Best answer: earnest money is money held in escrow by the real estate company to show the seller that you are really serious about wanting to buy their house. Down payment money is the money you have to come up with to cover what the mortgage company won’t cover. For example, if you are buying a $100,000 home, and the mortgage company is loaning you 80% or $80,000, then you have to come up.

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 · I am wondering whether the earnest money counts toward the down payment you state you will put down or if it Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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· The Earnest Money Deposit becomes part of the down payment at closing. If the deposit is larger than the required mortgage down payment, the buyer will receive the balance at the closing. In conclusion, an Earnest Money Deposit is a way for a buyer to prove they are serious about following through with the purchase of a property.

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 · 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 used for the down payment and the closing costs, then the buyer will receive a refund at the closing.

Does My Earnest Money Count Toward Closing Costs? – During closing, the earnest money deposit can be used to reduce the amount of down payment. For example, if you are buying a home for $200,000 and want to put 20 percent down, your down payment will be $40,000.