financingaddendum.pdf - EQUAL HOUSING OPPORTUNITY...

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2-10-2014 PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) EQUAL HOUSING OPPORTUNITY THIRD PARTY FINANCING ADDENDUM FOR CREDIT APPROVAL (Not for use with Reverse Mortgage Financing) TO CONTRACT CONCERNING THE PROPERTY AT (Street Address and City) Buyer shall apply promptly for all financing described below and make every reasonable effort to obtain credit approval for the financing (Credit Approval). Buyer shall furnish all information and documents required by lender for Credit Approval. Credit Approval will be deemed to have been obtained when (1) the terms of the loan(s) described below are available and (2) lender determines that Buyer has satisfied all of lender's requirements related to Buyer's assets, incomeand credit history. If Buyer cannot obtain Credit Approval, Buyer may give written notice to Seller within ____ days after the effective date of this contract and this contract will terminate and the earnest money will be refunded to Buyer. If Buyer does not give such notice within the time required, this contract will no longer be subject to Credit Approval. Time is of the essence for this paragraph and strict compliance with the time for performance isrequired. NOTE: Credit Approval does not include approval of lender's underwriting requirements for the Property, as specified in Paragraph 4.A.(1) of the contract. Each note must be secured by vendor’s and deed of trust liens. CHECK APPLICABLE BOXES: A. CONVENTIONAL FINANCING: (1) A first mortgage loan in the principal amount of $ (excluding any financed PMI premium), due in full inyear(s), with interest not to

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