Just to clarify, I currently have a home under contract and have given my agent $1000 money order for earnest money. My current bank account balance is around $5k, and I am told that I will need about $400 (in addition to money the lender already has) for closing. Closing date is 5 days from now, and the lender calls to tell me that the VA needs to be able to verify the source of all money in my bank account that I paid the earnest money from and that the closing costs will be paid from.
Not that I am hiding anything, but the closing date is quickly approaching, and I have sent them a declaration to explain, including where money was transferred into my PayPal account. Now they want to see the statement of people who transferred the money to me (!?)
First question, why in the world do they need to know this? I did not use these deposits as "income" to get the loan approval, and the lender is saying that the loan was not granted based on this money. Second question: is this weird or normal?
The earnest money deposit is held in an escrow account until the closing takes place. At closing the earnest money is either credited to your side to add to your down payment or it can be credited back to you in the form of a check. If your deal does not close there are different rules in each state as to how the earnest money will be handled.
No closing cost mortgage can save you a lot of money in upfront fees. One of the banks that offer low cost or no closing cost mortgages is Citizens Bank.
Five-Star-Mortgage dot com in Henderson, NV. carries free closing costs mortgages for the following: Reverse mortgage Conventional mortgage VA loan FHA loans And are currently licensed in NV, CA, WA, OR, UT, AZ, HI, and FL to process mortgage loans. Hope this can help those looking to save a lot of money
ANYTHING or any amount can be used as Earnest Money as this is about the mutual contract between the contracting parties. this is the satisfaction of the seller that on what thing or money he is ready to accept as EARNEST MONEY OR DEPOSIT. this is to secure the transaction and it is the satisfaction of the seller only
10 percent or more and you can control the interest rate and closing costs.
earnest money
The earnest money deposit is held in an escrow account until the closing takes place. At closing the earnest money is either credited to your side to add to your down payment or it can be credited back to you in the form of a check. If your deal does not close there are different rules in each state as to how the earnest money will be handled.
You can borrow it from your Whole Life cash value, sometimes you can finance it in, money back from the seller for closing costs, borrow it, etc.
They are typically $50 to $75 and 3.5% charged
Money. Increased costs (rent and raw materials) and decrease in number of customers.
No closing cost mortgage can save you a lot of money in upfront fees. One of the banks that offer low cost or no closing cost mortgages is Citizens Bank.
Five-Star-Mortgage dot com in Henderson, NV. carries free closing costs mortgages for the following: Reverse mortgage Conventional mortgage VA loan FHA loans And are currently licensed in NV, CA, WA, OR, UT, AZ, HI, and FL to process mortgage loans. Hope this can help those looking to save a lot of money
You usually have 21 days to back out, if you do it within that time period you will be fine, if not, explain your situation and tell them u will contact an attorney if needed.Answerin some cases though they will keep your earnest money or down payment but usually you can back out anytime before closing..and you are still stuck with the appraisal costs and other fees
A check or money order is usually required for down payment/closing costs.
We tried in earnest to return the money to its rightful owner, but we were unsuccessful.
The people you are buying the house from can sue you for the earnest money.
ANYTHING or any amount can be used as Earnest Money as this is about the mutual contract between the contracting parties. this is the satisfaction of the seller that on what thing or money he is ready to accept as EARNEST MONEY OR DEPOSIT. this is to secure the transaction and it is the satisfaction of the seller only