Because the Federal Housing Authority’s (FHA) lending policies are typically more stringent than those of conventional lenders, you need to pay special attention when helping buyers who plan to finance through the FHA. This is particularly important when completing the addendum that goes with your buyer’s offer.
Comprehensive Rider E to the Florida Realtors/Florida Bar contract assists FHA homebuyers by addressing:
• Who is responsible for repairs required by the lender to complete the loan
• The value of the property determined by a HUD-approved appraiser
• Who will pay certain loan expenses charged by the lender.