Blog Articles from Allegiant Mortgage, LLC

     Unless you're getting a 100% loan such as USDA Rural Development, VA Loan, or other local grant type programs, a down payment is going to be required to purchase a new home.  There are down payments as low as 1% on special Conventional Loan Options or 3.5% for FHA loans, and if you haven't stashed away the necessary cash over time then using your tax refund is a perfectly acceptable source of funds for your down payment.  Unacceptable sources for a down payment are gifts that have to be repaid, loans or payday loans, unverified cash deposits into your bank account, and several others.  Closing costs are calculated on purchase price and loan amount so you are not penalized or charged more for not having a full 20% down payment.
     The average 2016 Tax Refund is estimated to be around $3,120 with one-third of filers already having filed and awaiting their refunds.  Don't allow this opportunity to have a down payment pass you by!  If you're not ready to buy immediately, set up a savings account or separate bank account in which your refund can remain separate from your regular funds. This will reduce the likelihood that you will be tempted to use the funds.  
     We have FHA loan options available for credit scores down to 580 and VA loan options available with credit scores down to 560.  Apply Here and put that tax refund to work!