Average Refund By State

Have you thought about putting your tax refund toward a down payment on a home in Surprise AZ? Home ownership in Arizona may be one step closer than you think if you spend your dollars wisely this year. If you’re looking to buy a home in this year. Here are some interesting facts:

Surprise AZ Taxpayers can expect an estimated average refund of $2,962 when filing their taxes in 2020..Looking at the data released by the Internal Revenue Service (IRS). 

According to programs from the FHA,  Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down. Also when purchasing a home, a 20% down payment is not always required by lenders to buy a home in Surprise AZ, even though that’s a common misconception about home buying. Veterans Affairs Loans allow many veterans to purchase a home with 0% down. In many cases you can receive your earnest money back.

How can my tax refund help?

If you take into account the median home sale price by state, the map below shows the percentage of a 3% down payment that’s covered by the average tax refund:

Percentage of down payment that could used from taxes

Looking at the image above, the darker the blue, the closer your tax refund gets you to home ownership in one of these programs. Maybe this is the year to plan ahead and put your tax refund toward a down payment on a home.

If you’re a first-time buyer in Surprise AZ, your tax refund may cover more of a down payment than you ever thought possible. When you get a chance take a look at homes for sale in Surprise AZ.  Then give us a call we can help you with your plan for home ownership. 

Bottom Line

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