According to the data released by the Internal Revenue Service the average refund is $3,033 in Texas when filing taxes this year. 

Tax refunds are often thought of as “extra money” that can be used towards larger goals.  For anyone looking to buy a home in 2018 this may be enough to cover your down payment and closing cost or at least jump start they savings account for it.

Many buyers believe that a 20% down payment is required to qualify for a mortgage.  This simply is not the case! USDA and VA loans are 0% down, Conventional loans are as little as 3% down and FHA loans are as little as 3.5% down. 

There are also Down Payment Assistance Programs available to qualified buyers which can be used towards the down payment as well as closing cost.  Down Payment Assistance programs are grants and never have to be paid back.

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. 

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.