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February 20, 2018 • Stay Connected!

QUESTION:  Is the buyer obligated to receive written consent from the Seller if buyer changes the down payment amount stated in the Financing Contingency, Form 22A? In reviewing the language, it sounds as though it is only a change to the loan type that requires seller's permission and not a change to the amount of buyer's down payment.

ANSWER:  Buyer only has the protection of the financing contingency if buyer makes a good faith effort but is unsuccessful in obtaining the loan that is described in the Form 22A. In other words, if the Form 22A indicates that buyer is getting a 20% down conventional loan but buyer's paragraph 5 lender letter indicates that buyer applied for a 15% down conventional, and was declined, then buyer's financing contingency will not protect buyer because buyer did not make a good faith effort to obtain the loan identified in Form 22A.
As a result, if buyer's Form 22A shows that buyer is putting down MORE than buyer's loan application indicates, then buyer MUST get seller's permission first and/or amend the Form 22A to reflect the different down payment. If buyer proceeds with a loan application for a loan supported by a down payment smaller than the down payment indicated in buyer's Form 22A, buyer's financing contingency will not protect buyer.
Buyer can always put down more than indicated in the Form 22A and does not need seller's consent to do so.  


The Legal Hotline Lawyer does not represent Washington REALTORS or its members. To browse through our database of past Q & A's, visit Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to . Please tell us your NRDS number when you e-mail the Hotline with your question.


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Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 February 15, 2018  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.38%  3.84%  3.63%
 Fees & Points  0.6
 Margin  N/A  N/A  2.75

 February 8, 2018  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.32%  3.77%  3.57%
 Fees & Points  0.6
 Margin  N/A  N/A  2.75

 February 1, 2018  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.22%  3.68%  3.53%
 Fees & Points  0.5
 Margin  N/A  N/A  2.75

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