Location of the home does not play a factor. Typically I see a $1000 good faith deposit then depending on the total down payment amount and what type of loan you are getting a second deposit from zero (on an FHA loan with the minimum 3.5% down) up to 50% of the total down payment . Depends on many factors.
Have you already found a home in Edison? if not Edison is my primary selling area, tho I work in all of Middlesex County. If you don't have a realtor I would be happy to speak to you with no obligation, to give you more information and answer any questions you may have. 908-675-0167. Look forward to hearing from you.
Down payment depends on lender. If you are a first time home buyer, it is usually 10% down (unless you go for special loans where its only 3.5% down). If you are not a first time home buyer, you would usually pay 20% down.
Your good faith deposit is typically negotiated along with the sales price. So when the buyer and seller agree on a price they typically also agree on what the buyer's good faith deposit will be. This can vary and it doesn't necessarily have to equal the buyer's down payment amount.
Down payment amounts are determined by the lender. When a buyer becomes pre-approved (happens way before buyer even searches for a house), a lender will let the buyer know what their options are and determine what down payment will be. This has no direct connection with Edison.
I suggest you speak to te Real Estate professionals you're working with and go over this with them. Good luck!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797