In some cases the source of your earnest money may be scrutinized in a. money paid for a home to be purchased with an FHA mortgage?
Just to be clear, earnest money is not your down payment. Your down payment is completely separate and should be 10-20% of the purchase price with a 15-year fixed-rate mortgage . However, if everything goes the way it’s supposed to, the earnest money will get folded into your closing costs.
Like: "Put your earnest money in escrow until closing. You can also escrow money (yes, it’s a noun or verb) for fees beyond your mortgage, like property tax and mortgage and homeowners insurance.
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The escrow agent collects what is known as "earnest money" from the buyer: a deposit that is equal to a small percentage of the sale price. In exchange, the seller takes the property off the market. Until the final exchange is completed, both the buyer’s deposit and the seller’s property are said to be in escrow.
Characteristics of earnest money payments. The amount of earnest money to be paid varies from city to city and is to be paid within 1 to 3 days after the seller accepts the buyer’s offer. In Seattle, for example, the earnest money deposit lies in the range of 1% to 3% of the sale price of the property. SBI, from time to time, lists mortgage properties such as residential properties.
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Earnest money is an amount, typically one to two percent of the sales price, which is deposited with an escrow agent or title company. If the sales price is $300,000, you can expect to pay up to $6,000 as an earnest money deposit, depending on local custom and strength of the local housing market .
· Earnest money can almost be considered a down payment on a buyer’s down payment. It’s money they likely already have set aside for the 15%- 20% down at closing, paid out just a little earlier. The earnest money deposit comes soon after the offer,