You confused me a bit by your scenario. Did you mean that the purchase price is $3,000 MORE than what the house appraised for? Mortgages are always going to be based off of the appraisal value of the home or the purchase price, which ever is less. You can agree to buy any home for any price, but the lender is only going to lend on what the house is worth per the appraisal. If you agreed to buy a home for $3,000 more than the home was valued at, that $3,000 would have to come out of your pocket and would not be able to be worked into the loan itself.
Your best route would be to go back to the seller and try and renegotiate the sales price to equal it to the appraisal value - if I am understanding the situation correctly.
You are welcome to call me if you have any questions about financing. I am right around the corner from you.
Bank of America Home Loans
If you are getting an FHA loan, consult with your local FHA department. The current loan limits in your county are:
BUNCOMBE Single family: $303,750; Duplex $388,850; Triplex $470,000; Fourplex $584,150
And if you are putting down 3% or 5%, you can figure that out pretty easily. If your appraisal falls above these levels, you may have to put more down in downpayment.
Pretty much, right now, the lender is making the rules....
Hope this helps.
Glenda Marks, Owner/Broker
Marks Real Estate & Auction Co.