Upcoming Foreclosures

I just purchased a HUD house...I put $500 down to place a bid...does this count towards my mortgage 5% down??

I just purchased a house for $35,555. It was a HUD foreclosure, which required me to put $500 down to place my bid. My bid was the winning bid. I need to put 5% down for my mortgage. 5% of 35,555=1777.75 Do I need to put $1775.75 down at closing, or $1275.75 (5%-my $500 deposit already placed)

Public Comments

1. Yes! Your $500 earnest money that was put up, can be used as part of the 5% down. This money can be part of the down and/or used as part of the closing costs associated with getting a mortgage. Jeff