Customary EMD Amount

[PixieQueen80]

I do not have my own realtor and is using the realtor for the non-profit that I am purchasing my home from and was wondering if there is a formula or customary amount to put down for the EMD. 

[ShanetheMortgageMan]

There is a customary amount, and it depends on the customs in your area. Could be anywhere from $500 to several thousand. Just depends on what the seller is willing to accept. If the purchase price is $100k or below, usually a $500 earnest money deposit it all that is needed. Anything more than $100k I've found that 1% of the purchase price is common. The real estate agent from the non-profit can let you know what the customary amount is.

[gul1]

We are in contract with 180K home and the seller wanted only $500 earnest money, he also agreed to pay $5800 towards closing cost. Our file goes to underwriting tonight or tomorrow .

[Anonymous]

I'm in the process of trying to buy a home and we had to leave an EMD  of 50% of the downpayment. We are in NYC.

[ShanetheMortgageMan]

Large EMD's in NYC are typical - often can be the entire down payment if it's less than 5% down.