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.
Maryland 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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State:
Multi-State
Control #:
US-00472-A1
Format:
Word;
Rich Text
Instant download
Description
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
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.
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.
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.
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.
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.
Veterans and spouses who get divorced can transfer their VA loan. If the veteran wants the spouse to assume the mortgage, they can seek a release of liability as long as the ex-spouse was a joint borrower before the divorce. If the ex-spouse wants the property to go to the veteran, that's also an option.
