Where in dotloop can I find the FHA VA addendum in Dotloop?

1. Go to your Initial Docs folder
2. Click add document (to the right of the folder name)
3. Click templates
4. Scroll the down the list of folders on the left to FHA/VA
5. Click FHA/VA
6. Form is named: Addendum: FHA/VA Addendum (FAR/BAR CR-5 E)
7. Click the checkbox next to the folder name
8. Click copy

Video Overview: Finding and Filling out the FHA/VA Addendum (FAR/BAR) https://youtu.be/vFv34CTaCWY

General:

1. FHA and VA will require an appraisal contingency. This is included in the addendum, but sometimes the lender will require an additional amendatory clause.

1. FHA and VA appraisers may require repairs. Additional information below, but there is a line item for the repair amount in the addendum. This is not the same thing as a home inspection.  It is a good idea to repair any known FHA VA items prior to the appraisal to prevent the need for additional negotiations and a reinspection by the appraiser.  More info in video.
2. VA will require a WDO.  If Florida, the seller is not required to pay for the WDO or WDO repairs.

Here is an overview of FHA appraisal requirements and guidelines in 2021, based on current policy handbooks:

·     Sound exterior, foundation and roof

·     Safe and reasonable property access

·     Must not contain loose wiring and exposed electrical systems

·     Local utility hookups, including gas, electricity, water and sewage

·     No damaged underground storage tanks and soil contaminants

·     Heating System and Water Systems in place and working as intended

·     No chipped paint or peeling lead-based paint

·     Functional access to attic spaces and natural ventilation in crawl spaces

·     Must be free from wood destroying organisms

·     Free from health and safety hazards, such as no handrails on steep staircases

·     Must be a marketable property