Fha Addendum Form PDF Details

The VA/FHA Loan Addendum serves as a critical component in real estate transactions involving government-backed loans, fundamentally ensuring that all parties are clear on the specifics that govern such purchases. This document, integral to the purchase and sale agreement for a property, lays down the framework for key conditions including the amendatory clause, which protects the buyer by stipulating that the purchase can only proceed if the FHA or VA appraised value meets or exceeds the agreed sale price. It further addresses the inspections, repairs, and overall condition of the property, noting that while the FHA and VA do not guarantee the home's condition, they require various inspections to safeguard the buyer's interest. Importantly, the addendum also covers closing costs and delineates which charges cannot be borne by the buyer, a guideline that ensures transparency and fairness in financial dealings. Lastly, through the real estate certification, it solidifies the truthfulness and completeness of the transaction's terms, with signatures from all parties involved, thereby providing a structured and secure pathway for navigating the complexities of purchasing a home with a VA or FHA loan.

QuestionAnswer
Form NameFha Addendum Form
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesfha addendum form, fha financing addendum pdf, fha loan addendum form, fha financing addendum

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VA / FHA LOAN ADDENDUM

1PROPERTY ADDRESS: _________________________________________________________________

2BUYER NAME(s): ______________________________________________________________________

3SELLER NAME(s): _____________________________________________________________________

4This VA / FHA Loan Addendum is made a part of the Purchase and Sale Agreement for the Property

5 identified above. Should any terms of this Addendum conflict with the terms of the Purchase and Sale 6 Agreement, the terms of this Addendum will control.

7AMENDATORY CLAUSE: “An amendatory clause must be included in the sales contract when the borrower

8 has not been informed of the appraised value… The amendatory clause must contain the following language:”

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“It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the purchaser has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender setting forth the appraised value of the property of not less than $_________________ [insert the sales price

as stated in the contract]. 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)

INSPECTIONS, REPAIRS, AND CONDITION OF PROPERTY: VA and FHA do not guarantee the value or condition of a home, or that it is free of defects. VA and FHA appraisals are not intended to be “home inspections.” VA and FHA appraisals, seller's property condition disclosures, and Home Protection Plans are not substitutes for a professional home inspection. Well, septic, wood destroying insect and other inspections or certifications may be required. The lender may also require that certain repairs or treatments be completed, or that the property be connected to public water or sewer if available and feasible. The costs of any such inspections, certifications, treatments, connections or repairs should be negotiated in the Purchase and Sale Agreement.

For your protection, get a home inspection by a qualified home inspector licensed in Tennessee.

28CLOSING COSTS AND NON-ALLOWABLE SETTLEMENT CHARGES: Government guidelines do

29not allow certain charges to be paid by the buyer. These “non-allowable” charges must be paid by the seller

30or the lender. Any seller contributions to the buyer’s closing costs (including the VA Funding Fee)

31must be addressed in the Purchase and Sale Agreement, and any non-allowable charges will be

32included in the total amount of any seller contributions negotiated.

33REAL ESTATE CERTIFICATION: “The borrower, seller, and the selling real estate agent or broker

34involved in the sales transaction… certify that the terms and conditions of the sales contract are true to the best

35of their knowledge and belief and that any other agreement entered into by any of the parties in connection

36with the real estate transaction is part of, or attached to, the sales agreement.” (HUD Handbook 4155.1, 3-3)

37X______________________________________________ X______________________________________________

Buyer Signature

Date & Time

Buyer Signature

Date & Time

 

 

 

 

38X______________________________________________ X______________________________________________

Seller Signature

Date & Time

Seller Signature

Date & Time

 

 

 

 

39X______________________________________________ X______________________________________________

Licensee Signature

Date & Time

Licensee Signature

 

Date & Time

 

 

 

 

 

 

 

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01/01/2013

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