Great article! Very well written and easy to understand. I’m enjoying your posts. I’m a Loan Officer, and one very small tweak you could make to improve the Appraisal Contingency section would be to change the sentence to say, “then the mortgage company will only lend based on the $525,000 value.” Conforming Conventional and FHA programs don’t do 100% loan-to-value, so they would never lend the full $525k. VA and USDA do have 100% LTV programs. Some banks/credit unions offer non-conforming conventional loans at 100% LTV. And Conventional and FHA do have down-payment assistance programs, but not the same thing as 100% LTV.
Just a technicality that probably no one else would even notice. Keep up the good writing!
Thank you so much for reading and your feedback. You're correct, many loan products will not do 100% LTV. The buyer will be responsible for coming up with a down payment based on the new loan amount, in this case, it would be $525,000.
I hope that when a buyer begins their loan process they are connected with a loan officer like you that will educate them on what to expect.
Thanks again for the encouragement, I appreciate it.
Great article! Very well written and easy to understand. I’m enjoying your posts. I’m a Loan Officer, and one very small tweak you could make to improve the Appraisal Contingency section would be to change the sentence to say, “then the mortgage company will only lend based on the $525,000 value.” Conforming Conventional and FHA programs don’t do 100% loan-to-value, so they would never lend the full $525k. VA and USDA do have 100% LTV programs. Some banks/credit unions offer non-conforming conventional loans at 100% LTV. And Conventional and FHA do have down-payment assistance programs, but not the same thing as 100% LTV.
Just a technicality that probably no one else would even notice. Keep up the good writing!
Hey Tracy,
Thank you so much for reading and your feedback. You're correct, many loan products will not do 100% LTV. The buyer will be responsible for coming up with a down payment based on the new loan amount, in this case, it would be $525,000.
I hope that when a buyer begins their loan process they are connected with a loan officer like you that will educate them on what to expect.
Thanks again for the encouragement, I appreciate it.