if i am approved for 300,000 but the home is 332,000 could i put 50,000 in and be ok
if i am approved for 300,000 but the home is 332,000 could i put 50,000 in and be ok
if pre approved for 300,000 does that mean they feel you could pay that or are they looking at the down payment, say 30,000 and thinking you could only afford 270,000? looking at a home for 332000(approved for 300k) and going to put 50,000 in to get to 282,000. how does this work?
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Not enough to say for sure - in theory yes if you were approved for a loan amount of say 270 for a purchase with 30k down (so 10%) and you decide to buy at a higher price if the max you can borrow is 270 then you would have to cover all of the difference
You really need to talk to whoever did your approval they should be able to answer since they know all of the needed info
Brian Barnes
Nationwide Mortgage Banker
Brian@Aimwithfocus.com