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In this week’s Mortgage Minutes, Academy Mortgage explains how your tax refund can be used for a down payment on a new home in metro Atlanta. The beginning of the year is a great time to get a mortgage and buy a home, as many builders haven’t ended their promotions from 2014, or they’ve already begun offering new first quarter incentives. An added benefit of buying this time of year is that it’s also tax time, meaning many potential homeowners will receive a tax refund that can be used toward a down payment.

Tax refunds can be used with all loan programs, as it is an eligible source of a down payment. It’s important to keep in mind that if you need your income from 2014 to qualify for a mortgage, the lender will need to see that you’ve filed your tax return. In addition, they will also need to review the tax transcripts from the IRS, which can take two to six weeks.