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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
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Name
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When you bid on a house how much money do you put down as a deposit?
Is it different with a va loan?
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Posted 6/13/12 4:32 PM  |
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Prudential Douglas Elliman Real Estate
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
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My anchor when I get tossed
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Re: When you bid on a house how much money do you put down as a deposit?
We put 3.5% down with an FHA loan.
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| Posted 6/13/12 4:48 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
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Re: When you bid on a house how much money do you put down as a deposit?
Do you mean the deposit at the time of signing the contracts, or the total downpayment that you have at clsoing?
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| Posted 6/13/12 4:55 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: When you bid on a house how much money do you put down as a deposit?
There are 3 different things
With an offer - $100 (just to show we are serious and only did it for the house we actually got)
At contract - 5%
For loan - 3.5% - so we actually got money back at the closing table and put it towards closing costs
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| Posted 6/13/12 5:58 PM |
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Re: When you bid on a house how much money do you put down as a deposit?
If you are referring to a down payment, how much money you are required to put down depends on the type of loan you are getting. A VA loan, you can actually put 0% down, FHA loans require a minimum of 3.5% down, and with a conventional loan, I've seen as low as 5%, but most people put more.
Of your entire down payment, it's up to you how much you put down upon signing the contract versus at closing. A lot of people do half and half, so if they have 20% down, they put 10% on contract and the remaining 10% down at closing. Some seller's attorneys want at least $10K down on signing the contract, and some of my customers who have 3.5% down opt to offer to put all of it down on signing contract to make their offer stronger.
If you are referring to money given over at the time the offer is submitted (pre-contract), that is called an "earnest money" deposit and is rarely used around here anymore. The idea would be for the buyers to write a check for a relatively small amount of money (e.g,. $100, $500, etc.) and submit it with their offer for the seller to hold. It would be to show that the buyers are serious and committed to the transaction. The seller would sign the written offer form, or sales agreement, too, and accept the check (and that money would eventually be applied toward the down payment). But I find that most agents don't bother with it anymore, and a lot of listing agents and/or attorneys advise their sellers not to sign the sales agreement or take any money until contracts are negotiated and signed. Unfortunately, around here, the deal is not really a deal until contracts are signed. Earnest money deposits have sort of fallen by the wayside.
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| Posted 6/13/12 6:13 PM |
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Re: When you bid on a house how much money do you put down as a deposit?
5% with contract signing remaining 15% at closing. we have an FHA.
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| Posted 6/14/12 9:48 AM |
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LovesMike
LIF Adult
Member since 8/10 978 total posts
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Re: When you bid on a house how much money do you put down as a deposit?
Posted by whateverLOLAwants
5% with contract signing remaining 15% at closing. we have an FHA.
This, but not an FHA, conventional.
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| Posted 6/14/12 12:46 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
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Re: When you bid on a house how much money do you put down as a deposit?
10% at contract, 10% at closing, conventional
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| Posted 6/14/12 1:11 PM |
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