Consumption and Real Estate
if I am prequalified for a mortgage higher than what I need for the sale can I take extra?
Question : if I am prequalified for a mortgage higher than what I need for the sale can I take extra?
If I am prequalified for a mortgage of $ 325000 and the purchase of the house I want is only $ 275000 can I use another 15000 for improvements or towards down payment?
prequalify for mortgage
Best answer:
Answer by Age of Reason
No the lender only gives you 80% of the purchase price
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#3 written by Loble 1 year ago
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#5 written by drive_55_not 1 year ago
Under a straight conventional loan,, The only way you could get cash back at closing is if the home you are buying for 275-k is worth north of 350-k giving you over $ 75,000 worth of up front equity, of which 20% of that would be considered your down payment,,, I doubt that is the case,
You wont get cash back under a government guaranteed loan these days,,
What your pre-qualification means is,, You could possibly purchase a home with a maximum value of $ 325,000, Unless you can qualify for a zero down USDA or VA loan, you would need at least 12-thousand for the down payment.
Lenders were making those 80/20 loans but that well has also dried up.
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#6 written by Ryan M 1 year ago
LOL Wait a second. You are going to use a MORTGAGE LOAN for a DOWN PAYMENT??? Are you serious?? Quit pulling my leg!! A down payment is a payment that is NOT FINANCED. See a dictionary if necessary. Also, no bank on the planet will give you a loan over 100% LTV….even anything in the 90% range is pushing it.
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