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If the seller accepts your offer, this money will go toward your down payment and closing costs. Note that earnest money can be either refundable (this is almost always the case) or non-refundable.
It’s called an earnest money "deposit" because it’s basically an advance payment toward your home purchase. So, if all goes well and your offer is accepted by the seller, the amount you paid in earnest money will go toward the down payment and closing costs (in most cases).
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During closing, the earnest money deposit can be used to reduce the amount of down payment. For example, if you are buying a home for $200,000 and want to put 20 percent down, your down payment will be $40,000. If the earnest money deposit is for 3 percent or $6,000, you would be required to provide a down payment of $34,000.
The Federal Housing Administration has strict documentation requirements for proving cash deposits before a. When buying a house, you deposit earnest money into an escrow-holder account, which goes.
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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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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.
If the sale goes through, the earnest money is generally applied to the. including the earnest money, down payment, documents for the sale, But what does PITI mean, and why does it matter. You may be required to make monthly payments towards your tax bill that are included in your mortgage payment. Your lender then puts this money into.