Does Earnest Money Go Towards The Down Payment
Earnest Money: Everything You Should Know About How it Works – · For example, if your down payment plus closing costs came to $50,000 but you gave a $2,000 earnest money deposit, you would only be required to bring $48,000 to the closing table, as directed by the title company or attorney who closes the sale.
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Earnest money is a good faith deposit that is part of the down payment but should not to be confused with a down payment. When buyers execute a purchase contract, the contract specifies how much money the buyer is initially putting up to secure the contract, to show "good faith," and how much money all together will be deposited as a down payment.
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Earnest money is not a down payment, however.. If you prefer, the money can instead go toward your down payment or you may have it refunded to you and pay your other costs out of pocket. So.
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FHA Loan Rules For Earnest Money – FHANewsBlog.com – FHA Loan Rules For Earnest Money. In some cases the source of your earnest money may be scrutinized in a manner similar to the verifications required for down payment funds. FHA loans require downpayments from approved sources such as personal savings, cashed-in investments, bona fide gifts that meet FHA loan rules, etc.
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Can you use earnest money towards closing costs or down. – · Anonymous We have put $15,000 as earnest money deposit (EMD) and we are moving towards closing in about a couple of weeks. The EMD is being held by our realtor’s company (buyer agent). Since on the day of closing we are required to have the down payment and the closing costs in the form of a certified check (or something of that sort),
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