On an FHA deal, if the appraisal comes in less than the contract sales price, is the buyer allowed to pay the difference in cash? Does FHA allow this? We are looking for a good loan officer who can help us with this.
Michael S. replied:
Yes you can pay the difference. Normally your current lender should give you this info because they typically order the appraisal on a FHA purchase. Give me a call if you want to chat. I'm a branch manager with Supreme Lending. 972-673-0757 or email me at Michael.Swisher@SupremeLending.com
I am searching for fixer uppers mainly in Plano, Garland & Mesquite 3 bed 2 bath up to $300,000 depending on work needed and area. Other areas considered. Thank you
Michael S. replied:
Hi Shannon - I do Conventional renovation financing up to $417K loan amount. Might be a good product for your clients who are looking to buy and hold a property. It's a normal Fannie loan and we can do up to $100K in rehab work. Here's my contact info: Michael Swisher Supreme Lending 972-673-0757 Michael.Swisher@SupremeLending www.MichaelSwisher.biz My Facebook Rehab page: www.facebook.com/HomeStyleRehabloans/