Great question, Michael! In general, no. The appraised value is the maximum they’ll base the loan off of. The best way to cover closing costs would be negotiating them as seller paid credits. That said, there are a few rare exceptions. FHA 203(k) loans allow you to borrow more to cover the cost of renovations. And in very specific cases VA loans will allow you to borrow more. Let me know if this helps or raises more questions!

Awesome question! Tagging @Joe Neuman in case he wants to chime in here, too. The sooner you can get a copy of HOA info, the better — ESPECIALLY on a condo or townhome where you’ve got common property that is HOA maintained. You can ask the listing agent to send you what they have prior to touring. That’s best so that if you have specific questions you can ask those when touring with the listing agent. Sometimes sellers/agents don’t have the HOA’s financials readily available. In that case, you’ll want to include a contingency in your offer that requires to send ALL HOA documents, meeting notes, and financials within 10 days of mutual contract. Within the contingency, give yourself at least 5 days to review all HOA docs. The contingency allows you to walk from the deal if you find the HOA details unsatisfactory.

@Joe Neuman glad you’re here!! All, Joe is a phenomenal resource!

@Connie Waldman Welcome, Connie! Glad to have you here! Exciting times, indeed! I'm excited for the growing DIY community here to support you in your real estate journey! Holler anytime we can help!