Does earnest money go down payment

By Leesa Sandoval Mortgage. A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted.

How to Protect Your Earnest Money Deposit

The amount varies enormously, depending upon local custom and the state of the local market at the time of contract negotiations. An Earnest Money Deposit EMD is simply held by a third-party escrow company according to the terms of the executed purchase contract.

For example, there may be a contingency period for appraisal , loan approval , property inspection or approval of HOA documents.

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Where Does My Earnest Money Go?

Home Blog Mortgage Where Does My Earnest Money Go? Previous Post Renting vs Buying A Home Next Post FHA Announces Changes in Texas. Copyright text by Leesa Sandoval k Rehab Now.