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Does Earnest Money Go to Your Down Payment? Find Out Here

Redfin

The remaining $2,000 will help cover expenses like loan origination fees, title insurance, and escrow costs. Youre using a no-down-payment loan If youre financing with a VA loan or USDA loan, which dont require a down payment , your entire earnest money deposit can go toward closing costs instead.

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17 First-Time Homebuyer Mistakes to Consider and How to Avoid Them

Redfin

Not taking advantage of government-backed loans A common first-time homebuyer mistake is overlooking government-backed loans when these programs can make homeownership more accessible. Options like FHA loans , VA loans , and USDA loans offer low down payments and more lenient credit guidelines.

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Can You Get Your Earnest Money Back at Closing?

Redfin

This deposit is usually between 1% and 3% of the homes purchase price, but the amount can vary based on the local market and the agreement between you and the seller. If your down payment is already covered, the earnest money can help pay for lender fees, title fees, and other closing expenses. You may receive a refund.

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23 Common First-Time Homebuyer Questions: Your Questions Answered

Redfin

On top of that, it’s also smart to check your local housing market trends and mortgage interest rates. Here are the minimum credit scores needed to qualify for certain loans: Conventional loans: 620-660 Jumbo loans: 700 FHA loans: 500-580 VA loans: no requirement USDA loans: typically 620, but can be lower 8.

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The Best Mortgage Blogs From 2017 | Advice For Home Financing

Rochester Real Estate

However, fees for the loans can be higher than a bank and it’s likely that your loan will be sold on the secondary market after closing. You have no control over who you loan gets sold to. It lead to investors snapping up too many homes even as the market started to slow. Happy house hunting!

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How the Financing Contingency Works: Why Buyers Should Think Twice Before Waiving It

Redfin

This protective clause in your purchase agreement can save you thousands if your mortgage falls through, but in todays competitive market, some buyers are tempted to waive it. Youre using a government-backed loan. FHA or VA loans often have longer processing times and stricter property standards, which could create unexpected delays.

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Everything To Know About Buying a House With Cash

Redfin

Buyers can benefit from the leg up in a competitive housing market, avoid mortgage fees and interest rates and save money in the long run. Reasons to make a cash offer on a house Buying a house with cash is more common in a seller’s market, which means that there is a high demand for an extremely limited pool of homes.