Fha/va Financing Addendum (form 2a4-t)
Description
How to fill out UCC1-AD Financing Statement Addendum?
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FAQ
If the home appraisal comes in below the agreed-upon price of a home you plan to purchase, the FHA amendatory clause enables FHA home buyers to cancel the home purchase and receive a refund of their earnest money. In short, it will allow you, the home buyer, to back out of the sale without any sort of penalty.
An FHA/VA financing addendum is attached to a purchase contract to state that a buyer with FHA/VA financing can back out of the sale if the appraised property value is less than the asking price.
A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the agency. FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores than is usually required.
The amendatory clause applies to FHA homebuyers and eligible military borrowers buying a home with a loan guaranteed by the U.S. Department of Veterans Affairs (VA). The amendatory clause does not apply to conventional loans or mortgages backed by the U.S. Department of Agriculture (USDA).
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.