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Lender rating
Since January 2009
Lender rating
Since September 2009
Seller contributions are typically set by percentage, 3-6% depending upon the type of loan. This is based on the sales/contract price not the appraised value. An appraisal that comes in high would normally not have any impact on the numbers (low yes, thanks HVCC) Lenders base analysis on selling price or appraised value, which ever is lower and will even use the lower of the two for between 6 months to a year for equity seasoning.
Perhaps there is more information that would help. Is the purchase contract a moving target, is it a family transaction?
As Rudy said, you could do a seller carry/note but make sure all is recorded. The lender will also factor this in to the loan to value (CLTV) calculations.
Hi urbanfarmer,
An appraisal coming in high doesn't affect a purchase transaction in this way. Sounds like the appraisal came in low, making it where the buyer needs to bring the difference between that value and the contract price to the closing table.
If this is the case please note that loans from sellers are as a general rule are not allowed anymore.
If I can help in any way, please just let me know. Enjoy your day !
Lender rating
Since October 2009
Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
| Average Rates | Today | Last Week |
| 30 Year Fixed | 4.58% | 4.59% |
|---|---|---|
| 15 Year Fixed | 4.10% | 4.18% |
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Buyer is asking for seller assist AND now a loan since the appraisal came in high.
urbanfarmer
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