Home Buying in Berwyn>Question Details

ranata.farne…, Home Buyer in Orlando, FL

If I have down payment assistance, would that money go towards the earnest money or will be additional money I have to come up with?

Asked by ranata.farnell, Orlando, FL Wed Nov 14, 2012

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Sabrina Ash’s answer
Earnest money is paid upfront, and credited back to you at closing. Any down payment assistance is applied towards your down payment and/or closing cost.

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0 votes Thank Flag Link Mon Nov 26, 2012
Great question. Depends on the type of assistance. Some programs require you to put 1,000 out of your pocket. If you have any financing questions, feel free to contact me.

Alexander Romo
Senior Vice President Mortgage Lending
Nmls 217060

0 votes Thank Flag Link Fri Sep 20, 2013
Earnest money needs to come from straight hard cash and then you get a credit back at the statement of adjustment for the assistance.

They cannot simply give you the assistance money up front as have not yet secured the deal.

0 votes Thank Flag Link Thu Mar 28, 2013
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