Troy. I am a mortgage broker out of in Bolingbrook, Il. I have helped many homeowners/realtors get closing costs and then some rolled in. Give me a call today as soon as you can. 630-330-2229

Troy:

Cindi has the right approach. Lenders will consider fair market value to be the LOWER of the appraised value or contract price. Since the agreed sales price is below market value the solution is to make your offer for a higher amount and request that seller pay closing costs. Since you will need to submit your purchase contract to underwriting with the loan application it's important that this is agreed to on this document at least as a addendum signed by the seller. I will be happy to connect you with RE agents skilled in making seller concession offers. Good luck with your purchase.

Hi my name is Gerad Galleshaw I do Loans with Foundation Mortgage In North Providence RI
We are an FHA and VA loan originator Licensed in 48 states.
Each state has a cap that you can go up to in RI it is 5% of the loan value. You will need to meet certain Requirements as to down payment but there is help available there also from towns and cities in the way of grants I would call your local town hall to see if you qualify for those also.
Gerald Galleshaw
Foundation Loan
401 255 5575

Be sure to check with your lender. There are specific requirements as to what closing costs can be added and the amount of those costs. Even if it appraises higher than what you offered for it, you don't want it to fall through because the lender dropped the ball or couldn't handle that transaction.