If Im approved for $140000 n the house is $120000, can I get that xtra $20000 cash back???

Asked by Miked1104, 19137 Fri Sep 11, 2009

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Brigita McKelvie’s answer
Brigita McKe…, Agent, Stroudsburg, PA
Fri Sep 11, 2009
Good morning, Miked1104!

The answer to your question is no, the lender will not loan you the extra $20,000. The lender will only loan you 80% of the market value of the home. Reason being is that if for any reason you should default on your mortgage, they want to be sure that they will be able to recoup the money they lent you.

If you qualify, there are many programs that will assist the seller with down money and closing costs. Check with your lender to see if you qualify for any of them.

Brigita McKelvie, REALTOR, e-PRO, GRI
Keller Williams Real Estate, Bethlehem, PA
Office: 610-867-8888 Direct: 610-393-9424
E-mail: brigita@brigitamklv.com
Web: http://www.RuralAndHorseProperties.com
Blogs: http://activerain.com/blogs/brigitam
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