If you are one of the lucky ones receiving a tax refund from the IRS or state refund. Instead of blowing it on things that will not give you a monetary value, think about using that refund to purchase a home in the city of Rancho Cucamonga or surrounding area.
With the refund check that you will receive, think about payoff debt that may be holding you back from purchasing a home. You may be debt heavy, to much debt going out verse income coming in to the household. The typical debt to income ratios is 31/43, can go higher with DU approval and the only way the ratios can go higher is with compensating factors. So take the refund and pay debt down or off to get your expenses under control to put you in the position purchase a home int he coming months.
If your debt will allow you to purchase home in the Rancho Cucamonga area, then use the funds as the down payment on a home. The VA home loan program does not require a down payment to purchase, 100% financing no money down. FHA will require a minimum of 3.5% down payment of the purchase price and Conventional requires at least 5% as the down payment.
Working towards owning a home can be a benefit with the tax advantages that home owners have today you refund over the years should only increase. If the refund is not enough to purchase this year, then set up a fund that every year you receive a refund, the money will go into your home purchasing account. Build that account up tip you have enough to put down to purchase a home.
Purchasing a home in Southern California can be a financial benefit, as you can see we have seen a good healthy home value increase in the 2nd half of 2013 and the 1st quarter of 2014 is looking bright as well. And just think when you look back 5, 10 or 20 year the road of owning a home, it started off with your refund check. You took your down payment and built wealth in your home value.
I welcome the opportunity to speak with you on how we utilizing that refund check to purchase a home this year or the coming year. Turn a $5000 refund check into $100,000 in equity over time. You will not see a better return of your IRS refund check in the stock market or savings account, but you can see that in owning a home over time.
by Nathan Rufty