Home Buying in 08817>Question Details

Logan S, Home Owner in 08817

How much good faith deposit & down payment are customary for a Edison property?

Asked by Logan S, 08817 Fri Mar 8, 2013

I read the range for good faith deposit is 1-3% and down payment is 20%. What do you typically see in Edison?

Help the community by answering this question:

Answers

4
Logan

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.
0 votes Thank Flag Link Tue Aug 13, 2013
Good faith deposit varies depending on the price of the property. I have seen average deposits of $5000 - $10000.

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.
0 votes Thank Flag Link Sun Jun 16, 2013
Typically, from what I have seen is a good faith deposit of $10k and a total downpayment of $10%.

Vishal.
0 votes Thank Flag Link Fri Jun 7, 2013
Logan, good faith deposit and down payments are not really linked to Edison on any other place in particular.

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!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Fri Mar 8, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer