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What is an FHA purchase agreement addendum?

FHA addendums add provisions and enhance protections already on a purchase agreement. They protect the FHA buyer and lender from misrepresentations and can also protect a buyers deposit.

Why is an FHA amendatory clause required?

The reason the Federal Housing Administration requires the FHA amendatory clause is to protect the buyer(s) against a low appraisal. The FHA amendatory clause states that the buyer cannot be required by the seller to purchase the home if the appraisal is lower than the sales price listed on the sales contract.

What is a FHA amendatory clause and real estate certification?

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. Signing on the dotted line for a home that appraises for below the sales price could result in a bad investment for both lenders and buyers.

What are the requirements for the 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.

Who provides the FHA addendum?

The buyer, co-buyer (if applicable), seller, buyers agent, and sellers agent are all required to sign the FHA amendatory clause before the lender performs the necessary appraisal on the home. Its required that each party involved sign the clause for the deal to go through.

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What is the FHA amendatory clause required?

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. Signing on the dotted line for a home that appraises for below the sales price could result in a bad investment for both lenders and buyers.

What is the FHA addendum to the sales contract?

What is FHA purchase agreement addendum? Also called an Escape Clause, the FHA amendatory clause is a disclosure that gives FHA homebuyers extra protection to cancel a transaction and receive a refund of any upfront earnest money if the value of the home is below the agreed-upon sales price.

Are FHA requirements strict?

The FHAs three requirements are that a property must be safe, secure, and structurally sound to qualify for one of their loans. Properties cannot have adverse conditions that might imperil the homeowner, and must meet proper building codes.

What is an FHA insured loan in real estate?

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. FHA home loans require lower minimum credit scores and down payments than many conventional loans, which makes them especially popular with first-time homebuyers.

What are the requirements for the FHA amendatory clause?

What is the FHA amendatory clause requirement? The FHA amendatory clause ensures that the home is worth enough to secure the loan. The home appraisal value needs to be no less than the contract sales price. So if you are buying a home for $300,000 the appraisal needs to be $300,000 or above.

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