This form is for the situation where the seller is to apply for a release of liability from an assumed loan or reinstatement of VA entitlement.
Alabama Addendum for Release of Liability on Assumption of FHA, VA or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan
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US-00472-A1
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How to fill out Addendum For Release Of Liability On Assumption Of FHA, VA Or Conventional Loan, Restoration Of Seller's Entitlement For VA Guaranteed Loan?
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FAQ
An important thing to know about VA loans is that they are assumable. This means that a borrower can take over the terms of an existing VA loan, even if they are not eligible to take out a VA loan for themselves. With that, the home buyer will have the same mortgage payment the home seller had.
For VA loan assumptions, the only way to safeguard your entitlement is to have a Veteran assume your loan and substitute their entitlement for yours. Unless that happens, Veterans will not regain their entitlement with a loan assumption ? it will remain tied to the property until the loan is repaid in full.
Be sure the sales contract includes the ?VA escape clause? or ?VA option clause.? This provides an option to void the contract if the property doesn't appraise for the contract price.
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.
OMB 2900-0144 The VA Form 26-1802a serves as a loan application for both VA and HUD. Lenders and Veterans use the form to apply for guaranty of home loans.
The VA Escape Clause, also known as the "VA Amendment to Contract" or the "VA Amendatory Clause," is an appraisal contingency that protects homebuyers' earnest money if the VA appraisal determines the home is worth less than what they agreed to pay.
