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The FHA amendatory clause acknowledges that the buyer can cancel the sales contract without penalty if the home’s appraised value is less than its sales price.
The FHA Amendatory Clause is an FHA disclosure which protects the borrower from buying a home that appraises for less than its sale price.
These disclosures inform the borrower about FHA loans and of their rights. The disclosures “For Your Protection: Get a Home Inspection,” “HUD Appraised Value Disclosure” and “HUD Amendatory Clause”.
FHA Amendatory Clause VA amendatory clause nmfl #3116 10/92 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
The actual dollar amount to be inserted in the amendatory clause is the sales price stated in the contract. If the borrower and seller agree to adjust the sales price in response to an appraised value that is less than the sales price, a new amendatory clause is not required. However, the loan application package must include the
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The FHA or VA amendatory clause notifies the buyer and seller in a government-insured transaction about the buyer’s right to back out if the appraised value comes in less than the purchase price.
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Amendatory Clause The lender must provide the amendatory clause, signed by the borrower and seller, if it is not contained in the purchase agreement. References: For more information on the amendatory clause, see HUD 4155.2 6.A.5.d, and HUD 4155.2 6.A.5.e. Verification of Rent or Payment History on Past/Previous Mortgages
The FHA Amendatory Clause was created to help minimize risk and protect the home buyer The FHA Amendatory Clause purpose is the following: it amends any part of the real estate purchase contract that contains verbiage constituting home buyer forfeit the purchase earnest money
FHA Amendatory Clause "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