down payment

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Down Payment

A percentage of the total purchase price of an item that is proffered when the item is bought on credit.

In an installment sales agreement, a buyer is required to pay part of the total price, usually in cash, and later pays the balance through a number of regularly scheduled payments.

A down payment is sometimes known as earnest money, or a sum of money that a buyer pays upon entering a contract to indicate a Good Faith intention as well as an ability to pay the balance.

down payment

noun collateral, deposit, installment, payment, retainer, stake, surety
See also: deposit, handsel, installment
References in periodicals archive ?
Conversely, another user, Afaf Abdel Maged, said: "I will apply for the unit, despite the increase in the down-payment, as I need the apartment urgently.
In a televised statement on a satellite channel Saturday, executive director of the social housing project Salah Hassan said the increase in the down-payment of housing units for low-income citizens is to measure the seriousness of the applicant.
The China Banking Regulatory Commission had said last week that it had not changed its policy on a minimum down-payment of 30 percent for first-home purchases and 60 percent for second-home purchases, or its requirement that mortgage rates be no less than 1.
There's one other important argument for shifting our attention to down-payment assistance.
In a recent study of low- and moderate-income households, I compared the impact of mortgage rates and down payments on mortgage defaults and estimated the cost of two hypothetical government programs: one that subsidizes mortgage rates and one that provides down-payment assistance.
Roughly 175 customers signed up for seller-funded down-payment assistance from Long Island-based Continental Home Loans after the company instituted a $1,000-down program a year ago, said Continental president Michael McHugh.
The ruling noted that an organization using seller funding for its down-payment assistance program does not get taxexempt status because it is not construed to be operating exclusively for charitable purposes.
Flexible 97(R) and Flexible 100(SM): Zero to 3% down-payment options are available without income limitations.
From 2000 to 2004, the total proportion of FHA-insured loans with down-payment assistance grew from 35 percent to nearly 50 percent.
My recollection is they had other sources of construction money lined up, but now they are requesting to use the $1 million down-payment money set aside for them for construction costs.
Home theater systems, gift certificates and coupons go hand in hand with no points, no fees and low down-payment home loans.
This is a unique financing program designed by Kaufman and Broad to help first-time and move-up buyers purchase a new home by removing both the down-payment and closing-cost requirements.