@Anonymous wrote:
@Anonymous wrote:
The actual DP will be given to the lender on the day you close. You can show proof now and have them verify it, then spend what you have to for rent, then put it back when you have the money again.
I obviously can't speak for every scenario, but sometimes it's required sooner (put into escrow when an offer is accepted)
Yes, when you are buying a home you typically put in an amount for your Earnest Money Deposit that is kept in escrow until closing. That EMD is part of your down payment. Typically that EMD is provided immediately upon acceptance of your offer and you pay the rest at closing. By the way, you pay it to the title company (closing agent) and not directly to the lender. The closing agent is the one that disburses the funds to the appropriate parties in the purchase.
