You could always ask the bank to lend you the difference you need. They would prefer to do that than write off the difference.
Here is one from the dark side of my brain, ask your bank if they own any cheap vacant land (lots) offer to purchase a lot from them if they transfer the difference on your home deal to the lot. Sit on the lot or trade if later for something you need. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
Is this a foreclosed home you are purchasing? If so, then you need to consult with your loan officer and your real estate agent. Only they have direct knowledge of your transaction.
The loan to value for a mortgage is based on the lesser of the sales price or the current appraised value.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing