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Does Earnest Money Go to Your Down Payment? Find Out Here

Redfin

Its credited back to the buyer at closing: If the deal moves forward, your earnest money is applied toward your down payment or closing costs. However, if you back out of the deal for reasons not covered by contingencies (such as inspection or financing), you may forfeit the earnest money to the seller.

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How the Financing Contingency Works: Why Buyers Should Think Twice Before Waiving It

Redfin

When buying a home, few clauses are as important, or as misunderstood, as the financing contingency. Whether its your first time buying a home in Seattle, WA or youre looking to invest in a condo in Austin, TX , understanding how a financing contingency works can help you navigate the process and avoid costly mistakes.

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Can Closing Costs Be Rolled Into Your Mortgage?

Redfin

Key features of USDA loans: No down payment: One of the biggest benefits is that USDA loans typically require no down payment. This is a huge advantage for buyers who may not have saved a large sum of money for a down payment. You can finance up to 100% of the appraised value of the home.

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When Is a House Down Payment Due and How Much Do I Need?

HomeLight

How much you’ll put down depends on the specifics of your finances, and what kind of mortgage you’re getting. Veterans have access to the Veterans Affairs (VA) loan when buying a home , a great benefit of serving the country as a current active military member, a military veteran, or as a surviving spouse of someone in the military.

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Can You Get Your Earnest Money Back at Closing?

Redfin

If your down payment is already covered, the earnest money can help pay for lender fees, title fees, and other closing expenses. If your earnest money exceeds your total costs due at closing, youll get a refund for the excess amount. This is more common with VA loans or USDA loans, which require no down payment.

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How Long Can a House Be Under Contract?

Norada Real Estate

Additionally, the type of financing being used, such as FHA or VA loans, can also impact the length of the under-contract period. Financing Contingency Another factor that can impact the length of the under-contract period is the financing contingency. The post How Long Can a House Be Under Contract?

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Your Top 11 Questions About Down Payments, Answered (Including: What’s an Average Down Payment?)

HomeLight

Research and strategy are involved when deciding on a figure for a down payment, which will depend on your savings and how much you’re willing (and able) to finance. Conforming loans can be bought by the government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae, and therefore have to meet their loan standards.