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The VA/FHA Loan Addendum outlines the terms and conditions between the Buyer and Seller regarding a property purchase financed through VA or FHA loans. It specifies requirements related to appraised value, property condition, home inspections, funding fees, warranties for new constructions, connection to public utilities, non-allowable closing costs, and compliance with wood infestation regulations. The addendum serves to modify the original Purchase and Sale Agreement while ensuring both parties acknowledge their responsibilities.

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What is an FHA financing addendum?

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.

What is the purpose of the financing addendum?

A third (3rd) party financing addendum is attached to a sales contract that outlines the terms of a loan (e.g., conventional, FHA, VA) that is agreeable to the buyer in order to close on the property. The sales contract is usually contingent upon the buyer receiving the loan as detailed in the addendum.

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.

Is FHA amendatory clause required?

The Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) require that buyers and sellers sign specific disclosure forms to protect buyers who utilize FHA or VA financing. More specifically, the FHA requires use of the Amendatory Clause and the VA requires use of the Escape Clause.

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