Yes, you can pay the additional 8,000 up front. You may also ask you lender if you qualify for a more expensive loan. Keep in mind your USDA lender is only going to lend up to 100% of the appraised value. Please feel free to contact me with any other questions you may have.
Sales Associate / Property Manager
You have a couple of options.
1) Yes, you can make up the difference by putting money down.
2) Just because the seller is asking $233,000 doesn't meant that's what you have to offer. You can submit an offer for what you're approved for less just to get the negotiations started.
3) You can also get a second opinion on your pre-approval. For example: Your lender may have you pre-approved for $225,000 based on an interest rate of 3.5% where another lender (like me) maybe able to get you approved at 3.25%.
Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.
Senior Mortgage Banker
Peoples Bank & Trust
That being said, if the appraisal does come back at $225,000 and you want to cover the rest of the cost yourself, you can do that. You can put a larger down payment on the home and you will be fine. As long as USDA doesn't contribute more than the actual worth.
Hope this helped,
Coldwell Banker Residential
Senior Loan Officer
2701 N Rocky Point Dr, Tampa, FL 33607
If you will be using the USDA loan, you can go to their website and input the address to see if the property is located in area that qualifies.
Like an FHA loan, properties will have to be move in ready for a USDA loan. No leaking roof or green pool. If these conditions exist then you will have to consider a 203K FHA loan which is the purchase price plus cost of repairs = the loan amount.
The USDA loan utilizes FHA appraisal standards so the property has to be in pretty good condition. A bank owned in need of repairs will not qualify, as the repairs have to be addressed prior to closing or within 30days of closing.
Brock Realty Inc.
If you would like to search the MLS like an agent, visit our website and sign up for your free Listing Book account. This powerful search program allows you to set up your personal homefinder criteria and save your favorite homes, follow recent solds all in real time! Find the home youâ€™re searching for quickly.
You can also check out my profile Natasha McCormick or Team RN . email teamRN2@gmail.com or give us a call 8136107884
Yes is the answer to your question. You can pay the difference but you may be able to get the seller down and save yourself the money. Are you working with an Agent? I would be happy to help guide you through buying a home in the Tampa area. Real Estate Agents are on your side. We want to help you make the more informed decision possible. If you would like to talk with someone I would be happy to answer your questions directly. Please review my profile on Trulia and send me your contact information with a good time to call or email me directly at THOYT@prutropical.com
Remember YOUR Agent works for YOU. Let them help make this an easy transition.
Prudential Tropical Realty
As others mentioned, the property should be appraised at the agreed purchase price.
Use this link to find your closest USDA goverment office and ask your questions directly, you will get the most accurate answers that way. http://www.rurdev.usda.gov/FL-Contacts.html Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".
La Rosa Realty