul>\n<p>Be sure to discuss these options and others with your loan officer before making any major decisions with your refund. Each borrower\u2019s situation is different\u2014sometimes it is better to pay off a debt to qualify, while others would be better off with a larger down payment.<\/p>\n<h2>Mortgage Programs with Low to No Down Payment<\/h2>\n<ul>\n<li><a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/va-loan.html\">VA<\/a> \u2013 no down payment<\/li>\n<li><a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/usda-rural-housing-mortgage.html\">USDA<\/a> \u2013 no down payment<\/li>\n<li><a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/fha-mortgage.html\">FHA<\/a> \u2013 as little as 3.5% down payment<\/li>\n<li><a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/conventional-mortgage.html\">Conventional<\/a> \u2013 as little as 3% down payment<\/li>\n<\/ul>\n<h3>Related: <a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/buying-a-home-with-no-down-payment.html\">Purchase a home with zero down payment\u00a0<\/a><\/h3>\n<p>The National Association of Realtors reported a median sales price of $232,200 in 2016. The required down payment on this home would be $8,127 with an FHA loan, but zero with a VA or USDA loan. If you choose to pursue conventional financing, you\u2019ll need $6,966 for 3% down, $11,610 for 5% down, $23,220 for 10% down, or $46,440 for 20%.<\/p>\n<h3>What if my refund isn&#8217;t enough?<\/h3>\n<p>Given the increases in home values and interest rates in recent years, a tax refund may no be enough to rely solely on for a down payment on a home. If this sounds like your situation, do not give up! Speak to one of our loan officers, who will gladly help you create a strategic plan for getting pre-approved and purchasing when the time comes.<\/p>\n<h2>Get More Information<\/h2>\n<p>To apply for a Mortgage or Refinance call Riverbank Finance today at 1-800-555-2098.<br \/>\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f185-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"185\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/2112#wpcf7-f185-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"185\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f185-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"ApplyFullHeader\" id=\"apply_form\">\n\t<p class=\"replaceheader\">Request Information Now!\n\t<\/p>\n<\/div>\n<div class=\"blueBox\">\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Name (required)\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Email (required)\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone:\" value=\"\" type=\"text\" name=\"your-phone\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-goal\"><select class=\"wpcf7-form-control wpcf7-select\" aria-invalid=\"false\" name=\"your-goal\"><option value=\"Purchase\">Purchase<\/option><option value=\"Refinance\">Refinance<\/option><option value=\"Cash Out\">Cash Out<\/option><option value=\"More Information\">More Information<\/option><\/select><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" placeholder=\"Your Message:\" name=\"your-message\"><\/textarea><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"referer-page\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text referer-page\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"referer-page\" \/><\/span><br \/>\n\t\n\t<\/p>\n\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner submit\" type=\"submit\" value=\"Submit Now!\" \/>\n\t<\/p>\n<\/div>\n<div style=\"text-align: justify; color:#666666;font-size: small;\">\n\t<p>By clicking \"Submit Now!\", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg\/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.\n\t<\/p>\n<\/div><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"119\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Use Your Tax Refund as a Down Payment on a Home One of the biggest roadblocks to homeownership for prospective first time homebuyers is the down payment. Given the cost of rent, utilities, student loan debt, and many other expenses, it is hard to save up thousands of dollars for a down payment. Some first<a class=\"excerpt-read-more\" href=\"https:\/\/riverbankfinance.com\/blog\/use-your-tax-refund-as-a-down-payment-on-a-home\/\" title=\"ReadUse Your Tax Refund as a Down Payment on a Home\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":10,"featured_media":2113,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[301,307,70,1,308],"tags":[431,8,72,457,178,792,793],"class_list":["post-2112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-fha-mortgage","category-first-time-home-buyer","category-local-michigan","category-mortgage-tips","tag-buying-a-home-2","tag-down-payment","tag-first-time-home-buyer-2","tag-grand-rapids","tag-michigan-mortgage","tag-tax-refund","tag-zero-down-payment"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/comments?post=2112"}],"version-history":[{"count":1,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2112\/revisions"}],"predecessor-version":[{"id":2114,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2112\/revisions\/2114"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media\/2113"}],"wp:attachment":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media?parent=2112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/categories?post=2112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/tags?post=2112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}