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If you are short on cash you should consider buying something within USDA (0% down) zone.
The required down payment, binder, deosit will vary by builder and also depens on purchase price somewhere
1% - 3.5%.
One of my friend had to pay 3.5% and had to show the rest of the closing cost on the saving accounts / gift.
Keep in mind to get the credit ($8000) for sure you need to move quick. Try find something that already have at
least building permit.
Laz
I'm guessing this varies from builder to builder but we just signed a contract in a new development and we had to put $1,000 down in earnest money at contract signing and then we have to put another $1,500 down at our design center appointment, which is this week.
We then did our loan paperwork and a commitment letter was sent to the design center. They are supposed to start on our home 4 - 6 weeks after our design center appointment. The house will more than likely not be finished until March 2010. We aren't required to put down anything else and I'm told we should get this money back at closing. I guess I should add we are going VA so this might make a difference. I'm not sure though.