Financing Supplemental Agreement To The Contract Of Sale Of Real Estate
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2OKLAHOMA REAL ESTATE COMMISSION
Financing Supplemental Agreement to the Contract of Sale of Real Estate
FHA INSURED LOAN
This financing agreement, which is attached to and part of the Sale of Real Estate Contract, relates to the following described
real estate:
__________________________________________________________________________________________________
Buyer acknowledges that all explanations, representations and disclosures relating to the terms and conditions of
the loan(s) below are the responsibility of the Lender and not the Seller or Listing and Selling Brokers and their as-
sociated licensees. This financing agreement is made an integral part of the Contract. All provisions of the Contract
shall remain in full force and effect.
1.
LOAN. The Contract is contingent upon Buyer qualifying for an FHA Insured Loan in the amount of $____________________
plus Mortgage Insurance Premium (MIP). If the Buyer is unable to secure financing and provides written notice to Seller,
or Seller’s Broker, if applicable, within the time period provided in the Closing, Funding and Possession paragraph of the
Contract, the earnest money shall be refunded to Buyer subject to appropriate written authorization from all parties to the
Contract.
Within five (5) days from Time Reference Date, Buyer shall either:
A. Make application for the described loan, or any other such loan Buyer deems acceptable, and proceed diligently to obtain
such loan. Buyer shall pay initial loan fees including property appraisal and credit report fees at the earliest time permitted
by federal regulation. Buyer shall instruct Lender to immediately begin the loan approval process. Buyer shall also instruct
Lender to issue a written statement of conditional loan approval (not final loan commitment) to Seller, in care of Seller’s Bro-
ker, if applicable, within __________days (10 days if left blank) of the Time Reference Date regarding the following:
1) Review and approval of Buyer’s credit worthiness, income and funds necessary to Close.
2) Confirmation that Buyer has paid initial processing fees.
3) Property appraisal has been ordered.
4) Loan approval is not subject to sale or closing of Buyer’s current property unless stated elsewhere in this Contract.
OR
B. Give notice to Seller that the loan terms are unacceptable, cancel the Contract by delivering written notice of can-
cellation to Seller and receive a refund of Earnest money.
If within the time specified above, a written statement of loan approval is not delivered to Seller, Seller may provide
Buyer written notice of intent to cancel and terminate the Contract. Upon Seller providing notice to Buyer of Seller’s
intent to cancel, the Contract shall become null and void upon the fourth day following delivery of notice. However, if
Buyer delivers to Seller a written statement of loan approval before the end of the fourth day, the Contract shall remain
in full force and effect.
All notices provided for in this subparagraph may be delivered to the parties through their Broker, if applicable.
2. FHA AMENDATORY CLAUSE. It is expressly agreed that, notwithstanding any other provisions of the Contract and this
Agreement, the Buyer 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 Lender has delivered to the Buyer a written state-
ment issued by the Federal Housing Commission or Direct Endorsement Lender, setting forth the appraised value of the
Property (excluding closing costs) of not less than $ ____________________ which statement the Lender hereby agrees
to deliver to the Buyer promptly after such appraised value statement is made available to the Lender. The Buyer shall,
however, have the privilege and option of proceeding with the 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 (HUD) will insure. HUD does not warrant the value or the condition of the Property. The
Buyer should satisfy himself/herself that the price or condition of the Property is acceptable.
This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.
OREC FHA LOAN (11-2010)
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