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Private Lending & Conventional Mortgage Advice
HomeForumsPrivate Lending & Conventional Mortgage AdviceAppraisal Higher than Purchase Price...conventional loan question
David Roberts's profile image
David Roberts's profile image
David Roberts
  • from Brownstown, Michigan
  • Member since Sep 30, 2014
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David Roberts's profile image
David Roberts's profile image
David Roberts
  • from Brownstown, Michigan
  • Member since Sep 30, 2014
Connect
David Roberts
  • Brownstown, MI
98
Votes |
342
Posts
Private Lending & Conventional Mortgage Advice

Appraisal Higher than Purchase Price...conventional loan question

David Roberts
  • Brownstown, MI
Posted Oct 24 2014, 03:48

If I buy a home for 100k, and the house appraises for 110k, can I borrow the appraised value so that I can bring LESS down payment cash to closing and use more of the bank's cash in the deal?

Or will the bank only loan the lesser of the appraisal and the purchase price?

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