Though you may qualify for up to $100,000, we Lenders will only lend the amount needed to complete the purchase of a home after your down payment. Therefore if you find a home for $50,000 Lenders will make the loan based on that purchase price after factoring in your down payment.
You cannot request a loan amount for mortgage than the purchase price of the house minus your down payment unless you are using a "renovation" type loan where the Lender lends you extra money for repairs/renovations to the house you're buying. That money does not go to you directly; it is set aside in a special escrow account and is released as the work is completed on the house after you buy it.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
I would suggest you find yourself a good buyer broker to work with. They can answer your questions and more importantly help guide you so as to avoid making any major mistakes. This guidance will save you time, money and aggravation.
Be prepared to spend some time interviewing people, as the majority of agents/brokers are not all that good and lack experience and perspective. I've attached a link below on how to find a great agent regardless of where you live and hope you find it helpful.
All the best and happy house hunting.
More information on all of these programs at your-road-home.com
On this site you will learn an interview process that will assure you working with and agent and loan officer that understands these programs. Its critical that you have your MCC application in before your loan closes. If you buy the home first you will not be able to get MCC. Good Luck
1) "You will ONLY get what's needed for the house."-- Javier
2)"Your lender will not loan you more than the appraised value of the property." Shanna
3) "As far as I am aware, the only "overage" might be a 203 Improvement Loan if the house would appraise higher after repairs/renovations" Gail
4) "Ask your loan officer can make any necessary clarifications; generally no.." Anna
It can't get any better than this.
Best of Luck
Your best answer will come from a mortgage broker. Try calling Dominick Sutera (516) 249-4800 or email him at dsutera@BankAMC.com.
Your lender will not loan you more than the appraised value of the property. Also, depending on your loan type, you may have to do a down payment. Check with your loan officer.