Earnest Money is the portion of the down payment delivered to the escrow agent, by the BUYER, within 3-5 days after an offer is accepted, as evidence of good faith.  Even if you have a ZERO down payment loan (VA), YOU will still need to deposit  Earnest Money to open Title.

An escrow account is an account, established by your lender, to set aside a portion of your monthly mortgage payment to cover annual charges for homeowner’s insurance mortgage insurance (if applicable), and property taxes.

A lot of new buyers also call this one, First Time Home Buyers.  A loan insured by the Insuring Office of the
Department of Housing and Urban Development; the
Federal Housing Administration.

In order to get a loan from a bank to buy a home, you first need to get the home appraised so the bank can be sure they are lending the correct amount of money. The appraiser will determine the value of the home based on an examination of the property itself, as well as the sale price of comparable homes in the area.  

In addition to the final price of a home, there are also closing costs, which will typically make up about two to five percent of the purchase price, not including the down payment. Examples of closings costs include loan processing costs, title insurance, and excise tax. 

The closing refers to the meeting that takes place where the sale of the property is finalized. At the closing, buyers and sellers sign the final documents, and the buyer makes the down payment and pays closing costs.