Maybe someone can help me understand. My husband and I made an offer on 5 acres. The asking price was 50000.00. We offered 40000.00. The appraiser came out last friday and today the underwriter told us that the appraisal came back at 40000.00.

We are financing through the Texas Veterans Land Board and they require a 5% down payment. Everything else has been approved for the loan, they were waiting for the appaisal to come back. Does this mean we still only need to put down the 2000.00 we were planning for sense they will finance 95% of the loan amount?

Thanks