You read that right.

Combining your tax refund with a low or no down payment loan program, could make home ownership a real possibility.

Many would-be home buyers are discouraged by the belief that they need 20% down. In manyValley neighborhoods that would add up to more than $100,000!

In addition to low down payment options offered through the Federal Housing Administration (FHA), the Boles Group at Bay Equity Home Loans offers conventional loan programs with as little as 3% down. There are also VA loans and down payment assistance programs that completely eliminate the need for a down payment.

Although low and no down payment loan programs make home ownership much more accessible, you’ll probably still need some cash on hand when it’s time to close escrow. Here are some tips to help you reach your goal:

• Deposit incidental income like your tax refund or annual bonus before you are tempted to spend it.


• Create a separate bank account dedicated to saving for your down payment. This keeps the money out of sight and out of mind when you are paying bills or budgeting for other purchases.


• Schedule automatic transfers from your primary bank account to your savings every month.


• Have your employer deposit a percentage of your paycheck to your savings account.


• Save your virtual spare change with banking apps like Qapital or Chime.


• Cash-in your unnecessary expenses. Skip your morning latte in favor of office coffee and bring your lunch from home, then deposit the money you would have spent into your down payment savings.

If you’d like to put your 2021 tax refund toward the purchase of a home, talk to a Boles Group lending professional at Bay Equity Home Loans in Gilbert. Your loan officer will help you create a complete home purchase plan including everything from the credit repair stage (if needed) to realtor referrals when it’s time to start shopping.

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Bay Equity Home Loans – Boles Group is a team of lending professionals located in Gilbert, Arizona and licensed to originate home loans for purchase or refinance in 11 states (AZ, CA, CO, Fl, GA,HI, ID, MN, NM, NV, OK, OR, WA). Boles Group lending professionals have the knowledge and experience to create solutions where other lenders create problems. The team prides itself on responsive, accurate communication and is highly regarded by clients and business associates alike.