Approved Short Sale

[Heather R.]

There is a really nice property I found that is worth around $795k, but the approved short sale is $480k. What is the best way to purchase as far as: 1) down payment. Is it possible to somehow take from the equity as a down payment? If it's not 20% can they do an 80/20 to avoid PMI? 2) I think I'll be approved for $420k max based on salary and excellent credit. Any ideas around that? 3) I'd like to keep the house and either move in or rent. The area is highly popular. Used to be a hidden gem until last several years. 4) any other ideas i may not know about? Thanks for any input