Earnest money is normally submitted with a real estate purchase offer and is held either. Earnest money is used towards the down payment of the home purchase ; Gets. A home buyer has a certain amount of time to do their due diligence on the. money needs to be returned by law; Or both the buyers and sellers can go .
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.
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– 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.
Your earnest deposit goes toward your down payment. Unless you’re doing a USDA Rural development loan with 0% down, then you would get refunded anything you put into the transaction that was not needed for down payment or closing costs.
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Assuming that all goes well and the buyer’s good-faith offer is accepted by the seller, the earnest money funds go toward the down payment and closing costs. In effect, earnest money is just.
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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.
· As long as you’ve done what you were required to do as spelled out in the sales contract, your earnest money will be used toward the down payment and closing costs associated with your purchase. Any earnest money not used for these purposes will be credited to you after closing. How to Keep your Earnest Money Safe