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.
- 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?