Any deposit (usually called earnest money) that you are required to give to your realtor at the time of an accepted purchase contract will count towards your 3.5% down payment.
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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 closes the sale.
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Two rather vague but very important terms for buyer and seller alike are "earnest money deposit" and "down payment." Both have to do with.
Earnest Money is a Deposit you put down on a property to show consideration (required in some states to make a contract valid). It has nothing to do with the Down-payment (although it could go towards your down-payment). The Earnest Money is to show the sellers that you are serious about buying their property.
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