Earnest deposit and buy down funds

Home Forums Purchase Program Earnest deposit and buy down funds

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  • #68437
    frankysmom
    Member

    Earnest deposit in my area is 3.5% and would equal to about 25,000 , a sizeable amount of money.

    I will need 26k in buy down for home I want. Can the 25k in escrow be counted towards that buy down requirement?

    Thanks

    #68440
    purdynerdy
    Participant

    Your earnest money deposit will be applied to your pre paid (taxes, interests and insurance) and any buydown at closing.

    #68442
    Al92
    Member

    When the whole calculation is done at credit acces and bank app 25k is deducted from your MRF/cash to close.

    #68443
    frankysmom
    Member

    Thanks, we have enough to cover pre-paids in excess of the 25k.

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