Can I purchase a home for 215K, that appraises for 250K and my credit score is only 570?

In today's world, the appraised value for a purchase transaction is the lower of the purchase price or the appraisal. It does not matter that you have a value of $250K. If you are only paying $215k, then that is what its worth. Separately, your score is too low for most lenders and most programs. If you were putting 30% down (30% of the $215k) you might find a hard money lender willing to lend. Find out why your scores are so low and set about fixing the problem. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

You'll need to find a lender that will go down to a 580 to get it done.

The appraised value being more than the purchase price has nothing to do with the loan (unless you are buying from a relative at a discount where the difference can be considered a gift of equity), you still need a downpayment of at least 10% of the purchase price IF you can find a lender to get you approved and actually closed. Good luck!

Yes you can, but you will most likely need to pay for the rate and put 10% down. If you can get your middle score to 580 then you would only need to put 3.5% down and there wouldn't be any cost to the rate.

Doubt it, better to repair the credit first.

Probably not

No

Yes, there are lenders that will work with your score (I am one) but would require 10% of the sales price as down payment. Approvals on your score are not automatic so would need to review the specific issues that are affecting it. Credit repair is advised as even a 580 score would reduce the required down payment to 3.5%. My company only lends in NM, AZ, CO, NV and soon CA. If I can help let me know. csparks@gencormortgage.com - NMLS# 195031 Thank you.