You read that right.

When you combine your tax refund with a low or no down payment loan program, home ownership could become a real possibility.

Many would-be home buyers are discouraged by the belief that they need 20% down to purchase a house. For the average home in Gilbert, Arizona -- where the Boles Group offices are located -- that’s over $65K!

In addition to low down payment options offered through the FHA, the Boles Group at Bay Equity Home Loans offers conventional loan programs with as little as 5% down as well as VA loans and down payment assistance programs that completely eliminate the need for a down payment.

Low and no down payment loan programs make home ownership much more accessible, but in most cases, you’ll still need at least some money 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.


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

If you would like to use your tax return for the purchase of a new home, talk to a Boles Group loan officer to create a complete home purchase plan. Our licensed loan officers can provide you with insights on the home loan process and recommendations for everything from credit repair to realtor referrals and moving companies.

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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 nine states (AZ, CA, CO, ID, MN, NM, NV, 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.