Financing in Hoboken>Question Details

Bc, Home Buyer in Hoboken, NJ

GFE Funds needed to close include deposit?

Asked by Bc, Hoboken, NJ Sun Oct 4, 2009

The GFE's I am receiving from lenders all have a bottom line for Funds Needed at Closing.

Let's say that number is $40,000.

Does that $40,000 include the deposit I am giving to the seller?

I've already paid $1000 in earnest money and will pay another big chunk (second deposit) in about 10 days from now. Let's say that second deposit is $11,000. Now we have paid a total of $12,000 in deposits.

So will I need to pay the $40,000 less the $12,000 I've already paid? So really it is only an additional $28,000 at closing?

Or will it be $12,000 now plus an ADDITIONAL $40,000 at closing for a total of $52,000?

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