Financing

ASSUMPTION INCLUDE IN SPECIAL TERMS.

Buyer may cancel this contract and recover all deposits previously made if (a) the principal balance of the mortgage to be assumed is less than $__________, or (b) upon assuming the mortgage, the interest rate will be higher than ____% per annum or the monthly payments therein required exceeds $__________, or (c) the assumption fee required to be paid is more than $__________, or (d) the Seller's consent to the assumption is required and Seller refuses to consent.

BUYER TO PAY DISCOUNT POINTS (WITH LIMIT).
FHA discount points shall be paid by the Buyer, provided, however, if the points required to be paid exceed $________ (or ____%), Buyer shall have the right to cancel this contract, by giving written notice to Seller, unless Seller agrees in writing to pay the excess amount (points). In the event of cancellation, the deposits previously made by the Buyer are to be refunded, less escrow expenses chargeable to Buyer.

 CONTINGENCY TO REVIEW AND APPROVE MORTGAGE TO BE ASSUMED.

Within ____ (___) calendar days from acceptance of this contract, Seller agrees to deliver to Buyer a copy of the First Mortgage, including any amendments. Any and all costs in obtaining the said document shall be paid by Seller. This offer is contingent upon the Buyer's review and approval of the Mortgage and amendment, if any, within ____ (___) calendar days of receipt from Seller; provided, however, that such approval will be deemed to be given unless written notice of disapproval is given within such time. If written disapproval is given within such time, this contract shall be null and void and all deposits shall be returned to Buyer. In the event that Seller fails to provide the Mortgage and amendment(s), if any, within the time specified, Buyer may, at Buyer's sole option, declare this contract null and void by delivering written notice to Seller or escrow, and all deposits shall be returned to Buyer.

FHA/VA LOAN.
The origination fee (1%) is to be paid by the ___________________. FHA/VA discount points shall NOT exceed ____ percent (___%) of loan. The discount point(s) to be paid as follows with no more than: ____ (___) point(s) by Buyer, ____ (___) point(s) by Seller. _______________ (Buyer/Seller) share of points shall be paid first and balance, if any, paid by _____________ (Buyer/Seller). VA funding fee of ____ percent (___%) to be paid by ______________. If the discount point required to be paid exceed the limit set above, and if the obligated party is not willing to pay their share, the obligated party(ies) may terminate this contract.

Buyer shall request for the appraisal immediately upon the loan application. In the event the FHA/VA appraised value is less than the purchase price, the Buyer shall notify the Seller, in writing, of Buyer's decision to either cancel this contract or proceed with the consummation of the transaction, within ____ (___) hours of notification of the FHA/VA appraised value, by lender.

IF BUYER IS LOOKING FOR A SPECIFIC TYPE OF ARM.

If the Buyer is unable to obtain an ARM with a rate adjustment cap per period of ____% and a maximum rate cap of ____% over the initial rate, Buyer shall have the right to cancel this contract and recover all deposits previously made by giving written notice thereof to Seller on or before _____________________________.

SELLER TO PAY DISCOUNT POINTS (WITH LIMIT).

 FHA discount points shall be paid by the Seller, provided, however, if the points required to be paid exceed $_________ (or ____%), Seller shall have the right to cancel this contract, by giving written notice to Buyer, unless Buyer agrees in writing to pay the excess. In the event of cancellation, the deposits previously made by Buyer are to be refunded, less escrow expenses chargeable to Buyer.