You can borrow any amount up to the credit limit.

Most lenders learned their lessons, and also have better procedures in place today to assist borrowers in financial hardship. 

That range is given because as you look at the type borrower that would be given a loan with a rate north of 8% is less credit worthy and will have limited down payment dollars. 

The occupancy is an issue, but the bigger issues are the condition of the property, the short term renters and lack of any skin in the game from the borrower.Most lenders I know would want to see the 20% come from the borrower, not the seller. 

It's named that because much of the emphasis on whether the loan gets done or not is on the hard asset or the property, not necessarily the guarantor or borrower. 

Borrowers are losing jobs and rethinking their decision to buy in this market.Atlanta has been overbought for the last several years; I now see a buyers' market on the way!

The only “discounted payoff” they would have considered would be a short sale from, and involving, the original borrower....a short sale is not possible now.This will go to auction without any discussions with you.  

Im wondering if anyone has any contacts for borrowing money at a reasonable rate against property in the USA for use in repairs etc?

@John Patterson the banks are already borrowing from the fed at no interest (actually I think it's .25 %).

I could free up a little extra cash by borrowing against my 401K to increase the down payment.What do you think?