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Can I get a commercial loan without 25% down?
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It’s called clauses in the contract.
Do you mean renegotiate the purchase price based on the inspection?
You should check with your agent or lawyer. When I bought a house, the contract had the down payment amount but agent said it could change at closing. Essentially it didn’t matter what the contract said as long as the seller could get paid at closing. Of course if you change your down payment, your bank has to agree to that based on their lending guidelines.
Coach
I’m not sure how the buyer even knows how much is coming from you and how much is coming from the bank. The money just shows up at closing.
My contract stated the down payment. But it doesn’t really matter when it comes down to closing. It can change - at least in FL.
1.Value of a property being purchased is based only on the number given by the appraiser. There is usually a paragraph in the contract dedicated to parties renegotiating the sale price if it appraises for less than the price agreed to on the contract. Seller can lower price or buyer pay the difference, usually the options in this scenario in the contract used in my area.
2.Changes to down payment should be reflected in an addendum to the contract because the underwriter at the mortgage company works on approving your loan based on variables like details stated in the contract and any addendum, the loan amount buyer qualifies for, and/or buyer’s cash in hand.