America Saves Week 2015
Find out how a little help from the FDIC can give you the savings resources and education to help you get into the new home that you’ve always dreamed of.
One of the biggest obstacles a consumer can meet when looking to purchase a home is saving up for a down payment. With qualified homeowners expecting to pay up to 20% for a down payment and those already in a home challenged by high monthly mortgage payments, home owning can seem less a reality and more of a pipe dream.
A solution might be closer than it seems.
The Federal Deposit Insurance Corporation (FDIC) has designated the week of February 23rd through the 28th as America Saves Week. During this week, The FDIC will assist consumers by providing them with the tools, educational resources, and planning to help them increase their savings to an amount that will allow them own a home. Even small contributions to an insured savings account could make a huge difference. One of the ways the FDIC encourages this is by automated means, where regularly scheduled deposits keep a consistent flow of cash into an account that’s out of sight and out of mind.
Decreasing FHA mortgage insurance premiums (down by 0.85%) and 3 percent down financing options can be the difference that qualified buyers have been waiting for.
America Saves Week couldn’t come at a better time. In the season of income tax refunds, consumers might be getting just the break they need. Eight out of ten Americans who file their taxes will be receiving a tax refund in the coming weeks, the average amount being $3539. This can cover closing costs or take a major chunk out of down payments. Depending on credit history and other financial factors, qualified borrowers could be paying as little as $6000 for a $200,000 home.
Check out America Saves Week to get a free savings toolkit and learn all about the ways you can practice good savings behavior!
Looking to see how you can save on a new home? Interested to find out what financial options are available to you? We can help. Whether you are looking for more information about upcoming properties in the Fort Lauderdale, Wilton Manors or Oakland Park area, we thrive to provide our customers with the best real estate news, services and market updates. Call us today at 954-592-4120 for a private and free consultation.