Va Purchase Agreement Addendum

-December 19, 2020-

Va Purchase Agreement Addendum

Mike Burroughs

At this point, potential buyers must make a decision. Mortgage lenders will borrow money based on the purchase price and the assessed value of the home. The contract amendment protects a VA buyer`s serious money if he moves away from a deal because the value assessed was less than the purchase price. Earnest Money is a good faith buyer in general when creating an offer to purchase. Each buyer`s situation is different. Talk to your credit officer if your assessed value is ultimately less than the purchase price. "It is expressly agreed that, notwithstanding other provisions of this contract, the purchaser is not punished by the forfeiture of serious money or otherwise, or is not required to enter into the purchase of the property if the purchase of the contract or the costs exceed the reasonable value of the property established by the Veterans Administration. However, the purchaser has the right and opportunity to continue the performance of this contract, regardless of the amount of reasonable value determined by the Veterans Administration. Home purchase contracts often come with appreciation quotas. These protect potential buyers if the VA valuation determines that the home is worth less than they agreed to pay. At Veterans United, we require any home seller to sign the VA contract modification, even if the seller is a bank or government agency such as HUD, Fannie Mae or Freddie Mac. These agencies are not always willing to sign the VA amendment when they sell their foreclosures and other properties in difficulty. All prices assume that a single-family primary residence with no finished homes, 720 credit points, with fees and fees (including the financing fee will) is included, 181 days of active (unreserved) military service eligible, without service-related impediments or prior use of a VA loan.

Current advertised rates: 2.250% (2.559% APR) with 0.875 discount points over a 45-day blackout period for a 30-year Fixed VA Jumbo, 2.625% (2.786% APR) with 0.6 25 discount points over a 60-day blackout period for a 30-year streamline (IRRRL) Jumbo and 2.750% (3.040% APR) and 0.500 points off a 60-day blackout period for a 30-year-old VA Cash-Out Jumbo.

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