What is earnest money?
It is a cash deposit paid by the buyer during a real estate contract to indicate they are serious about purchasing the property.
Here are three things you may want to consider to help make your homeownership goals a reality.
1. Expand Your Search Area and Criteria
2. Explore Alternative Financing Options
3. Look for Grants, Gift Funds, and Down Payment Assistance
Q: How much money do I need for a down payment?
A: The most answer is 3% to 5% of the purchase price. Veterans are usually eligible for a VA loan, which requires no money down. Properties in rural areas are usually eligible for a USDA loan, which also requires no money down.