Maxine, if you have selected a home to purchase, written an offer which was accepted at $233,000, and your loan approval is for a max of $225,000. Yes, you can bring the difference to the table, however, you will also have to add your closing costs to the $8000. This might increase the overall amount required to $12,000.
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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