My house apraised at 369K, my accepted offer was 345K.. can I borrow 355K and get cash at closing?

My credit union allows Maximum loan-to-value of 101.50%-- does this mean as long as my amount borrowe doesnt go over 101.5% of 369K ill be OK

My house apraised at 369K, my accepted offer was 345K.. can I borrow 355K and get cash at closing?

It is possible, but it depends on the policies of the lender. many lenders have policies that they will only fund the lower of the purchase price or appraised value, no matter what the appraised value is. the reason for this are that many lenders have been burned when they did a larger loan due to an inflated appraisal, then later found the house wasn;t worth it when they later had to foreclose. This was a huge problem in the 70s and 80s, and it still occasionally happens now.

So if the lender says okay, then sure. If the lender says no, you could shop around to find one that will do this.

Another option is simply to purchase it now at $345k, then in 6 months refinance.

My house apraised at 369K, my accepted offer was 345K.. can I borrow 355K and get cash at closing?

Yes you can. I would be careful though because typically you get a higher interest rate when your loan to value exceeds 80%.