Does Earnest Money Go To Down Payment

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How to NOT Pay Earnest Money When Making Offers on Deals Buyers often ask us if the earnest money check they write when they make an offer on a house is part of the down payment. The answer is YES. The earnest money check is a good-faith deposit to demonstrate to the seller that the buyer is serious about the transaction.

Then just ship out the phone and you should receive the payment. can go lower too, and you will have to pay fees and.

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Your earnest money can count toward your closing costs, or you can opt to apply it to the down payment of the home. Application of Earnest Money Although an earnest money deposit can go towards the closing costs of a home, it can also be credited towards a number of fees associated with home buying, such as the down payment or escrow fees.

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– The earnest money is credited to you at the closing and you can certainly use it as part of the down payment. If you make an offer on a property for $100,000 with a 90% loan and $1,000 earnest money.

If the deal successfully completes, the earnest money will go toward your down payment. When you deposit earnest money, it is held in an escrow account with the seller’s broker, title company, or escrow company. Some prefer to make small down payments instead. Low-down-payment loans also allow cash gifts for down payment.

Earnest money does not add to the laundry list of home-buying expenses; it represents part of your down payment. Serious Buyers Only Buyers don’t make frivolous offers when they have to present. 2007-08-20 Earnest money is a deposit made to a seller that represents a buyer’s good faith to buy a home.

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This means if you put 1% earnest money towards a home you agreed to purchase for $200,000, you have $2,000 towards your down payment. If the lender required you to put down 3.5% because you took out FHA financing, you would owe $5,000, which is the difference between the $7,000 required down payment and the $2,000 earnest money.

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