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Earnest money is a deposit made to a seller showing the buyer’s good faith in a transaction. Often used in real estate transactions, earnest money allows the buyer additional time when seeking.
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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.
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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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Does Earnest Money Go To Down Payment | Semohousehuner – does earnest money go toward the down payment on a home. – Best Answer: yes, however if you do not close on the transaction earnest money can also be seen as a non refundable deposit, however most purchase agreements allow for refunds depending on the situation.
What is earnest money, when do I need it, and how much. – Your earnest money does not just "go away." Rather, it is applied to costs you would have already had at the end of the transaction, like closing costs and/or down payment.
Earnest money funds are usually applied to a loan’s closing costs or to the down payment. Since VA loans don’t require a down payment and closing costs are normally paid by the seller, many VA loan recipients end up putting that money toward closing costs and prepaid items or even getting it all back.
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.