1. Continue with what ever financing(my guess is you are trying for an FHA loan) and pay the additional difference.
2. Contact a lender who can do Home Path financing(We do)and we can ignore the appraisal (if you wish to) as it is not required to do an appraisal on a Home Path home if you use Home Path Loans.
3. If the difference is too great you may just consider walking away from a overpriced home.
I hope this answers your questions, if you need further assistance please feel free to call.
Senior Mortgage Specialist
Cornerstone Mortgage Group, LLC.
6151 Powers Ferry Rd., Ste 610
Atlanta, GA 30339
The maximum Loan to Value will always be based on the lesser of the Sales Price or the Appraised Value. If you overbid on the property and are obtaining an appraisal, then be prepared to have to bring that difference to closing. This is great reason on why to utilize the HomePath loan.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
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 with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
Solid Source Realty Inc
Make sure you really want the home bad enough to pay above market value!
Please don't hesitate to contact me with any questions. 404-538-5396
RE/MAX Town & Country
Real Estate Consultant
REO & Short Sale Specialist
Chapman Hall Realty
6100 Lake Forest Drive, Suite 120
ATLANTA, GEORGIA 30328
"Referrals are the greatest compliment I can receive as a real estate agent."