GNND Loan Approval

[Caryn Musgrave]

Greetings,

I am a teacher in Hillsborough County, Florida. I'm interested in purchasing a home on the Good Neighbor Next Door program, however, I'm concerned about the approval process for the loan. I understand that I'll be purchasing an approved home on the list at 50% off. Do I need to be approved for the full list price of the home, or do I just need to be approved for the amount I'll be paying? To clarify, if the house I want is listed at $170k, do I need to get approved for a loan for $170k or do I only need to be approved for half of that?

Thanks in advance!