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Customary EMD Amount

Frequent Contributor

Customary EMD Amount

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. 

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club
Message 1 of 5
4 REPLIES
Super Contributor

Re: Customary EMD Amount

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.
Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 2 of 5
New Contributor

Re: Customary EMD Amount

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 Smiley Surprised.

Message 3 of 5
Regular Contributor

Re: Customary EMD Amount

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.

Message 4 of 5
Super Contributor

Re: Customary EMD Amount

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

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 5 of 5