The best answer to you is It Depends on the Mortgage Company or Bank . Your Real estate Agent should be able to help but the best person to work with is a REALTOR Please call me at my officre 215-725-5700X49
Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
FannieMae and FreddieMac both limit the LTV of a purchase money loan on an investment property at 90% Loan-to-Value (LTV). Every bank and lender will confrom to this guideline if they wish to offer rates backed by Fannie or Freddie.
Chris's answer below has some good insight on comparing loans.... more
If the seller is not willing to come down to the appraised value, then the only recourse is you to pay the difference between the contract price and the appraised valuation, but it would have to be in the form of your own savings or funds.... more