If my property’s appraised value is more than the purchase price can I use the difference towards my down payment?
Underwriting guidelines require us to use the lower of the appraised value or the sales price to determine your down payment requirement.
Related FAQs
- How long does it take for the appraisal to be completed?
- What is an appraisal and who completes it?
- What is the cost of the appraisal and how is it collected?
- If my property’s appraised value is more than the purchase price can I use the difference towards my down payment?
- Will you lend on homes that require repairs?
- Can you use an appraisal I already have?
- Will I need an appraisal to get a mortgage?
- Are there any special requirements for loans on condominiums?
- When do you require flood insurance on a property?
- Do you provide financing for mobile homes?
- Do you provide financing for lots or large tracts of land?