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What is a signed amendatory clause?

The FHA amendatory clause (also known as just the amendatory clause) is a legal document signed by parties to a real estate transaction along with their real estate agents or broker agreeing that the buyer can get out of the deal of the property is appraised for less than the sales price.

What is the purpose of an amendatory clause?

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 FHA 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 buyer's deposit.

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 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.

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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 is the FHA 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 buyer's deposit.

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 the FHA amendatory clause mandatory?

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

Is the 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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