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Get Va Financing Addendum
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How to fill out the VA Financing Addendum online
The VA Financing Addendum is an essential document required for contracts involving VA financing. This guide aims to assist users in completing the form efficiently while ensuring compliance with the necessary provisions and requirements.
Follow the steps to complete the VA Financing Addendum online
- Click ‘Get Form’ button to obtain the form and open it in the online editor.
- Enter the contract date, the address of the property, and the names of the seller and buyer in the respective fields.
- Specify the amount of the first deed of trust loan in the designated field.
- State the amortization period in years and indicate whether the interest rate is fixed or adjustable, along with the initial interest percentage.
- Acknowledge the responsibility for paying the VA funding fee and indicate if you wish to finance this fee into the loan amount.
- Fill out the financing contingency section by providing the financing deadline and whether a written commitment or evidence of sufficient funds will be delivered to the seller.
- Review the appraisal provisions to ensure proper understanding of the buyer's rights regarding appraisals and any potential low appraisal situations.
- Complete the sections related to seller loan charges, termite inspections, and lender-required repairs as applicable.
- Have all parties sign and date the form at the designated spaces.
- Once all fields are filled, save changes, download, print, or share the completed form as needed.
Complete your documents online now to ensure a smooth financing process.
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.
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