Minnesota Specifics
How much earnest money should I offer in a Minnesota home purchase?
Context
Buyers writing an offer need to decide how much earnest money to include to make it competitive.
The short answer
Earnest money is a good-faith deposit that shows sellers you are serious; in Minnesota it commonly runs around 1–2% of the purchase price, though hot markets can push it higher.
Things to keep in mind
It is held in trust and usually applied to your down payment or closing costs; purchase-agreement contingencies determine when it is refundable if a deal falls through.
Next step
Ask DMF and your agent to help set an earnest money amount that fits your local market.
Have a question about your own situation?
DMF serves Minnesota homebuyers and homeowners. We submit your purchase or refinance file to multiple wholesale lenders and compare what each one offers, so your pricing is not limited to one lender's rate sheet.
Davis Monroe Financial, LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.