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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?
Your earnest money deposit will be applied to your pre paid (taxes, interests and insurance) and any buydown at closing.
When the whole calculation is done at credit acces and bank app 25k is deducted from your MRF/cash to close.
Thanks, we have enough to cover pre-paids in excess of the 25k.