Does Earnest Money Count Towards Down Payment

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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