Can I get a conventional loan that is greater than the purchase price?

No, you can not "cash out" on a purchase loan, even if the property were to appraise at the time of purchase high enough to allow such equity.

Wow!!! What would ever make you think you can borrow more than a property is worth under a purchase transaction and allow you to include other debt not associated with the purchase?? I'm not trying to be critical, just curious how you got this idea?? Absolutely not.. there is no insured loan product out there where you can purchase a home and finance more than the sale price, take those proceeds, and pay off other debt... if you were an athlete who just signed a major NBA contract or something along those lines, I'm sure there would be a private lender out there willing to take that risk, but aside from the extremely rare circumstance, what you're looking to do cannot be done.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Although there used to be a program that allowed a borrower to borrow up to 125% of the appraised value, those days are long gone since the market meltdown. Today, the borrower must have skin in the game. If you are a veteran with VA Loan eligibility, a benefit of your service is the ability to buy a home with no investment. USDA will allow for no down payment but only certain properties qualify and there are family income limits. For everyone else, the minimum down payment is 3% for conventional loans and 3.5% for FHA loans. I understand that in a few geographical areas, HUD is still offering $100 down HUD homes, but I haven't seen one in Arizona in over a year. You will have to chip away at the other debt separately. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950