Posted on: 25th Sep, 2010 04:39 pm
Hello,
I have a question about home loans.
Can I get a loan for more than the purchase price of the home?
I asked for loan of $120k and have been approved but the houses I’m looking at are in the range of $110k. Can I get the full $120k or will they only lend me the $110k?
Thanks
I have a question about home loans.
Can I get a loan for more than the purchase price of the home?
I asked for loan of $120k and have been approved but the houses I’m looking at are in the range of $110k. Can I get the full $120k or will they only lend me the $110k?
Thanks
no.
max loan is the lesser of purchase price or appraisal, whichever is lower minus down payment.
if you need money for repairs, you might be able to borrow that on top of the purchase price. fha 203k loan is an example of this type of loan. but no cash in hand... contractors will be paid out of money held at title co. (described as held in escrow)
max loan is the lesser of purchase price or appraisal, whichever is lower minus down payment.
if you need money for repairs, you might be able to borrow that on top of the purchase price. fha 203k loan is an example of this type of loan. but no cash in hand... contractors will be paid out of money held at title co. (described as held in escrow)