Appraisal higher than purchase price - seller credit limits
I have an investment property under contract at 130k with a 4k seller credit to property manager at close. Appraisal landed at 145k. I would love to up my borrowed amount and get a credit for it somehow. My proposal to lender was to credit 10k in closing costs / ppd insurance/taxes and credit an additional 5k to pm, but lender is pushing back indicating there are limits to seller credits - reading online it looks like the 4k credit might already be over the limit, so maybe that would've gotten twisted up before close as well.
Anyone knowledgeable on this have any ideas how I can extract this value? Currently looking at a conventional loan with 20% down, state is SC.
Can I insert an entity I owe an assign the contract for a wholesale fee maybe?
I believe the max is 2% allowed for closing costs. At 130K the max seller can pay is 2.6K. No way around that.
@Caleb Brown That seems to be what I'm coming up with as well - thanks for the alignment
@Matt Cottrill What if you applied to seller credits and then the rest towards an escrow account for repairs?