Hello All,
We are set to close tomorrow on our home. I received a call from our LO and she just got off the phone with the title company who is preparing our Final numbers to close. She said that everything ended up being much cheaper than expected and the builder's contribution toward closing costs and title insurance covered all of our closing costs. The issue was that NFCU was offering a promotional $1500 to be applied to closing costs but since there are no closing costs left to pay that we could either A) use it to help buy down our interest rate which would require a couple days to redo some paperwork, and we would need a little extra money to do that as well and not close tomorrow or B) Not receive the $1500 and basically forfeit it to close tomorrow. I chose to close tomorrow and forfeit the $1500 because we are out of the country on vacation starting Sunday and didn't want any hang-ups.
My question is this- We put a $2000 earnest cashier's check down when we went under contract with the builder. Is that part of my actual down payment or would they have applied that toward closing costs first which inturn made NFCU not be able to pay the promotional $1500? Or was it that the builder covered everything and that $2000 will be used as part of my final down payment? I am supposed to receive my HUD-1 Doc later today but am anxious to know the final breakdown of how it was applied which would help me to know the final out-of-pocket expense. I thought I would come on here to see how the earnest money would have been applied if anyone knows? It is an FHA loan at 3.875% if that info is needed.
Thank you!
Congratulations on your closing!
Have fun on your vacation. Enjoy your new home.
BTW, applying the EMD to down payment is exactly how it works so everything worked out well for you.
Thank you so much!!