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10721 Jackson Lane, Frisco TX 75035

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THIRD PARTY FINANCING ADDENDUM
CONCERNING THE PROPERTY AT:

___________________________________________________________________________
(Address of Property)

Purchaser shall apply promptly for all financing described below and make every reasonable effort to obtain financing approval. Financing approval will be deemed to have been obtained when the lender determines that Purchaser has satisfied all of lender's financial requirements (those items relating to Purchaser's assets, income and credit history). If financing (including any financed PMI premium) approval is not obtained within ______ days after the effective date, this contract will terminate and the earnest money will be refunded to Purchaser. Each note must be secured by an appropriate instrument authorized within the state, typically either (1) a mortgage or (2) vendor's and deed of trust liens. (Consult an attorney if you are unsure as to which instrument is appropriate for this transaction.)

CHECK APPLICABLE BOXES:

_____   A. CONVENTIONAL FINANCING:
_____   (1) A first mortgage loan in the principal amount of $______________ (excluding any financed PMI premium), due in full in _________ year(s), with interest not to exceed _________% per annum for the first _________year(s) of the loan with Loan Fees not to exceed _________% of the loan. The loan will be [choose one:]   _____ with   _____ without PMI.
_____   (2) A second mortgage loan in the principal amount of $ (excluding any financed PMI premium), due in full in year(s), with interest not to exceed % per annum for the first year(s) of the loan with Loan Fees not to exceed % of the loan. The loan will be with without PMI.

 _____  B. FHA INSURED FINANCING: A Section _________ FHA insured loan of not less than $______________ (excluding any financed MIP), amortizable monthly for not less than _________ years, with interest not to exceed _________% per annum for the first _________ year(s) of the loan with Loan Fees not to exceed _________% of the loan. As required by HUD-FHA, if FHA valuation is unknown, "It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser (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 (Purchaser) has been given in accordance with HUD/FHA or VA requirements a written statement issue 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 $______________. The purchaser (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 (Purchaser) should satisfy himself/herself that the price and the condition of the Property are acceptable."

            If the FHA appraised value of the Property (excluding closing costs and MIP) is less than the Sales Price, Seller may reduce the Sales Price to an amount equal to the FHA appraised value (excluding closing costs and MIP) and the sale will be closed at the lower Sales Price with proportionate adjustments to the down payment and loan amount.

_____   C. VA GUARANTEED FINANCING: A VA guaranteed loan of not less than $______________ (excluding any financed Funding Fee), amortizable monthly for not less than _______ years, with interest not to exceed _______% per annum for the first _______ year(s) of the loan with Loan Fees not to exceed _______% of the loan.

            VA NOTICE TO PURCHASER: "It is expressly agreed that, notwithstanding any other provisions of this contract, the Purchaser shall not incur any penalty by forfeiture of earnest money or otherwise or be obligated to complete the purchase of the Property described herein, if the contract purchase price or cost exceeds the reasonable value of the Property established by the Department of Veterans Affairs. The Purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs."

            If Purchaser elects to complete the purchase at an amount in excess of the reasonable value established by VA, Purchaser shall pay such excess amount in cash from a source which Purchaser agrees to disclose to the VA and which Purchaser represents will not be from borrowed funds except as approved by VA. If VA reasonable value of the Property is less than the Sales Price, Seller may reduce the Sales Price to an amount equal to the VA reasonable value and the sale will be closed at the lower Sales Price with proportionate adjustments to the down payment and the loan amount.

PURCHASER:

____________________          ____________________________________________
Date                                      [purchaser's signature above/printed name below]
 

                                             ____________________________________________
                                             [purchaser's signature above/printed name below]

SELLER:

____________________          ____________________________________________
Date                                      [seller's signature above/printed name below]


                                             ____________________________________________
                                             [seller's signature above/printed name below]


  TREC THIRD PARTY FINANCING ADDENDUM

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10721 Jackson Lane, Frisco TX 75035

PHONE:
214-387-0683 EMAIL: info@brown-lending.com

 

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