Did you know that a $7000 tax return could be turned into a $200,000 home? A lot of people come into my office and tell me that they will never be able to come up with $5-$10,000.00 dollars, of down payment money needed to become a home owner.
So before you start planning your next trip or sizing up that big screen TV you want to buy with your refund, think about the long term effect owning a home would have on your future.
Many people tell me even if they did save their tax refund they still wouldn’t be ready to take on a mortgage. And I love to tell clients what my tax professional Jeremiah Flowers of www.jefent.us always says “you’re paying a mortgage right now, just not yours!”
Learning how to use your assets is a key to moving up in the world. Knowing that you can qualify for an FHA home loan with 3.5% down, a credit score of 580 and no
bankruptcies is a real thing, which tons of people use to become first time home buyers every year.
Or did you know that there are down payment assistance programs out there that will allow you to come in with an earnest deposit of around $4.000, two months reserves in the bank, appraisal and inspection fees, which on a $300,000 house amounts to a total of around $8,000 in out of pocket fees.
I talk to a lot of people every week and they always ask if the things I write about really are out there, and my answer is always yes. But you have to be willing to go through the process. If buying a home was as easy as buying a TV everyone would have a house to call their own. But its specifically set up to be hard, so that lenders can distinguish between those who are mature enough to take on the responsibility of owing hundreds of thousands of dollars and those who aren’t.
My goal is to teach you how to turn simple solutions into home ownership, and the lump sum of money many of us get every year on taxes can be the key to you becoming a homeowner and wealth generator.
At WLM Financial, our goal and my dream is to teach people how to position themselves to be financially free, and with a little bit of hard work you can get there.