This is a question for your loan officer. He/She should have specified if the amount included the down payment. If you were approved to finance $271,050 and you will be putting $25,000 down. This will give you $296,050 which is enough to purchase the home. The price reductions on the home does not mean you can't offer even less. You may ask for the seller to pay your closing costs too! You must discuss this with your lender. Depending where the property is located, the home may qualify for special 100% financing programs. I have searched the MLS to see which home you are looking at and there is one in White Oak Estates that fits the description. Please let me know where the home is and I will be happy to look to see if it will qualify for any special programs. I am a Texas Affordable Home Specialist. I am familiar with many grant programs. You should have a buyer's agent working for you and looking out for your best interest. I hope to hear from you soon.
Keller Williams Realty