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does the down payment go towards the purchase price?

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in other words if we get approved for 120,000 and we have 5000 down does that mean we can get a house for 125,000 or does that 5000 go towards the purchase?

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June 16 - Vancouver

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falsedawn
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falsedawn

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The question is rather silly and both answers haven't really made it clear.
Whatever amount you are approved for is what a lender is prepared to lend you (obviously).
Your downpayment is on top of that.
If you are approved for a 100K loan and you have a 10K downpayment, you can buy a home worth 110K.
If you are approved fo a 100K loan and and you have a 50K downpayment, you can buy a home worth 150K.
if you are approved for a 100K loan and you have a 100K downpayment, you can buy a home worth 200K

Ad infinitum

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June 17

Sam DeBord, "SeattleHome.com"
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Sam DeBord, "SeattleHome.com"

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Not only does the $5000 go towards the $120,000, you may have a few thousand dollars in closing costs. You'll be required to pay those out of pocket unless you can get the seller to agree to pay them for you.

You should sit down with your agent and loan officer to go over a breakdown of estimated costs on a transaction.

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June 17

Dave Skow, "daveskow"
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Dave Skow, "daveskow"

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the later.......down payment goes towards purchase price

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June 17

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Question can anyone get my wife and i a loan with a 701 credit score and a 586 credit score?

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Question ok so on the 5/1 arm loan can i refinance after say three years to a standard fixed rate loan?

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