Can your down payment be rolled in a conventional loan?

I want to know if the lender can include an extra $3300 I can use towards my down payment. I was approved for $113,000 and the home is 109,900. so is it possible that I can ask for extra 3300 to be included in my loan

Other answer:

glenn:
The down payment is not anything that helps the seller- it is a protection for the investor that will own your mortgage loan. They want you to have "skin in the game". If they are willing to allow you to have a zero down payment loan then they will make that offer- otherwise they will require you to make any down payment out of your own funds and prove that they were not borrowed.
loanmasterone:
You were pre-approved for a mortgage amount that you could not exceed. Apparently the house you plan to purchase do not exceed your pre-approved amount.

You would be required to obtain the services of a real estate appraisal of the house you would want to purchase This appraisal would verify that the house you plan to purchase would equal the sale price of the house.

Once the appraisal of the house has been established this would become your mortgage loan amount. So your mortgage loan amount would be $109,900.

You would have to come up with the down payment based on the appraised value of the house not the pre-approval you were approved for.

Based on your scenario you would not have the extra $3000 to apply for your down payment. You have no extra $3000.

Your down payment would depend on the mortgage loan program you are approved for.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

coraann:
No part of the mortgage loan can be used as a down payment. Keep in mind
that you must also have cash funds to pay for the closing costs and the legal fees.
You will also need deposits for each utility company, to be hooked up.
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The Oracle of Omigod:
You may be approved for $113k but the home is not worth that. The mortgage lender is securing his investment by attaching the title of your house. Therefore they will not loan more than the value of the house and will probably not even loan the value without mortgage insurance which you pay for and it pays them if you do not pay your loan.
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Cathi K:
If it is a VA loan yes otherwise not usually. You might get some closing costs built in.
A Hunch:
Your downpayment can't be added into any mortgage loan.
The reason is you have to have skin in the game (ie. money into the property) to be able to get a mortgage.
if you don't have anything to lose (ie. your own money) you are more likely to walk away from the home if your income changes.

You can ask for seller assistance at closing but I would laugh at you.

tro:
the difference of your approval of $113K and the price of the house, $109900 is not money that can be applied anywhere
you merely were approved for a loan of $113K it doesn't mean that that is what your loan will be, it will be the difference of your down payment and the purchase price of the house($109900)
Ricki:
It's very unlikely a lender will give you a mortgage where you don't put any money of your own down.
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