Fha financing addendum maryland 2025

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The FHA Financing Addendum outlines the terms and conditions related to a real estate transaction contingent upon the buyer obtaining a mortgage insured by the Federal Housing Administration (FHA). It includes details on loan amounts, monthly payments, mortgage insurance premiums, required repairs, and the FHA amendatory clause. The addendum ensures that both buyer and seller understand their obligations regarding financing, inspections, and potential repairs necessary for the property.

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What is the addendum to a mortgage contract?

The FHA amendatory clause protects borrowers because if the appraisal comes back low, the buyer can cancel the transaction and get their earnest money back.

Why is an FHA amendatory clause required?

Section 203(f) of the National Housing Act requires a disclosure to assist borrowers in comparing the costs of a FHA-insured mortgage versus similar conventional mortgages. This disclosure must be given to prospective borrowers that may qualify for both FHA-insured financing and a conventional mortgage product.

What is a Maryland FHA amendatory clause?

The amendatory clause kicks in if you receive an FHA or VA appraisal that values the home below the sales price. Unless you agree in writing to accept the lower price or negotiate to pay all or a portion of the difference, you can cancel the transaction and receive your earnest money back.

What is a purchase agreement addendum?

A real estate addendum modifies an original lease or purchase agreement. Items in the addendum could reflect a change in the agreed-upon price, what is included in the transfer of property, what improvements must be made before the home is paid for, or any other agreed-upon requests or responsibilities.

What is an FHA purchase agreement addendum?

Key Learnings. The FHA amendatory clause is a contractual provision that protects homebuyers in FHA real estate transactions. It allows buyers to back out of the purchase if the homes appraised value is lower than the sales price. By Crystal Shifflett, Loan Coordinator. Paddio makes homebuying delightfully smooth.