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Updated almost 4 years ago,
Would I lose my earnest money if I do not have enough downpayment
Hi everyone,
I am under contract with a property. Due to personal reasons, I can not put down 20% anymore. I can only put down 15%. However, my income to debt ratio would be too high for the loan to be qualified in this case. If my loan is disapproved due to this reason, would I lose my earnest money? Any insight would be greatly appreciated! Thanks!
Best,
Jin