Acquiring Turnkey Property That's More Than Your Loan

[Ronald Luangsisongkham]

Hi,

Let's say that you're eligible for a 100k loan but you found a property at discount of 200k which is 75% of LTV. For example, your mortgage is $1,000 on the 200k home but there are tenants in there that are paying $1500 in rent so you're cash flowing $500. Would you be able to acquire a property using a conventional loan even though it's passed your approved amount?