Common use of FHA Clause in Contracts

FHA. “It is expressly agreed that notwithstanding any other provisions of this contract, the 54 PURCHASER shall not be obligated to complete the purchase of the Property described herein or to 55 incur any penalty by forfeiture of xxxxxxx money deposits or otherwise unless the PURCHASER has 56 been given in accordance with HUD/FHA or VA requirements a written statement by the Federal 57 Housing Commissioner, Department of Veteran Affairs, or a Direct Endorsement Lender setting forth 58 the appraised value of the Property of not less than $ . The PURCHASER shall have 59 the privilege and option of proceeding with consummation of this contract without regard to the amount 60 of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage 61 the Department of Housing and Urban Development will insure. HUD does not warrant the value or the 62 condition of the Property. The PURCHASER should satisfy himself/herself that the price and condition 63 of the Property are acceptable.” 64 If Purchase Price changes, the dollar amount referenced in line 58 should be changed to reflect 65 the new Purchase Price.

FHA. “It is expressly agreed that notwithstanding any other provisions of this contract, the 54 55 PURCHASER shall not be obligated to complete the purchase of the Property described herein or to 55 56 incur any penalty by forfeiture of xxxxxxx money deposits or otherwise unless the PURCHASER has 56 57 been given in accordance with HUD/FHA or VA requirements a written statement by the Federal 57 58 Housing Commissioner, Department of Veteran Affairs, or a Direct Endorsement Lender setting forth 58 59 the appraised value of the Property of not less than $ . The PURCHASER shall 60 have 59 the privilege and option of proceeding with consummation of this contract without regard to the 61 amount 60 of the appraised valuation. The appraised valuation is arrived at to determine the maximum 62 mortgage 61 the Department of Housing and Urban Development will insure. HUD does not warrant the 63 value or the 62 condition of the Property. The PURCHASER should satisfy himself/herself that the price 64 and condition 63 of the Property are acceptable.” 64 65 If Purchase Price changes, the dollar amount referenced in line 58 should be changed to reflect 65 66 the new Purchase Price.

FHA. “It is expressly agreed that notwithstanding any other provisions of this contract, the 54 55 PURCHASER shall not be obligated to complete the purchase of the Property described herein or to 55 56 incur any penalty by forfeiture of xxxxxxx money deposits or otherwise unless the PURCHASER has 56 57 been given in accordance with HUD/FHA or VA requirements a written statement by the Federal 57 58 Housing Commissioner, Department of Veteran Affairs, or a Direct Endorsement Lender setting forth 58 59 the appraised value of the Property of not less than $ . The PURCHASER shall 60 have 59 the privilege and option of proceeding with consummation of this contract without regard to the 61 amount 60 of the appraised valuation. The appraised valuation is arrived at to determine the maximum 62 mortgage 61 the Department of Housing and Urban Development will insure. HUD does not warrant the 63 value or the 62 condition of the Property. The PURCHASER should satisfy himself/herself that the price 64 and condition 63 of the Property are acceptable.” 64 65 If Purchase Price changes, the dollar amount referenced in line 58 59 should be changed to 66 reflect 65 the new Purchase Price.

FHA. “It is expressly agreed that notwithstanding any other provisions of this contract, the 54 59 PURCHASER shall not be obligated to complete the purchase of the Property described herein or to 55 60 incur any penalty by forfeiture of xxxxxxx money deposits or otherwise unless the PURCHASER has 56 61 been given in accordance with HUD/FHA or VA requirements a written statement by the Federal 57 62 Housing Commissioner, Department of Veteran Affairs, or a Direct Endorsement Lender setting forth 58 63 the appraised value of the Property of not less than $ . The PURCHASER shall 64 have 59 the privilege and option of proceeding with consummation of this contract without regard to the 65 amount 60 of the appraised valuation. The appraised valuation is arrived at to determine the maximum 66 mortgage 61 the Department of Housing and Urban Development will insure. HUD does not warrant the 67 value or the 62 condition of the Property. The PURCHASER should satisfy himself/herself that the price 68 and condition 63 of the Property are acceptable.” 64 69 If Purchase Price changes, the dollar amount referenced in line 58 63 should be changed to 70 reflect 65 the new Purchase Price.

FHA. “It is expressly agreed that notwithstanding any other provisions of this contract, the 54 PURCHASER shall not be obligated to complete the purchase of the Property described herein or to 55 incur any penalty by forfeiture of xxxxxxx money deposits or otherwise unless the PURCHASER has 56 been given in accordance with HUD/FHA or VA requirements a written statement by the Federal 57 Housing Commissioner, Department of Veteran Affairs, or a Direct Endorsement Lender setting forth 58 the appraised value of the Property of not less than $ . The PURCHASER shall 59 have 59 the privilege and option of proceeding with consummation of this contract without regard to the 60 amount 60 of the appraised valuation. The appraised valuation is arrived at to determine the maximum 61 mortgage 61 the Department of Housing and Urban Development will insure. HUD does not warrant the 62 value or the 62 condition of the Property. The PURCHASER should satisfy himself/herself that the price 63 and condition 63 of the Property are acceptable.” 64 If Purchase Price changes, the dollar amount referenced in line 58 should be changed to reflect 65 the new Purchase Price.

FHA. “It is expressly agreed that notwithstanding any other provisions of this contract, the 54 55 PURCHASER shall not be obligated to complete the purchase of the Property described herein or to 55 56 incur any penalty by forfeiture of xxxxxxx money deposits or otherwise unless the PURCHASER has 56 57 been given in accordance with HUD/FHA or VA requirements a written statement by the Federal 57 58 Housing Commissioner, Department of Veteran Affairs, or a Direct Endorsement Lender setting forth 58 59 the appraised value of the Property of not less than $ . The PURCHASER shall 60 have 59 the privilege and option of proceeding with consummation of this contract without regard to the 61 amount 60 of the appraised valuation. The appraised valuation is arrived at to determine the maximum 62 mortgage 61 the Department of Housing and Urban Development will insure. HUD does not warrant the 63 value or the 62 condition of the Property. The PURCHASER should satisfy himself/herself that the price 64 and condition 63 of the Property are acceptable.” 64 65 If Purchase Price changes, the dollar amount referenced in line 58 59 should be changed to reflect 65 66 the new Purchase Price.