What is a Down Payment?
The first lump of money is considered earnest money because it shows you are serious about purchasing the house. It is also considered a contract deposit and goes into an escrow account, which is held by the seller’s lawyer.
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Know How Much You Have to Put Down
The Veterans Administration allows no money down financing for U.S. military veterans only and the U.S. Department of Agriculture loan programs allow no money down financing as long as the home is in a rural area and you meet the low-income thresholds.
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