Appraisal came in low on a 203k loan...now what?
Hello BP members,
So I am about to close on my 203k construction loan; however, my appraisal came in lower than what I needed it to be at.
Details:
Purchase price: $105k
Rehab + contingency: $100k
Loan amount: $205k
Down payment amount: $13k
Appraisal: $185k
Unfortunately, now I have been given a couple options from the lender which are:
1. Either pay the difference (which I don't necessarily have all of it, so that's not really an option).
2. Renegotiate the amount of the loan (which may not be accepted, since it was a bank foreclosure).
3. Or knock off some of the things on my rehab ( which may not be the best option because then the appraisal could come in lower, because the appraisal was based off of the rehab I was going to do).
Is there any creative financing options that I could possibly use to get this deal to close?
Any input would be appreciated.