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The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation* The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value or the condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable. HUD Handbook 4155. 1 Chapter 3-4 INSPECT ...

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Who is exempt from signing the FHA amendatory clause?

The amendatory clause is not required on: HUD REO sales. FHA's 203(k) loan program sales in which the seller is Fannie Mae or Freddie Mac. The Department of Veterans Affairs (VA)

What is an FHA amendment?

An FHA Amendatory clause allows the buyer to back out of the sale, without any financial penalty, if the price listed in the sales contract is higher than the appraisal determines the property is worth.

Why is an FHA amendatory clause required?

The reason the FHA and VA require the Amendatory/Escape Clause is to protect the buyer against a low appraisal. In other words, if the appraised value is lower than the agreed upon purchase price, the seller cannot require the buyer to purchase the home.

What amount goes in 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.

What will disqualify you from FHA?

The three primary factors that can disqualify you from getting an FHA loan are a high debt-to-income ratio, poor credit, or lack of funds to cover the required down payment, monthly mortgage payments or closing costs.

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Who signs the FHA addendum?

Page four of the Addendum must be signed by the borrower at closing. The underwriter must have the final Addendum and URLA before underwriting the loan application, whether or not the borrower signs it.

What does the FHA amendatory clause say?

The FHA amendatory clause specifically states that the buyer is not legally required to go through with a home sale if the appraised value comes back lower than the price listed on the sales contract.

What is the FHA addendum for?

Also called an \u201cEscape Clause,\u201d 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.

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