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
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.
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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