How can I apply my savings contributions to the down payment and closing costs?

Your savings can be applied to your down payment (typically in the form of either a previously received earnest deposit or a seller concession), to your closing costs or to both. The allocation and amount of your savings able to be distributed to the down payment and/or closing costs may vary depending on your lender’s rules and requirements for your loan. Please discuss this allocation and distribution with your lender to ensure you have adequate funds to close.