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My buyers won the bid but bid more than the appraised value to ensure that they would win. Can they still buy the home for $100 down?

April 26, 2017appraised bid buy Buyers ensure Home value Win won

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My buyers won the bid but bid more than the appraised value to ensure that they would win. Can they still buy the home for $100 down?

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A. No. FHA guidelines require that the buyers still have to bring in the “overbid amount” in the form of cash as part of the down payment. Obtaining a second appraisal to justify the overbid to receive the $100 down payment incentive in NOT allowed.