Using Equity as a Down Payment

[Tony Thomas]

I have a property under contract at 190K.  Propstream and Chase value the home at 258K.  If it appraises at 250K, is there a lender that will allow me to use the equity as a down payment?

[Jay Hurst]

Quote from @Tony Thomas:

I have a property under contract at 190K.  Propstream and Chase value the home at 258K.  If it appraises at 250K, is there a lender that will allow me to use the equity as a down payment?

 We have what we call "as is". If we have a strong as is appraisal, not subject to, we would lend 75% of that as-is value up to the purchase price.  This is a short term 6 month bridge loan. The idea is to refi right away using the same appraisal into a 30 year fixed. So, you can save a ton of cash even though you spend a bit more on closing costs.