Earnest money count towards down payment

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Home Buying: I am wondering whether the earnest money counts toward the down payment you state you will put down or if it - Trulia Voices

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Tuesday, July 27, Is Earnest Money Part of the Down Payment? 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.

Is Earnest Money Part of the Down Payment? | Home Guides | SF Gate

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.

If the transaction closes, the earnest money deposit can be counted as part of the down payment. In addition, if the earnest money deposit is larger than the required down payment, then any excess amount can be applied towards the buyer's closing costs.

FHA Down Payment

If there is any money left over after the earnest money is used for the down payment and the closing costs, then the buyer will receive a refund at the closing. Posted by Chris and Debbie Thomas at Newer Post Older Post Home.

Low Interest Rates, Low Closing Costs, and our loans close! Click here to visit our web site. Here's What People Are Saying About Us "I always turn to Chris and Debbie to secure mortgage financing for my buyers because I rely on their unending commitment to customer service and their vast knowledge when it comes to mortgages. I recommend them to anyone - without even a moment's hesitation - they are simply amazing. The buyers have been pleased with their professionalism and their willingness to go the extra mile.

They are patient and willing to work with potential buyers who have credit issues. A pleasure to work with.

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