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earnest money: Earnest Money and CHFA Loans - 02/13/12 08:22 PM
CHFA (Colorado Housing and Finance Authority) offers down payment and closing cost assistance for Colorado home buyers and they only require the buyer to contribute $1,000 of their own money to the transaction.However, if a buyer pays more than $1,000 in earnest money, they are NOT allowed to get the amount that is in excess of $1,000 back at the closing. So make sure that when your buyer is getting a CHFA loan, they only pay $1,000 in earnest money.Have a buyer who needs a CHFA loan? Send them to us and we'll take care of everything for you.Getting a loan … (1 comments)
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earnest money: Proven Steps to More Sales - 08/08/11 08:12 PM
We received a very big response to our email tip last week suggesting that agents explain the basics to their prospects and clients. In order to help out a bit more, here is an additional question that buyers often ask us. Is the earnest money part of the down payment?Here's how to answer that question. "Yes, the earnest money deposit you make when you submit an offer is part of the down payment. You pay the earnest money to show the seller that you're serious about the offer. If they accept your offer, the earnest money is subtracted from the amount … (4 comments)
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earnest money: Is Earnest Money Part of the Down Payment? - 07/27/10 06:20 PM
Buyers often ask us if the earnest money check they write when they make an offer on a house is part of the down payment.
The answer is YES. The earnest money check is a good-faith deposit to demonstrate to the seller that the buyer is serious about the transaction. If the transaction closes, the earnest money deposit can be counted as part of the down payment.
In addition, if the earnest money deposit is larger than the required down payment, then any excess amount can be applied towards the buyer's closing costs.
If there is any money left over after the earnest money is … (1 comments)
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earnest money: How Much Money Can a Buyer Get Back at Closing? - 11/21/08 10:56 AM
Here's a question we get asked at just about every real estate training seminar we teach:
Q: How much money can a buyer get back at closing?
A: The most a buyer can get back is the amount of their earnest money, less any amount (if any) that they are required to contribute towards the purchase by the loan program guidelines. For example, if the borrower has paid $3,000 in earnest money and the loan program they are using requires a minimum contribution of $1,000, then the most they can receive back at closing is $2,000. If they get any more than that, it would … (1 comments)
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Chris Thomas
Denver,
CO
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The Mortgage Experts at America's Mortgage
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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