Home Buying in Fort Worth>Question Details

cecylia, Home Buyer in Fort Worth, TX

when is the down payment due after the stuff been negotiated or when ever the owner or seller demands?

Asked by cecylia, Fort Worth, TX Sun Aug 26, 2012

how long will they give to scrape up the money for the deposit? Its are frist time trying for a house so we really dont know much?

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Barbara Coker’s answer
You have referred to the "down payment" and the "deposit" in your question. The down payment is due at closing, but the lender must verify that you have it, from acceptable sources, before the loan is even approved. The deposit is due after your offer has been accepted by the seller. Your Realtor will take your check to the title company, where it will be cashed and held as "earnest money."
I hope this helps.

Barbara Coker
Licensed Mortgage Loan Officer
1 vote Thank Flag Link Mon Aug 27, 2012
thanks very helpful
Flag Mon Aug 27, 2012

After your Realtor negotiates and gets you and the seller to sign the contract, the loan underwriting process begins and a part of that is being able to show that you have the funds needed for closing. Typically you'll need 3.5% of the purchase price of the house for down payment plus money to fund your escrow account plus the first month's payment (about $3500 on a $100K purchase). There are also closing costs, but often the seller will cover them. If that isn't possible they are typically about 3% of the purchase price.

Obviously we're talking about a fair amount of money needed. There is also another way, as I offer a program with no down payment, no closing costs and no perfect credit needed. Check out http://www.NACA.com for details. Good luck in your search.

John Lyng
Mortgage Counselor-NMLS 280951
1 vote Thank Flag Link Sun Aug 26, 2012
At execution af contract option and earnest money are paid. Down payment is negotiated with lender and is paid at closing. Give me a call if you have questions.

1 vote Thank Flag Link Sun Aug 26, 2012
Down payment is due at closing.
1 vote Thank Flag Link Sun Aug 26, 2012
we can help walk you through the steps.

Deposit and Option money are due at contract signing.

Bruce Lynn
Keller Williams Realty
1 vote Thank Flag Link Sun Aug 26, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
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