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In order for FHA to insure this maximum loan amount, the borrower must make a required investment of at least 3.5% of the lesser of the appraised value or the sales price of the property.” So according to this reading of the FHA loan rules, the borrower and seller have an appraised value of X, with a borrower offering a dollar amount of Y.
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Using our same example, if you decided to move forward with the full purchase price and wanted to keep your loan at 80% LTV, you’d only be able to get a $152,000 loan. That means you’d need to come up with $48,000 for the down payment, as opposed to the original $40,000.
The most common uses for a personal loan are to consolidate debt, pay for a home improvement project, or cover unexpected expenses or a large purchase, according to. For homeowners, the difference.
Loan-to-Value or LTV is the amount of money you’re borrowing as a percentage of your home’s value. Lenders use loan-to-value calculations on both purchase and refinance transactions. The math.
On face value, the term “Amount Financed” seems interchangeable with the term “loan amount”, when in fact it is not. This discrepancy is often noticed on the federally mandated estimated Settlement Statement. The Loan Amount.
Re: Purchase price vs. loan amount. You are preapproved for an FHA loan amount of $250K. You find a house and the seller agrees to let you buy it for $215K. You cannot get a loan for $250K. You would have to have a downpayment of 3.5% of $215K which is $7525. Your TOTAL loan for that house can only be $207,475.
THEN you can determine what your loan amount etc. will be (20% or whatever of that) Whatever is lower, appraised value or purchase price I should say. If you offered 200K and it came in at 180K, the seller would either accept 180K as the purchase price, renegotiate with you, have you pay some cash over or kill the deal.
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If a borrower is a little pushed with their ratios and they find a home within the sales price and loan amount they are preapproved for, but the property taxes or home owners insurance are higher than estimated or mortgage rates climb higher than what they were approved at, you no longer have a preapproved buyer.