Gblue, Home Buyer in Tampa, FL

Can you change the amount of down payment after you go to contract? Lender offered us choice of a lower down payment for the loan at the same rate.

Asked by Gblue, Tampa, FL Tue Mar 20, 2012

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Alma Kee, Agent, Tampa, FL
Wed Mar 21, 2012
Yes, I agree with Lisa and Jeanne and others that it's a good idea to notify the Seller of a change in financing and ideally to get it in writing that they accept.

The crucial thing (especially if you are getting a bargain) is to make sure you deliver the unconditional loan committment to the Seller no later than the date specified in your contract or they may be able to kick you out of the contract! It doesn't happen that often but in Tamp right now the market is pretty hot so the Seller may be temped by a backup offer.

All the best,
Alma Rose Kee, PA
Future Home Realty
1 vote
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Thu Mar 22, 2012
It doesn’t affect the seller as long as the seller isn’t paying an origination fee or discount points on your behalf.
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Thu Mar 22, 2012
Technically no.... You have agreed to terms with the seller. Usually the contract spells out the financing details. If you do not receive your financing than you are risking your deposit money. If you get the loan no problems.....
0 votes
Lisa Reeves, Agent, Tampa, FL
Wed Mar 21, 2012
Does the change in down payment add mortgage insurance to your payment or change the type of loan? Always notice the seller of changes and to protect yourself you will want anything significant be signed and agreed upon so that your financing contingency still covers you. But as long as you are secure in your ability to finance no worries.
0 votes
Dan Turner, Agent, Lutz, FL
Wed Mar 21, 2012
The contract is typically contingent on financing. As long as you can still get the financing, the amount of down payment can be changed. You should notify all parties and have them sign off on any changes that occur after the initial sales contract has been executed between the buyer and the seller.
0 votes
Jeanne Prigi…, Agent, Tampa, FL
Wed Mar 21, 2012
A contract is a legally binding document between you and the Seller. All of the terms have been agreed upon including the deposit, down payment, and financing terms. If there is a change to any of the terms, both parties must be notified and they must agree (addendum to contract). If a term changes and both parties are not notified and agreed, you could technically be in breech of contract. If you do complete the sale and close, probably nothing would happen. If however, you are unable to get financing, you have changed the financing terms and could be in jeopardy of losing your deposit. The best bet is to create an addendum with the new terms and both you and the Seller should sign.
0 votes
Maria Gilda…, Agent, Manchester, CT
Tue Mar 20, 2012
If you are talking about the down payment that you need to bring to the closing to consummate the transaction--and consummating a transaction is being able to get the mortgage, then I would think it is okay.
There are instances when buyers changed their financing from conventional fixed rate to conventional variable.

A problem may arise when an FHA for financing is checked-out when a condominium or a house can't be federally-insured and the buyer has only 3.5% of the purchase price for down payment.

Best of Luck.

0 votes
Ron Thomas, Agent, Fresno, CA
Tue Mar 20, 2012
The TERMS of the Loan can be changed after the Offer has been accepted:
You have made a committment to get the Loan and in a timely fashion; usually 17 days.
But the terms of the loans are nobody's business.
Just get it!
0 votes
Peggy Edwards, Agent, Tampa, FL
Tue Mar 20, 2012
Hello, it appears you are confusing "down payment" with "deposit". The deposit amount listed on the contract is the amount both parties have agreed to contractually to make sure the purchase agreement is legal. It is held in escrow and will be applied to your total amount due. The down payment for a loan is between you and your lender.
0 votes
The down payment amount is also a part of the contract. As Jeanne said above, any changes to the terms of the contract, including down payment, would need to be in writing between you and the seller otherwise you would be in breech of the contract.
Flag Wed Mar 21, 2012
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