Under market value purchase

[Indra H.]

Hello folks,

So this will be my first time using non conventional loan. I have a house under contract, house is valued at 150k but i was able to get it under contract at 109k. Now, my initial thought was to do 20% down of the 109k and finance the other $87,200, my question is if i could do the numbers for the appraised value instead, 150k price and take a loan for the 112,500k which will be the 75% of purchase price and hopefully only pay for closing costs. I understand this might super simple for some, but ive always used the conventional way, which is no longer a possibility. Im looking for a fixed 30 year. Any thoughts? Thank you